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When a poker player has good cards, sometimes they slow play the hand by not betting much in the hopes of attracting more players to stay in the game.  They hope the other players will put more money in than if they player with the good hand bet big early.  It is a way to make more money. 

The banks that are trying to sell there Real Estate Owned (REO) property are sometimes slow playing the offers they receive.  I have noted that sometimes they will sit on an offer for weeks on end.  I believe this is so they can hopefully attract more offers.

I think the banks would be better served by making counter offers and getting on with the deal.  Slow playing in real estate is a waste of everyone's time in my opinion. 

If you are an investor looking to buy REO's I  suggest you get a good realtor to help you.  They can identify all the listings out there and help you find the best ones.  Once you have your property, find a good property manager to help you fix up the property and to help you locate a tenant and collect the rent.  If you are in the greater Sacramento, Placer, El Dorado, or Yolo areas of northern California, come see me at www.HomePointe.com  .  We will not slow play your business.

 
This post has been included in California Information Sacramento County, CA Information
Post is included in group: Realtors®
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Post is included in group: Property Management
Post is included in group: It's all about them (ThemThem)

6 Comments on Banks Slow Play REO's

Just when you think banks have learned their lesson, bam they go to sleep on you. I know exactly what you mean.Weeks go by and still no reply. Maybe I should do the listing agents job and contact the bank myself. 

05/15/2008 01:13 AM by Scott Barr soldbybarr.com (Keller Williams)


Most banks are out for the bank, I don't care if you have had a 30 year relationship with them. You are only as gaood as your last transaction.

05/15/2008 04:08 AM by Greg Hampton North Georgia Mountain Property,Blue Rid (Re/Max Around The Mountains)


Very true - getting a Realtor who can identify which banks are quick and easy to work with (relatively speaking) can make all the difference!

05/15/2008 04:24 AM by Garreth Wilcock: Central East Austin Real Estate (The Pinnacle Group at Keller Williams)


What a good post. The games they play are endless. I sold one that had a bonus and lo and behold the contract they sent back they scratched it out. I would never want to work to sell one of their listings ever again.

05/15/2008 08:45 PM by Robert L. Brown~Grand Rapids Real Estate Flexit Realty, West Michigan (www.mrbrownsellsgr.com)


Out of all the REOS I have written this year, only one bank has been really slow to respond to an offer. Generally, they get back with a response within 24 hours, three days at the most. Maybe I've just been lucky.

05/16/2008 05:07 PM by Elizabeth Weintraub, Sacramento Real Estate Broker (Lyon Real Estate)


Elizabeth,  I have had some respond quickly and some not.  But most have been more that 48 hours, even a week or two.  I think it boils down to the banks workload at the time the offer comes in.

05/16/2008 05:37 PM by Robert Machado, CPM MPM Sacramento Area Property Manager and Property Management (HomePointe Property Management, CRMC)


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Property Manager: Robert Machado, CPM MPM Sacramento Area Property Manager and Property Management (HomePointe Property Management, CRMC)
Robert Machado, CPM MPM Sacramento Area Property Manager and Property Management
Sacramento, CA
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HomePointe Property Management, CRMC

Office Phone: (916) 429-1205 Ext.: 105
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