BPO companies that turn into REO listings
Does anyone here feel a bit like they are being used by doing BPOs for $50 a piece? .............. I always spend a great deal of time and effort on determining the value.
It seems like a catch 22--we do the BPOs with the hope of getting a listing somewhere down the road, but because we are willing to do them for so little money do we look like desperate idiots to the asset managers?
Who Cares You Want to Be Easily Controlled?
01-14-2008 12:54pm
What a frustrated week for me last week! There are 3 things I tried to take care of. But it seems that it is a "WAYMISH" world everywhere. By "WAYMISH," you may already know that term means: Why Are You Make It So Hard for me to give you my money?" This morning, I solved two of 3 problems. I will share one of my two pennies with you guys after I saw a comment at ActiveRain today.
Why we can't make our working environment into a "WAYMISE" world? Just change the last "H" into "E", What is that supposed to mean? Well, change "Hard" into "Easy" and isn't it so easy?
About 10 days ago, I started to talk with my fellow agents in California to place my offer. I wish I could get a better image about them as to working rationale or professional ethnics. Out of them, two are great. But I am so disappointed that the same mindset and inertia (or comfort zone) are remained over there as I observed 10 years ago when I was in charge of reviewing all the offers in my brokerage.
Just as the above comment quoted here, some agents are willing to "follow" other's game rule and feel themselves "idiots" used or played by others. Those agents are still smart to wisely look at the situation and say: "Hack! Are we idiots?" However, most agents I recently dealt are playing "cute." They still don't improve their professional knowledge on RE. No wonder they don't know what they are doing in this downhill RE market.
I have seen so many agents at ActiveRain express their comments out of pride of agent by saying that they dumped difficult clients. When they are dealing with a prospect, they are just not acting as a businessman, let alone a professional agent. They tried to act as a decision-maker. Remember, my fellow agents, you are just an agent, not one of the principals in a RE transaction. And remember you are not here to make fun or friends who have right chemistry for you. In short, you are here to make deals . You are here to be a self-employed or an entrepreneur with business sense to make a living. So please leave your personal pride at home and make sure you know who you are legally in the field.
Even to the simplest issue: to write up an offer, we have problem too. First, the listing agent doesn't want to take an offer and put it in writing unless he knows what the offer price is. He turned me down and I have to go find a good professional one to do it for me. Let's see what happened.
I really don't mind if you are making it so hard for you to make money and to split your commission check with other brokers.
********* ******** ********
May,
Thank you for your effort and kindness.
I increased the offer price to $2**K to make you more comfortable to present the offer.
Remind you that you DO have your right to refuse to provide your service to me while **** doesn't have his right as a listing agent to "refuse" receiving your offer. Anytime you feel I am not reasonable and hard to work with, just dump me.
Here we go. Let's roll. When you write it up, let me know and I will give you Buyer *******'s contact info and you can have the offer signed and get the needed proof of source of fund.
ET
May @ziprealty.com> wrote:
Good Morning Ed,
B*****does not have the right to stop me from writing an offer for you.
I will write the offer documents for you then email them to you for signatures.
Sincerely,
May
----- Original Message -----
From: "Ed Tse"
To: "May"
Sent: Sunday, January 13, 2008 9:19:14 PM
Subject: New listings that match your search
May,
Thank you for spending so much time and patience with me.
It has been 10 years since I performed as a commission-oriented agent. When my customer asked me to write up an offer, I would be more than delighted to do so no matter what the other side (listing agent) told me. The law required an agent to perform his or her duty to send seller an offer no matter how firm of soft a seller's position is; and the listing agent has a fiduciary legal duty to present ANY offer to a seller no matter what it is.
I am just curious. Since when California has changed this basic real estate law for an agent to "screen" an offer or refuse to accept an offer, unless how much he knows and accepts the offer price is?
If the laws don't change, there is ONLY one exception for a listing agent to "screen" an offer if the seller states and authorizes an agent to "refuse" accepting an offer CLEARLY IN WRITING.
Do you believe B**** has the right to stop you from writing up an offer and decline an opportunity for the seller to FULLY consider ALL the offers?
From my past REO experience, no agent knows what the bottom line a banker has. I had so many deals that a smart REO banker accepted even below half the latest listing price. Most reasonable and achievable price is 30 percent off the current listing price. That's a realistic practice: nobody, including a REO banker, really knows what the final price and terms could be after negotiation, let alone the authorized or listing agent. So don't pretend or assume a position a seller or buyer might have, if a buyer wants to make a deal, let alone an agent's position who is not a principal, but just an agent to help.
As I know, the subject property was listed for $3**,000 by the previous owner (please check its MLS # ************.) before foreclosure. Countrywide took it in as REO for $***,*** and did put the subject property on market for $3**,900 and marked it down further to 3**,900 right before it gave this property to an asset manager Ms. ***** who uses C-21 *** as her office. Don't you think Countrywide has been so motivated to get ride of its REO?
Please consult with your broker and have his/ her opinion as to the situation. Is it appropriate for you to send an offer to C-21? Let me know.
Just as I said, a banker has to sell his REO and I don't have to buy any particular property even I am willing to help. As you suggested, I can go to an auction. There is an auction sponsored by ******** next month. I have no problem just go there to bid and have about 20 properties to choose in ******* area. I am a realistic businessman who knows to follow the game rule and to base my decision on NUMBERS, without an emotion.
Once you write up my offer and send it to B*****, I will contact Countrywide REO department and make sure my offer reach them.
Thanks,
ET
p.s. I really don't care what B**** told you or me and I don't like his bluff about he has an all cash offer of $310K to me either (Tell you the truth, B***** is not professional enough to breach his legal duty by releasing the price of an offer if he does have it.)
May @customer.ziprealty.com > wrote:
Hi Ed,
As a professional Realtor, it is my job to make sure your offer is accepted and you get the home you want for the best price.
On receiving your offer, I checked with the seller's agent and here is what I found out. According to B*******, the Bank Owned property, located at 3******** Street, ******, CA (ML:********** listed for $314,900, already has a $295,000 offer.
He told me not to submit your $***,000 cash offer because it is too low and the bank will not counter it. Please let me know how you would like to proceed.
If you decide to make additional offers through ZipRealty Inc., please click on the "make an offer" button on our website and I will check the property and the comps to see if the property is over priced and will call the agent to see if the Seller can afford to sell the home for much less than the asking price.
Sincerely,
May
----- Original Message -----
From: "Ed Tse"
To: "May "
Sent: Sunday, January 13, 2008 12:16:29 PM
Subject: Re: New listings that match your search
May,
It seems to me that you are not interested in writing up an offer for me. I hope I was wrong.
Here is the newest offer as an attachment to the CAR purchase contract. I increased the offer price too much. I did what I could.
If you don't want to write up my offer today and keep me posted, I would interpret it that you are not interested in providing your professional service to me. I would find someone who is willing to take a prompt action for me. In the case, please forgive me for bothering you and stopping send me your Zip email immediately.
Thank you.
ET
May @ziprealty.com > wrote:
;)
;)
