I heard that to get REOs listings from Countrywide, your loan officer has to recommend you, and you must have prior REO experience. I don't think it is good for the housing market when these banks only give their REOs to a handful of agents. Frankly, these agents just cannot service and market these properties effectively. And most of these REO properties are not being marketed at all. They end up selling way way below market and drag the whole neighborhood down! There has to be a better way...
6 Comments on Countrywide REOs? who's getting to list them?
Hi Kathy, my biggest irritation about REOs is that these lenders list with generally a small office with agents who do not properly market or promote the property in any way! These agents stick a combo lockbox on the property, input in the mls with very limited info or photos and do not do anything else. Also, when another agent writes an offer on these properties the listing agent does not keep the selling agent informed.I have written on 2 in the last week and one sent an emai to me saying the bank has not made a decision and you probably won't get your accepted anyway because it is too low! I haven't heard from the agent for the other offer even though I keep coomunicating with her. Our buyers take time and energy to write offers and these agents do not have the courtesy to keep them informed
I know, if you have a question about the listing, they never get back to you until you fax them an offer. They act like they are not getting paid to list the property. I just don't get it. Maybe they want to wait for their own buyer. Very frustrated to say the least.
We made an offer on a REO home that my buyer fell in love with. Less than 24 hours later we had a counter offer. Great!! The listing agent is getting back to me and the bank has made a quick response... We counter offer number 2... only to get a 45 day escrow instead of 30, we accept all other terms.
After 24 hours I call the agent... no response. Next day I call twice without any luck of getting a hold of him. 3rd day same thing, I call and call but get nothing. How could this have gone form so good to so bad? Surely the bank would counter us again if they didn't want to give us the 15 extra days. Why will the listing agent not call me back? On the 4th day the listing agent leaves me a voice mail that says the bank pulled the listing from him and he is sorry.
Why would they do that in the middle of counter offers? We had already agreed to full price; something is fishy! I broke the news to my now upset buyers, but continue to call the listing agent / BROKER to get clarification. But he never called me back!
Well I promised my buyer I would check the MLS everyday and we would re-submit an offer as soon as it re-appeared. The very day it came on the mls I called the new listing agent, he tells me they already have a full price offer accepted... Hard to believe isn't it?!! I have a feeling there was more going on than meets the eye.
mmmhh...very fishy. I think it is very unethical for the listing agent not to tell you really what happened, it makes you look bad in front of your clients. But than again, she may not know what really happened!
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Hi Kathy, my biggest irritation about REOs is that these lenders list with generally a small office with agents who do not properly market or promote the property in any way! These agents stick a combo lockbox on the property, input in the mls with very limited info or photos and do not do anything else. Also, when another agent writes an offer on these properties the listing agent does not keep the selling agent informed.I have written on 2 in the last week and one sent an emai to me saying the bank has not made a decision and you probably won't get your accepted anyway because it is too low! I haven't heard from the agent for the other offer even though I keep coomunicating with her. Our buyers take time and energy to write offers and these agents do not have the courtesy to keep them informed