REO Agents: PLEASE give us buyers' agents some respect! (Rant)

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REO Agents: PLEASE give us buyers' agents some respect! (Rant)

The number of foreclosures is increasing. And so are the REO agents. Concurrently, the lack of professionalism among some REO agents is galling.

Yesterday, Sunday, I called an REO agent to let him know I'm submitting an offer. Today, I sent the offer, again checking to make sure the property was still available (yes it was). I saw that my email was received. But lo and behold, later this afternoon, the MLS posting was changed to "pending" as of yesterday!?

BUSY BUYER AGENT I have written so many offers for many of my clients who are not giving up on buying properties to meet their needs, in spite of being outbid. But what I'm finding is that many (with a few exceptions) of the REO agents have forgotten how to be good listing agents.

What's with the attitude? And please, Include material info in the MLS

REO LISTINGS COMMON PROBLEMS Time and time again, I'm running into the same problems that include:

No return call or email, in spite of repeated calls and follow ups
No picture of the property
No info on remarks, or material facts are missing (like the house is next to another house that slid down the hill?)
No key in the combination lockbox
Wrong combination code for the lockbox
No acknowledgement that they received our offer which I send via email and fax
No courtesy call to tell us another offer was accepted --- instead, we have to keep checking on the MLS to see if the status has changed
If we do get through, we receive erroneous information
- One assistant said there were several offers on a property, and that it was on the verge of being accepted...but when I called back later, another person said only my offer was received.
- Weeks after I submitted an offer, there was not a single response fo my follow ups. So we moved on to another property. Then I get an email telling me my offer was accepted.

HAVE YOUR PEOPLE CALL MY PEOPLE Many of the REO agents have hired assistants to take care of details. Surely, they should be able to give us even a short call or email. We wouldn't be calling so often if we at least get ONE callback or email with an update!

When I represent my buyers, I spend an inordinate amount of time researching and showing properties, strategizing with my clients on writing then submitting an offer. The least REO agents and their assistants can do is acknowledge us.

Yes, I know...you've got a lot of work on your hands. Well, so do we. If you can't handle the load well enough to call us back with info we need, then why are you in the REO business?

Posted by Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA on 10/28/2008 12:40 AM

Comments (46)

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46 Comments on REO Agents: PLEASE give us buyers' agents some respect! (Rant)

OCT

2008

The article was everything I would want to say...it's really disappointing when you can't get call-backs, acknowledgement of offer and try to work with flawed information. Gotta add though, your photo of the 2 dogs is perfect. It shows they are communicating, but not well! Thanks for the chuckle.

Sign of the rushed times, Pacita, and unnerving for you. The types of inconsideration your addressing impacts all of us. Hope you have a fine week ahead.

Welcome to Banks in Real Estate!

Pacita...I would tend to believe if a fellow Realtor treats others that way they would treat others that way REO or NOT...that s too bad...makes me happy I work in a small market where the WORD gets around fast...if you treat others bad..everyone knows...it is not a good thing....Have a great rest of the day Pacita...with a smile like that and obviously a dog lover...you will come out on top!

They will make there own bed. Sooner or later the REO agent will get enough bad talk back to the banks that they will be replaced. Take comfort in that!

Pacita - Amen! I'm with you girlfriend. I'm am so sick of rude, arrogant, inconsiderate and obnoxious behavior by REO listing agents. I agree, if they can't handle the business then they don't deserve to have it. I just take comfort in the fact that what comes around goes around. Sooner or later they will get exactly what they deserve - a bad reputation in the biz and when all the REO biz is gone they will be stuck with their bad rep.

Hi, all!

UPDATE: Today, I received a call from an REO agent's assistant to let me know that he is emailing a counter offer to an offer I wrote last Friday. I was shocked to even get a call, and to be told in advance to look for the email. Lickety-split, I had my client accept the counter offer, and off we went.

But I took the time to tell the assistant that it was such a pleasant surprise to deal with a professional team like theirs, especially since my experience with REO agents have been mostly unpleasant, with a few exceptions. I complimented him on his good manners and professionalism.

I am almost certain that this will be a speedy and smooth transaction. Yey!

OCT

2008

I list REOs and it's sad many of the agents operate just the way you described. As for myself the phone calls from agents are returned and if asked I will let them know we have offers on a property but not the prices offered. I want to be known as an agent folks like to work with so they will show my listings everytime they have buyers.

BTW, The keys disappear with agents that have shown the property.

Cameron,

Thanks for dropping in. Glad you're an exception to the bad REO agents.

I have encountered other problems that I didn't even mention in this rant ---- I can deal with the missing keys, etc. But what I get upset about is the attitude, like we're not worth the time of day. And apparently, I'm not alone.

Good luck.

Pacita, I understand how you feel as I also work with buyers and sell other REO agents listings. The attitudes suck and these agents seem to forget what the selling side is like.

Buyers agents are like Gold to me. The sooner my listings sell the better I look in the eyes of my Asset Managers hence more listings.

Good luck to You.

My agents are faced with the same problems everyday. These REO listing agents may have 5 assistants, but no one seems to be communicating with the others. One person may tell you the bank has already accepted another offer, and the next day, another assistant will call and say they have a counter offer for you. LOL!

Most of my agents have stopped showing listings from one short sale agent in town because we can never reach him or any of his assistants. And they never ever call you back!

You would think this is a buyer's market, but these agents act like it's still a red hot seller's market!

Meanwhile the asset managers are sitting way across the country and have no clue what's going on.

Oh, I do have one good thing to say about REO agents...they are really responsive to us agents that do the BPOs! I always get a call back right away!

OCT

2008

When I reach a responsive REO agent, I make it a point to compliment him/her. It's important that they see and understand, or perhaps to make them remember, how important it is to work WITH and not against the buyer's agents.

Pacita - Very good post and I know what you mean. I am lucky that I have 2 other jobs on top of my Real Estate one and can choose to refuse to do REOs & Short sales. I think there one big joke and rip-off created by the Banks and Corporate America.

I am so sorry that most Agents have no choice but to sell these properties, hang in there young lady!

Robert

I show my clients what may meet their needs. I do forewarn them about the problems with short sales (long wait, and if someone else makes higher offer...well...), REOs (bidding situation, totally AS IS, hidden problems).

For people with a small budget, the REOs give them an opportunity they otherwise may not have. Thank goodness that I'm winning some REOs for my clients -- but not without challenges dealing with the REO agents. I am so grateful for the exceptions, I must be lucky because I have two REOs in escrow, and both agents are good to work with. It's the 80-20 rule: 80% are jerks.

Take care

NOV

2008

Hi Pacita,

hang in there girl! Get satisfaction out of being the best Realtor you can be.

In any market, you will see some bad Realtors and some good ones. The good ones you respect in any kind of market. In the market we are in right now, I have seen bad ones who don't deserve the listings they have and agents who deserve the REO listings because they are professional, return your call within 30 minutes, fair and honest. The bad ones will disappear when the market change and the real good ones will still be there. Just like when the market was hot, those agents who don't deserve to be here are all gone and are doing 9-5 jobs. When the market changes these bad REO agents will be gone and may be doing another 9-5 job.

Just like what Abacus Properties said, I found that true that they are very responsive to agents who are doing their BPO's.

NOV

2008

Angelia

Hangin'....

Freddie

I'm in a war of words now with an REO agent, not of my doing but the lender situation we're facing. My client had to back out because the lender increased the required downpayment from 20% to 25%....

The listing agent texted me and said "This make u look really bad to me and I to my asset manager. I am not sure we may work on another deal if this is the type of buyers u have...what I am doing is to make sure we do not have buyers and/or buyer's agent wasting my seller time and also to have my seller lose out on other opportunity to move forward with serious buyers."

Who wants to waste time? My buyer has already paid for the appraisal and the inspection, so there's no doubt she is a serious buyer.

>Sigh<

Pacita,

I have run into this problem several times and even after bringing it up to the agent... the still don't return calls, very frustrating!

The people that do the REO work in my area are unfortunately bottom feeders. I don't know HOW THEY GET THE BUSINESS. It seems that all you need is a pulse! One place made me drive the offer to a community 30 miles away and when I got there they rented out a closet from another real estate company. Don't have your own brick & mortar place? Sure, use someone's basement. I don't really think the REO companies check this stuff out!

Bad communication? How about NO communication. Like the great Karnak (Johnny Carson) you have to read their minds.

I am surprise with your post Lyn. I cannot believe the Asset Manager would ever trust their assets to these agents. What kind of representation will they get? I am just asking.

NOV

2008

Nick, it's a growing problem, it seems. Are asset managers paying attention?

Lyn, seriously? OMG!

Freddie, I just wonder how much research the asset managers do when choosing REO agents. These agents submit their resumes and record. I wonder how often are they checked for accuracy?

Pacita,

I had the same problem regarding return phone calls. It just blows my mind that agents cannot or will not return calls. Other than return phone calls my problems have been limited working with REO agents.

Pacita I don't think what you describe is peculiar to REO listing agents - that unprofessionalism and lack of courtesy is an increasing problem in our industry, Karen

Pacita

Sorry you are having such a hard time with some REO Agents...Funny, when I was as the REO conference a few weeks back I heard so of the other side.. How buyers agents were submitting low ball offers, not following established protocol as established in the Listing, and by continusly submitting offers from contingency buyers that were not able to actually close on the house at the time if the offer were accepted.

Maybe now that you have established a good track record with this team, they will take your offers more seriously.. Its a trying time for all

NOV

2008

Jake and Karen, I hope things improve soon!

Mike

Sometimes, we can't go against what our buyers want us to write --- regardless of how patiently we explain the pitfalls of "low ball" offers. This isn't any different in regular and short sales. It's par for the course. So REO agents shouldn't regard this as a bad thing. They could always call/email back and let the buyers agents know their offers won't fly.

As for established protocol --- wish there was such a thing. The vast majority of the REO listings I've seen have not provided any kind of document or instructions on writing offers, and don't frequently mention the existence of such in the remarks in the listings.

So if you should attend another REO conference, please remind the REO agents not to forget the common courtesy of a call back or return email. And as you can see from the majority of the comments, they quite agree.

Update: I had a most pleasant surprise on an REO offer I submitted just yesterday. The REO agent actually emailed a counter offer --- AND followed up with a phone call to make sure I received it. WOW!

When an REO agent handles himself that well, he is sure to be remember and appreciated by the buyers' agents.

REO agents: please take note.

Wow, that was good. I wish all REO listing agents are like that agent. Whoever that agent is, he or she should be emulated.

I must say that the couple of REO agents that I have been dealing with have been very nice . They returned my calls and have kept me updated.

NOV

2008

Freddie --- I was surprised at getting instant response from the REO agent. I told him to check out this blog, so he can see he's an exception, based on the comments I received from people who were having a difficult time getting their calls/emails returned, too.

Vicki ---- good for you. I just hope that the REO agents will perfect their system/method soon, and make it easier to deal with them.

There seem to be too many distressed properties on the market and not enough good REO agents to handle them. In my market, I've heard of agents not showing properties when they know the agent will be difficult to work with, or because there isn't enough info in the MLS to warrant visiting the property. REO agents may think they're dealing from a position of abundance, but this really ends up limiting the number of showings and offers (and may affect the selling price) of their listings. I hope more of them will take your advice, Pacita!

No doubt Pacita, you are sooooo not kidding! OMG, i just went through a mini-nightmare with one...I was the buyer's agent. UGH...I must ditto this one! Way to go girl.

Later in the rain~Deb

John --- I think you're right... the bad agents' are getting well-known, so we anticipate a problem when we look at their listings. It influences whether or not we even want to show their listings or move one. "Want to" will always be tempered with "Have to" if the property meets my client's needs, however.

Deb ---quite a trip, wasn't it? Hope you encounter some good agents, too. They're not all bad.

NOV

2008

Pacita

Sorry, you have had this kind of problem. Fortunately, our REO Listing Agent have been very prompt in their responses. Hang in there, they are not all bad apples, just the few that want to make it a little more difficult.

Dona

I am dealing with two good REO agents now....thank goodness. It seems like for every 10 REO agents, there are 2 good ones. The old 80-20 rule applies.

OHHHHH MY goodness, you were kind in your description of the process compared to what many of us could say. Thanks for exposing it in a diplomatic fashion. Hope the market turns quickly...it's madness out there.

Terrylynn

Wow..."kind?" This must be an even worse problem than I thought. I'm just happy to be dealing with a couple of exceptions. But my first foray into writing offers on REOs weren't very pleasant. Along the way, I anticipated challenges and prepared my clients.

Good luck to us all!

NOV

2008

Patrica,

I have to agree with you! I am a vendor, and have many problems trying to get a hold of agents while working on their listing. Its really hard to do trash outs, and other services when the property is already listed and other agents are always stopping by. The listing agents don't listen sometimes, and are always in a rush to get it on the market before it completed! They should be able to answer phone calls or at least call back!

Visit www.goldenvalleymaintenance.com for REO services!

APR

2009

You said what I wanted to say about how bad the attitudes are of the REO listing agents. They think they are so much better than we are. What is really frustrating is when they tell you they will not submit offers with FHA or VA financing due to property condition. You go to preview the home and their are no problems to stop it from going FHA or VA. Isn't it up to the seller, not the listing agent? Aren't we suppose to submit all offers? Communication is bad as well. What is wrong with a quick email to say you received my offer? I, like you compliment the REO agents or assistants who are responsive. There is one in our area that took over 4 weeks to say that the seller accepted another offer. We were like okay because we found another house. Thank you anyway.

I am definitely with you in believing if it is too much work do something else. Stop wasting our time and treating us terribly! One day it will come back around to them!

Thank you for the great post!

Matt--- what I don't understand is why asset managers give so many listings to agents who can't/don't/won't service the listings. I've shown properties where the agents are more than 30 miles away, in a different area code, from a different MLS board.Unresponsive agents multiply the frustration!

Valerie --- I just talked with an REO agent who is giving up the REO listings. He said he was averaging $2500 per listing and the headache and cash outlay were just not worth it. Maybe it's this type of frustration that the REO agents are what's coming through in the way they deal with us.

APR

2009

I wanted to share this free list of REO asset managers and there website information that I got. I signed up with just about every one of them. Now in less than three months I have plenty of BPO's and two REO listings, one of which is already in contract. Just do what ever you can to get started and be patient. Good luck.

Company	Link
Accredited	http://www.accredhome.com/
Assetlink	http://www.assetlinklp.com/
Atlas	http://www.atlasreo.com/index.html
Aurora	www.res.net
AVM	http://www.assetval.com/
Badisso	http://badisso.com/
Bankers Assest Management	http://www.bankersassetmanagement.com/
Bank of America	http://reointelligence.com/uploads/bank_of_america.pdf
Bayview	http://www.bayviewfinancial.com/
Brighton Real Estate	www.brightonreo.com
CalReo	www.calreo.com
(CMS) Carrington	www.carringtonms.com
Chrisley	http://www.chrisleyam.com/
Citi Financial	https://oms.citiresidentiallend.com/oms/jsp/login.jsp
Countrywide	http://my.countrywide.com/BizPartners.aspx
Electronic Mortgage Corp. (EMC)	https://www.emcmortgagecorp.com/EMCMORTGAGE/
Equity Pointe	http://www.equitypointe.com/
ETC REO	http://www.etcreo.com/
Executive	http://www.executiveam.com/general/registration.cfm?ContentItemID=Registration
Fannie Mae	https://www.efanniemae.com/is/npdcvendors/index.jsp
Fidelity (LPS)	http://www.fidelityasap.com/registration.aspx
First American	http://www.firstamreo.com/application.asp
First Preston	http://www.firstpreston.com/re_broker_registration.asp
AHMSI (First Option)	https://ahmsi3.com/servicing/home.asp
406 Partners	www.406partners.com
GMAC	REOTRANS.COM
Green River Capital	http://www.riocentral.com/prospectivebroker.aspx
Group Financial	http://www.grpcapital.com/contact/index.html
Goodman Dean	http://www.goodmandean.com/
HSBC	http://www.reotrans.com
Home Eq	http://www.homeq.com/reo/reoProperties.do
Integrated Asset Services IAS	http://www.iasreo.com/workwithus.aspx
Indymac	http://reo.indymacbank.com/reo.ext/presentation/BrokerApplication.aspx
Land America	http://www.lendersreo.com/application.aspx
Lighthouse Real Estate Solutions	https://extranet.lrescorp.com/vreg/index.cfm
Litton Loan Servicing	https://www.littonreo.com/litton/DesktopDefault.aspx
Loan Servicing Solutions (LSS)	14
Keystone	https://www.keystonebest.com/agent_login/agent_login.asp
MDWEBB	http://www.mdwebbinc.com/contactUs.aspx
Nationstar Mortgage	https://www.nationstarmtg.com/Realtors/RealtorApplication_Step1.aspx
Metro Pacific REO	http://www.depotpoint.com/news/?p=126
National City	http://www.nationalcitymortgage.com/
Nations Reo	http://www.nationsreo.com/brokers.cfm
National Default NDS	http://www.defaultservicingllc.com/become_broker3.htm
New Vista	http://www.newvistareo.com/app.php
NPR Capital	http://www.nprcapital.com/
NREOB	http://www.nreob.com/Public/Registration/Broker/RegistrationAgreement.aspx
Ocwen	http://www.ocwenbusiness.com/bs_loanservicing_res_bi.cfm
Old Republic	http://www.oldrepublicdefault.com/Default.aspx
Olympus	http://www.olympusasset.com/agent/agentdata.php
Owen REO	http://owenreollc.com/index.asp
Phoenix	http://www.assetonemg.com/Website/coprofile.htm
Premiere Asset Services (PAS)	http://www.pasreo.com
PMH Financial	http://www.pmhfinancial.com/Registration.htm
PNC	http://www.realtyservices.pnc.com/
Premiere REO	http://www.premierebpo.com/premweb/Home/ContactUs.aspx
Real Estate Disposition Corp. (REDC)	http://www.redcgroup.com/index.html
Reo Experts	http://www.reoexperts.net
REO World	http://www.reoworld.com/
REO Financial Asset Services	http://www.reofas.com/
Single Source Property Solutions	https://www.reotrans.com/index.cfm?
SNSC	http://www.snsc.com/ReoPropertiesBroker.aspx
Sun Trust	http://suntrust.res.net/
Tactical REO	https://www.disposolutions.com/clientlogins/dst/default.aspx
US Bank	http://www.usbank.com/
USRES	http://www.usres.com/vendors/real-estate-brokers/
Wachovia	http://reo.wachovia.com/wbreosubscription.aspx
Washington Mutual	http://www.wamuproperties.com/
Wilshire	https://www.wcc.ml.com/Homes.aspx

APR

2009

John

Thanks for sharing. Much appreciated.

Looks like there's another wave of foreclosures coming. Hope the lenders are gearing up by adding to their roster of REO agents. GOOD agents!

DEC

2009

Ginevra

Glad to know you're one of the good guys. May your number increase!

As you know, it may be an uphill battle. The few good ones aren't enough to change the general perception. It got so bad that there's a youtube video that went viral.

If you haven't seen it yet, you should. It's a laugh and a half. http://www.youtube.com/watch?v=SM7oWKgCVo4

The key words? Busy! Busy! Busy!

JAN

2010

In response to # 25. Mike I just submitted an offer that did not fit the banks protocol.

My buyers were approved for a USDA Rural Housing Loan. The seller would only accept, conventional, cash or FHA 203 K loans. My buyers lender not only sent the Pre-Approval letter stating the buyer was obtaining a USDA loan but they also wrote an additional letter stating the the USDA allows the buyer to add the cost of repairs into the mortgage, the same as the FHA 203 K.

The lender accepted my buyers full price offer. But when the addendum's came they stated that the buyer was obtaining a FHA 203K loan. Not only that but the addendum stated that my buyer must pay all of the sellers closings costs. The listing sheet that the sellers closing costs were negotiable but when we x'd and initialed out that portion of the addendum the listing agent considered our offer null and void.

Although the listing sheet did not say certified funds only, I should have know better, I sent the earnest monet check to the holding real estate office only to be told that it was not acceptable.

My buyer had to resubmit his original offer, stating somewhere that he will not pay the sellers closing costs, and he now has to stop payment on a check that is good as gold.

Technically I did not follow "protocall' but everything was up front and out in the open when this offer was accepted.

Needless to say, it is very frustrating and my first time qualified home buyer is sitting on pins and needles waiting for a response.

And Pacita thank you for posting this. I came on Active rain to rant about this situation and was happy to see that you had already done so. :)

Hi, Tammy

Re...."but when we x'd and initialed out that portion of the addendum the listing agent considered our offer null and void."

Unfortunately, that is true. Any changes you make on the original document WILL void that offer. The changes you want, as you already figured out, should be submitted via a counter offer or addendum. This isn't just one bank's or one seller's protocol.

If this is your first REO experience, BRACE FOR IMPACT! More such experiences will come your way.

Good luck!

Thanks for the tip Pacita. This is my 7th REO transaction and I have never had this type of harsh seller expecting buyers to pay the sellers closing costs and accepting an offer one way, and then changing the addendum to say another.

I do have to say though that the REO agent I am currently dealing with is very responsive and I do appreciate that. However, we have one agent in our area who is everything you described and much much more. Whenever I write an offer for him, I make sure my clients know that this will not be an easy ride!

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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

Cell Phone: (510) 205-2992

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