There's absolutely no doubt that the ABR designation is a very valuable one that the NAR and all realtors recognize. These are changing times though. As an agent doing a good many REOs both as listing and selling agent I see both sides. The frustration that the selling agent feels when the bank is unresponsive can be huge and is sometimes taken out on the listing agent as if they were somehow responsible. Some listing agents seem to ask for it too.
How many reo listing have you seen that say 'offers only accepted by e-mail. No calls. If listing says active in mls it is available.' These are listing agents that frankly and obviously NEVER want to speak with the buyers agent. How rude. I would never consider that attitude with my reo listings.
The flip side of the coin though are the many buyers' agents who don't bother to read the mls instructions regarding prequal letters, lack of disclosure, estimated response times, signed bank addendums, and the property being sold as is. It never ceases to amaze me when I get one of these and usually the worse the offer format, the more angry the agent (and presumably their client) when they don't get what they want.
Selling foreclosures isn't easy on the best of days. Something invariably goes wrong and the listing agent is fighting a timeline for reimbursments for expenses and utilities. The process is easier though with a selling agent who's been to the reo rodeo. The buyers' representative is mostly just doing what they've been certified to do but it just doesn't work the same way with foreclosures. I'd really like to see a segment of the ABR designation course devoted to the art of selling foreclosures. It would go a long way to getting accepted offers and having happy clients and increased sales.
I'd love to hear any feedback from those who are selling REO.
Happy Closings
Comments(4)