Stacie's REO etiquette Part 2

By
Real Estate Agent with Altera Real Estate

Since the Moratorium has been going on so long, my area has seen limited inventory and agents are getting creative about how they can get their clients offer accepted. Some of the tactics used are great ideas. Other things, like the ones I am about to write about......not so good.

Key Jacking.........When you go to show a property that has just been listed please don't think for a minutethat if your clients really really want the property that if you take the keys for one minute that no one after you will be a ble to see the property and thus gives you and your client a leg up. All this does is delay things. I have even had agents blame me for missing keys and their excuse was I was trying to double end. Please do not remove the keys from lock boxes!! What will happen is I have angry agents who want to get into the property call and call and call and eventually end up writing an offer anyway. You are not doing your client a service by removing keys!

Crazy blind offers........If you have a client that has been un able to get an REO and you have informed them to just write the offer and then go see the property then I advise you not to write a "Crazy Blind Offer." What I mean is don't waste your time by writing an offer that is really low in hopes to be the first one in and possibly getting a counter offer. In my area the REO's that are listed fair are sold for above asking with multiple offers and a "crazy" offer is at minimum going to be countered back at asking price or it will be flat our rejected. Again this is not a service to your client.

Call, Call & Call again........Since my REO etiquette Part 1 I have taken some advise which is to update all buyers agents as to status of thier offer once a week and that has seriously reduced the offer status calls. But....the "is this property still available," calls are still coming even when the property has only been listed for 2 hours and my notes instruct that I update hourly and NOT to call on availability. Here is my advise....if it says available and you show, you write an offer....best case scenario your offer gets submitted. Worst case the list agent lagged and property is gone you now can ask if your offer can be held in back up position. If you are nice and create a repore then it is most likely  that you might get a call in 2 weeks. Statistics show that 40% of escrows fall out so why not have be the agent that the list agent remembers when She/He needs a new buyer? 

Hope this helps.........

Comments (5)

Christianne O'Malley
Dickson Realty - Reno, NV
Exceptional Service - Delivering Results in Reno!

I just managed to get an REO under contract where the keys were jacked. Luckily we were the first viewers and the keys got jacked after we visited...

However, the listing agent did not put the Gate Code in the MLS and it did not have a compliant lock box. The showing appointment desk personnel and I did trial and error over the phone for 20 minutes at the gate and front door trying to figure out how to get in. Persistence pays. And you're right - someone after me jacked the keys and there were still 4 total offers competing!

Aug 04, 2009 09:44 AM
Cathy McAlister
Cathy Ashley McAlister, GRI CDPE - Broker / Sacramento - Sacramento, CA
Sacramento DRE#00648507

Stacie,

Key Jacking... You are so right on this one.  It's Bad.  I did this once by mistake, realized that evening and called the agent to apologize.  It was back in the box, first thing the next morning.  Have never done that again.

Crazy Blind Offers.  My only question is "why" would they bother.  It won't go anywhere.

Call, Call & Call Again....  Need your help on this one.    It may be that you are submitting all offers and your REO client can truly take up to two weeks - but if all offers are not being submitted - why keep people on the line.  I wrote about this in a blog a few days ago - http://activerain.com/blogsview/1180669/let-my-people-go-why-do-some-reo-banks-listing-agents-take-so-long-to-respond-to-offers-  and am really having a challenge with how this makes agents and the industry appear in the eyes of the public. 

Great Post.... good topic .... it is a challenge for all of us.

Aug 05, 2009 03:13 AM
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

I haven't had key jacking yet or so much interest that I don't want agents to call me. It sounds like you have some HOT listings.

Aug 05, 2009 06:03 PM
Mike Mitchell
Real Living Kee Realty - Saint Clair Shores, MI
REALTOR (R)

Key jacking - I've seen that happen in my area quite a few times, very frustrating as a buyers agent!

Aug 06, 2009 06:47 AM
Andrew Monaghan
The Monaghan Group - Glendale, AZ
CRS, GRI, EPro Associate Broker

Great points, we only respond by email, paper trail. and have a Supra box on all listings to make sure we track who has been in the home

 

Dec 14, 2009 02:58 PM

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