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As a Buyer's Agent, Would You be Willing to Do the REO Agent's Job?

By
Real Estate Broker/Owner with Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington 0788174

When a property is bank-owned, most likely than not, the house is winterized. If it is a HUD property and broken or frozen pipes are noted on the Property Condition Report (PCR), the buyer can't get a mortgage unless he gets approved for a 203K loan because the water will not be turned on. 

 

Some banks are very good at getting the property dewinterized for home inspection. But one should never assume that it will be ready for inspection even if you get confirmation that the water had already been activated. As a good practice, in general, don't make any assumption at all.

 

Having a very responsive and nice REO agent to work with makes the whole dynamics of the transaction less stressful. Hence, bestowing him the respect of another agent is in order, so far. 

 

We were supposed to get a home inspection tomorrow for a Fannie Mae-owned home. I was already informed by the listing agent he got a notification from the property manager that the property was already dewinterized and the water was turned on.

 

Even though I was given this confirmation, I told the listing agent on Saturday that I would go to the property to check. I would like to be sure because if the water is not on, then the plumbing and mechanical can't be tested. This means that my buyer will pay the whole cost of home inspection without getting the benefit of obtaining a complete report.

 

To make the long story short, the water was not on. The listing agent got a phone call from me right away last Saturday morning. Being one of the most responsive agents, he picked up the call. He said that he would follow up with the supervisor on that same day. Then on a hurried tone, he told me he had to go because there was an urgent personal matter he had to attend to.

 

Today , at 9AM sharp,  before I followed up with the agent, I called the home inspection company to cancel my buyer's appointment. Otherwise, she will be charged a cancellation fee as the home inspection is scheduled for 9:30 AM the next day.

 

When I spoke to the listing agent today, he said in a very somber voice that he found out that the water was shut off by the town. He was not too happy with the property management because had he known this last week, he could have called the town and made an arrangement.

 

He apologized but then I sensed that something was bothering him. I did not want to intrude but I asked anyway.

 

I learned that on that same day, Saturday, in the midst of our conversation, he was preparing to take his father to the hospital. His father died on that day due to heart attack.

 

Losing a loved one is heartbreaking. There are no words in this world that can possibly describe the pain and sorrow. 

 

So I offered to call the town and order the reactivation. He knew that there must be an outstanding balance on the account. He told me to just have the town mail the bill to his office. Then his company will pay it off.

 

I found out that there was a balance of $24.28.  I told him that instead of having the town's water department send the bill, I will pay it off and then his company can just reimburse me. It was too little of an amount to be concerned about. This way, the activation can be expedited.

 

It was paid off and I am meeting the town's employee to let them in tomorrow. Why bother the agent with this simple task? He has so much to cope with.

 

Would I willfully extend this extra effort to get things done if the listing agent has not been superbly professional in dealing with another agent? 

 

Respect and professionalism... these two attributes can beget the same attributes from your peers. Let us be nice and work together.
 These are the ultimate keys to successful results. 

 

 

 

 

Posted by

        Maria Gilda Racelis 

      "I Always Strive to Make a Difference."

         Serving Hartford, Tolland and Middlesex Counties

Phone: 860-995-9473

Email: mariagracelis@gmail.com

mariaracelis.com

 

 

 

 

 

 

Comments(21)

Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Maria. It's nice working with a REO agent that is so cooperative, and wants to get things going for the benefit of both parties. You're pro-active approach for very beneficial to your buyer and the listing agent.

Have a Blessed Week!

Apr 04, 2016 04:16 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Maria, way to go and if people don't realize it until reading this post so many GREAT Fannie Mae(and other REO) listing agents are held hostage by an unresponsive or uncaring asset manager who is very slow to get the word to the property manager on what MUST be done to accommodate a buyer's agent.

I applaud you for having such a discerning  and tender spirit to pick up on the listing agent's huge loss and doing what it took to make life easier for the listing agent in his time of grief and sorrow.  It would be wonderful if the media could pick up on this story how great real estate agents are!

Apr 04, 2016 04:46 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Maria - you have gone the extra mile in exceeding expectations of not only your client but also the listing agent.  You are a friend in need.

Apr 04, 2016 05:09 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Maria, I list REO properties, not an easy task and do my best to accomodate buyer's agents as I know that's not always the case. 
I don't know this agent but my heart aches for him, losing a loved one is very difficult, so glad you're representing the buyer and he gets to work with a kind lady.

Apr 04, 2016 06:05 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Maria.  The town shut off the water for $24.28.  Wow!  Tough crowd.

Apr 04, 2016 06:31 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Maria, good job on your part for assisting a fellow Agent you respected.  But like you implied, it would have gone different if this was an Agent who had not earned your respect.

Apr 04, 2016 08:41 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

When an agent has a serious family crisis I am certainly prepared to step in to get things done.  Even if it's an agent that I don't particularly like working with.  

Apr 04, 2016 10:38 AM
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Hi Tammy Lankford . Absolutely.. However , if the agent does not communicate- then the other agent will not know what the problem is. The lack of communication will dampen the process. I think that is the point that I miss to emphasize. 

Apr 04, 2016 11:01 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Oh certainly you would have to understand they had a serious situation and a need to know they needed an assist.  Sadly some people are too private for that, but certainly if I knew I would offer do things to let them take care of family first. 

Apr 04, 2016 11:06 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

My thoughts are along the line of Conrad's, a small amount of money to send out a worker to shut off the water, but you did all the right things

Apr 04, 2016 12:34 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Maria. You always go above and beyond for your clients, I see it first handle, that is why they always send friends and family.

Apr 04, 2016 06:11 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Maria, this is a perfect example of two professionals working together to get a transaction done!    I am sure this other agent will respect you forever for helping him during this sad time!  

Apr 04, 2016 10:58 PM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Maria...when dealing with an REO in most cases you will not only do the other agents job...your client (based on unfair paperwork) will also (in most cases) be put at a disadvantage. Some really awful clauses in there disclosures!

Apr 04, 2016 11:03 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

The Golden Rule Maria. That was the right thing to do and you eased the mind of the other agent at a time of crisis. You are a class act.

Apr 05, 2016 10:48 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Maria

I would agree with Debbie Reynolds . . . . There are time that we have to go above and beyond to create a successful real estate transaction.

Good luck and success.

Lou Ludwig

Apr 06, 2016 01:16 PM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Maria-If there is such a thing as karma, you're way up on the plus side.

Apr 06, 2016 01:26 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Maria.  You did a wonderful job here, not only for your client but also for the other Realtor.

Apr 06, 2016 09:03 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Maria, I have to tell you that I find it is ALWAYS true here when working with REO's.  It is always worth it to get to the closing table and deal with any delays the Banks have especially with all this hubzu.com stuff we deal with here.  You did the right thing and expect to get it done right, you will continue to do your job well always for your clients.  Good for you!

Apr 06, 2016 09:14 PM
Maria Gilda Racelis

Ginny Gorman .. have you done Hubzu deal? 

Apr 06, 2016 09:22 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Maria -- From your post title and introduction, I thought this might be going in a different direction -- you did the professional and caring thing.  Good job. I hope the transaction works out just as well.  

Apr 10, 2016 11:41 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Maria Gilda Racelis - you are always helping others. Going that extra mile is what you do!

Apr 30, 2016 02:56 PM
Maria Gilda Racelis

thank you Praful Thakkar 

Apr 30, 2016 09:52 PM