I don't know of a single agent who would call you about one of your listings and ask "Who's your seller? Why is it then that so many agents feel perfectly comfortable calling an REO agent about a foreclosure asking "Who's your bank?"
It didn't used to be quite so prevalent but I think that there are a lot of hungry agents out there. I know several who are singing the blues here in the Lake Oconee area and suddenly this market segment is looking pretty good to them. Well, that's fine. Welcome aboard. But be prepared to do your homework and pay your dues. It takes hard work to crack the REO market and we cherish our personal contacts with banks and asset managers as if they were made of gold. Because they are. This is a pretty steady revenue stream for someone who plans to work hard. A lot of effort goes into being a sucessful REO agent and most of us who are doing well at it have been in this market for years. It's not blind luck, it's not a fluke and it's not any different from representing any ordinary fair market seller. Banks are entitled to every bit of confidentiality and ethical conduct we have to offer and our responsibilities to them are the same.
So, for future reference, when you call for information on one of my listings I will be happy to share any information with you that I ethically can. But don't bother with "How low will they go", "What are the other offers?", and especially my pet peeve "Who's your bank?"
Happy Closings ;)
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