Special offer

The delay with REO's

By
Real Estate Agent with Aksland Real Estate

I ran into an unusual situation about a month ago, with an REO property.  In my area there have been a lot of scams, with people ripping off mortgage companies and couples buying homes.  After spending about an hour of research, I found that it was indeed a legitimate property and the realtor was confirmed to be the listing agent. Which relieved my clients.  However, they are frustrated as to the delay with the investor getting back to them on the property.  I know companies are swamped, but if you are the selling agent, do the other agent a favor and don't claim to be able to get the response within a week or two (unless that is the track record for that company), if the investor is swamped with short sale offers. My experience with REO's is that it takes them a minimum a month to get a response to a short sale offer or REO offer.  What has your experiences been with REO's?

Kevin McGrath
Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania - Fredericksburg, VA
Long & Foster Real Estate Companies
I sell a lot of REO's - and I am proud to say - I get answers the same day. It could not be a better experience. I find that the more organized you are, the better the response time.
Nov 19, 2007 11:35 PM
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS

Thanks for the info on that.  I've been waiting for 30 days some banks because of they are backlogged and understaffed. I am also guessing that you generally get the short-sale price approved ahead of time.

Nov 20, 2007 01:29 AM
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors
I usually only have waited a few days and sometimes a week or so, but NEVER a month!  As for the short sale approval, sometimes that will take up until the final bell at closing!
Nov 20, 2007 01:39 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
I believe it varies. Some banks take a month . I prefer selling HUD homes.
Nov 20, 2007 09:50 PM
Greg Wilson
1st Cornerstone Realty - Schaumburg, IL
Matthew,  I've delt with REO's and in my experience in Illinois, I've had to wait a month or more also to get answers.  One of the other REO's that I just put an offer on went into foreclosure right after my offer.  Luckily, I found another property for my client and we're closing in December.
Nov 21, 2007 12:04 AM