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Yet Again Another Head Scratching Moment

By
Industry Observer CalDRE #01165532

Yet Again Another Head Scratching Moment

 

My saga searching for access to a property with an elusive REO(real estate owned/also known as bank owned)broker continues.   Hours turned into days and now almost one full week after my email was sent, this morning at 3:06 AM a response was received.    

It read:

Hi,(isn't that special, my name was not included)

Thank you for contacting (name of broker removed). We appreciate your interest in our property. The subject property is currently available. Please be informed that your license has been approved(it had also been approved six months ago when I initially logged in to this particular showing website). We request you to get login to your account and access the access code(I did login this morning and the access code remains incorrect - surprise). The concerned Property Management Company has been advised to get the correct code at the property(but has yet to be completed, huh?  why tell me to sign in and get the code????) It will be done at the earliest.(earliest what??) We would recommend you to contact the concerned Property Management Company at XXX-XXX-XXXX for updates(nah, I don't have the time).   If you have any further questions, please feel free to call us at XXX-XXX-XXXX. You may also e-mail us at ======  or fax us at -------------.  We respond to all inquiries within 24 hours of receipt(who's counting, right?).

By the way -- on the automated system with the incorrect combination code for the property, there is an offer that has been submitted and this website gives the status and the price of that offer(which is now $12,000 more than it was a week ago but still substantially below the list price).

 

Sorry, I will not be attempting to show this listing, Mr REO Broker --- I really can find something else for my clients.  I can't wait to get your automated request for feedback of my showing.   Believe me, it will be full of details, please forward to your seller(the bank which probably provides you with lots of listings).

 

Yet Again Another Head Scratching Moment

Michael Jacobs is a Realtor who serves the San Gabriel Valley and the northeast foothill communities within the city of Los Angeles and can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com

 

Posted by

Michael Jacobs

 

CalBRE # 01165532

P. O. Box 587

Pasadena, CA 91102

Call/Text:  818.516.4393

mtj916@gmail.com

 

 

Comments (11)

Rob Magnotta
Huntington Beach, Newport Beach, Seal Beach, Irvine REALTOR - Huntington Beach, CA
Huntington Beach & Newport Beach Coastal Specialist

Hi Michael, I literally have this happen all the time! Banks don't seem to be very interested in the performance of their REO brokers as long as the properties sell.

Jun 23, 2011 03:39 AM
Laurie Martinez
Berkshire Hathaway HomeServices California Properties - Dana Point, CA
South Orange County Real Estate

The prevailing view in our area is that these agents want to double-end these listings, as it seems to be almost impossible to show or make offers on many REO agents'  listings.  I am with Rob - the banks don't seem to monitor the agents or the homes at all.

Jun 23, 2011 03:43 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

The showing process for this REO seems to be way too complicated.  That would aggravate the hell out of me.

Jun 23, 2011 06:49 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Michael - I'm going to agree Laurie and say that the listing agent does this so that no one else sees it.  This is why so many buyers give up trying to see it with their own Realtor and end up calling the listing agent and getting to see it immediately.  True story I have heard from many of my borrowers.

Jun 23, 2011 11:31 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Rob -- it certainly seems to be true in some cases.

Laurie -- last week I was speaking with a REO broker who told me I am too busy to return phone calls -- if I don't call back you probably should assume your offer has been rejected.   Hmm, too busy?   Doesn't that mean in most business models that you hire more staff?

Chris Ann -- definitely!

Donne -- while there are some REO brokers who seem to follow this path, I do believe that the majority try to do what is right.   

Thanks to everyone for their thoughts --- Have a great day.

 

Jun 24, 2011 03:03 AM
Laura Pearlman Broker Associate
Gold Crown Unlimited, llc - West Palm Beach, FL
Excellence Through Experience and Resourcefulness

Hi Michael, head scratching....more like hair pulling!! I don't get it, although you know my focus is mainly on the rental end of the market, I do sales for my investors, last week we found a listing she liked, I called the L/O, asked to speak to L/A (turns out its the broker), the assistants reply was "Sorry, we do not give out her cell phone, pls go view property, if you like submit offer online" (all rudely said of course...). I replied "We have gone by, Inoticed the corroded pipes on side of home, just had a couple questions....." and then the aassistants reply was "I don't know what to tell you, she (L/B) does not go to her listings to preview, we just place a lockbox on them for her....." I just don't get REO brokers..... (some not all!). We did put an offer in on property......Hmmmmm wonder if we'll hear back in a timely manner.... Wish I knew had to place one of those rolling, giggling faces on my post comments;-)))). I enjoyed your post, your personal thoughts on the situation gave me a smile and made me feel a wee bit better about my current dealings with an REO broker....;-))

Jun 24, 2011 03:30 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Laura -- what an experience(so far) for you!   I have also heard the comment that a REO(again some, not all) broker has never seen the property so has no idea how to answer even the most basic or simple question --- as you wrote there are even services that place the lockbox on the property making it easier for some brokers to "manage their time" without getting involved with those pesky agents representing buyers.   Best of luck with your offer.  

Jun 24, 2011 04:01 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

One exterior picture, if that, right? I try to treat REOs like an O/O, but they do everything they can to get the least amount of effort from their agents. Cut rate commissions, paying 2X to selling side or offering a bonus to selling side.

I list REOs and I will admit a few properties only get 1 picture, but that is the ones that are basically tear down or complete remodels. (This at the instruction of the REO company...Only take flattering photos of property).

As far as I am concerned SELL IT. You want in I'll get you in. (But I don't normally (see my RANT) take cut rate commissions.)

But, I deal with one agent that lists REO properties and continually the sign goes up and lockbox hits the property, but it is unavailable to show until.....

And another agent that doesn't even put up signs. You finally find it in the MLS and AMAZING he has already submitted an offer. Hmmmmmm..........

Jun 24, 2011 05:10 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Than -- yes, regarding photos -- sometimes it is difficult to find more than one, if any and the completeness of the description is rather limited at times.   There are lots of ways to do business but, in my opinion, the lack of or the inability to work with other agents is certainly a determinant to our industry and to the public too.  

Jun 24, 2011 04:30 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

You have to love the fact that that agent is doing the most for their client and clearly that is they way they know they will be doing the best for that bank and clearly doing their fiduciary responsibility for their client. OH WAIT, NEVER MIND!

Jun 30, 2011 06:15 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Todd --- very Rosanne Rosannadanna of you! 

Jun 30, 2011 07:17 PM