Foreclosures in Poinciana FL. Maybe they're not for me. This time!

I think I'm dealing with your Bank Lady's twin sister! Are there no guidelines for these people to follow? Do the not attend any sort of training? And what exactly to these people do earn their "referral fee"?

I guess the other agents involved with "bank lady" don't know their law or don't care. In either case, this is kind of scary.

Bryant- We don't do the REO thing, for exactly what happened to you happens a lot. I am not a yes woman, and Nestor is not  a yes man. Like you said, life is too short for those people to be in our lives. There is so much business out there right now, they need us more than we need them, the bankers. Bonuses in Florida must be paid to the broker, no other way around that. Salespeople can get the bonus at the closing table if the broker approves it. But I agree with you it is just a way to get the fee down. They need to stop thinking that just because they are the bank it always is that one fee that they seem to offer to the selling agent. There are just too many homes around where the co broke is higher and the property is a better fit. 

Bravo Broker Bryant!  Bravo!   You did not fail by any stretch- you excerised good judgement.  How about the little line on the bottom of these REO's in MLS which state "Commission subject to lenders approval" Love that little ditty- you will bring them a buyer and not get paid. 

I am with you- No Thanks.... I will take REAL listings over problem properties any day of the week.

 

BB,

I don't like the bonus offers either...I don't even think they should be in the remarks of the listing...I too would rather reduce the price enough for the buyer to come to me or the other agent as an incentive to buy it at a better price. I might take the price and reduce it a little less and also offer something extra to the co-broke...this way you have buyer and agent incentive. We were offered a bonus on a listing we sold recently only to find the agent arguing with us about paying it...personally thats really bad and we made sure we faxed the listing and the contract with it in the deal...honor the agreement and not just bait agents.

Thanks for the heads-up.  Having decided that short sales are completely not worth the time (due to the banks, not the sellers) it's good to know that the best way to deal with bank owned properties is to bring the buyer- not list.  Who needs the aggravation (like we don't have enough right now)?

BB- Excellent reasons NOT to do REO's.  I also am turning down RELO companies for similar reasons.  They all want to tell us how to do our business.  That's not for me.

Not to go off subject, but Bill Archambault Jr. cracked me up. 

 

I signed up with my first REO company last week, Ocwen.  I have 3 agents that are doing REOs right now and they all tell me weird stories.  So far we have not come across any of the issues that you have brought up. 

The weirdest one so far as the lender that does not want anyone to advertise that the house is a foreclosure or a fixer-upper in the MLS.  So when the buyer's agents call, he has to tell them that the house needs a bunch of work.  Dumb, dumb, dumb.  I would think the word foreclosure would actually encourage more buyers to go out and look. Everyone wants a deal now.

BB, your posts always bring great thoughts and joy.  Please do keep posting!  Although I do not list Bank Lady's homes on purpose, I do have to sell them, which makes my job suck some-days.  Just the other day a home I brought an offer had two offers on the same day, however I am sure ours was in HOURS earlier and much better, the Bank Lady told her agent to go back with "Highest and Best".  So the good Real Estate Agent she is (not) told us to bring our highest and best which we did!  Guess what happened next???  Yep, both offers were full price and very similar so Bank Lady told her smart agent to come back again with "Highest and Best", as if we held back on the first.  My client told me to tell bank lady to Kiss Their Thumb and found another home.  Bank Lady's house is still on the market.

I would like to congratulate you on firing bank lady!

Bryant it sounds like too many headaches for no good reason and a good decision to walk away. Here all money goes to the brokerage even if it says agent in the remarks so what the heck is the point the bank is making? I hear you, if things are this dicey before there is an offer, imagine how it would be once there is? OY!  PS: I bet you could foray into it with different banks.  Not all of them are weird lol

Yikes, such an uninformed ignorant bank lady.  Luckily you know the rules inside and out as imagine what would have happened if you had written in the public record about a bonus that goes directly to the listing agent and not the broker....so how many years in jail or how quickly could one loose their license over such craziness!  I hate agent bonuses!

Sounds like bank lady is just like any other seller that has 2 hours worth of real estate knowledge.  Anybody that tells me they used to be in real estate gets referred out. 

I smiled the whole way through this, because a lot of it sounded familiar.  You just have to shake your head, and move on. I have found that some of the banks simply cannot hire and train people fast enough to handle the transactions intelligently.  The foreclosure epidemic has caught some of them off guard, and they are simply trying to stop the bleeding.  Like you, I find it REALLY hard when they hire me, but then don't trust me enough to listen to my professional opinion.  

BB,

There are certain condition`s the bank and it`s committee`s are willing to go. I`ve yet to see a bonus offered of any kind in regards to these type of sales.

It`s a different type of a listing than you`re accustomed to,but i wouldn`t give up so fast just because you disagree with the establishment.

It takes a few weeks to gain their confidence.

After awhile they begin to realize who the players are.

The business will eventually add up.

Keep the faith my brutha..  

BB,

Since again, as we know, our markets are so similar, I too thought it might be a good idea to deal with REOs. So far, no such luck. One bank wanted me to over price the listing about 20% - yeah because a bank in the NE US knows more about the Cape Coral real estate market than I do, a real estate broker who works in this market EVERY DAY. Anyway, I tried again. A bank said they wanted a bpo done. I went out to this wreck of a house, took tons of photos, prepared a great BPO, etc & what happened? NOTHING. I guess they just used me to determine the true value.

Now, I'm not sure that I will pursue anymore. Unless I speak to a reasonable banker person somewhere - do they exist? LOL, So regular sales & short sales I'll keep plugging away.

Bryant,

Thanks for the post. Far too many real estate agents think that they want to be REO agents. As you have so clearly illustrated, it ain't all that. We have an REO division and they are constantly fighting with the lienholder about market values, in the markets we serve. But as you say, they know better!