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Do the Banks really care and how did you get this REO?

By
Real Estate Agent with Eagles Wings Realty

Well here we are right in the middle of trying to get our clients a home.

What is the big deal you might ask?

 

I have clients that found a REO property and are really excited about getting it closed.

Here lies the problem. The property is listed by an agent outside of our MLS 2 hours away working with a title company 200 miles away and we can not get a MEC from the asset company Fannie.

I wish these asset companies would help us out here and use local Realtor's and title companies.

I realize they are busy and have a lot on their plates but heavens to Betsey, it might save some time and money to get it local!!!!!

Our office just closed a deal with the same companies and it was a nightmare for everyone. Does it have to be this way? I say no way jose, get it local, come on you banks get it together, and make contact with the right people.

We had an email confrim to the listing agent the offer was accepted with a phone confirm from the listing agent to us last week, no docs yet, what a bunch of %*&(^&%$^$. I have qualified buyers but unqualified sellers.

No wonder our industry is upside down. Any comments would be helpful.

Anyone out there have answers besides "BE PATIENT"?

 

Posted by

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Eagles Wings Realty, Montrose, Colorado

In the Heart of the San Juan Mtns. in Southwest Colorado

www.Montrose-colorado-realestate.com 970-901-0434

Home of the Black Canyon National Park, The San Juan Mountains, unlimited recrecational  opportunitys, Mtn. Biking, Hiking, Golf, Fishing, Camping, White Water sports, Hunting

 "too many things to do, not enough time"

The information contained in Nick's blog is deemed reliable but is not guaranteed, and the opinions and views expressed in these articles are solely those of the author.

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For information on Distressed properties contact us at Nick@ZappaTeam.com

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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Absolutely ridiculous way to do business.  Lenders wonder why they are losing money.  Using geographically ignorant real estate agents who have no  idea of what they are selling.  Dumb, dumb, dumb.

Oct 19, 2010 09:10 AM
Joan Zappa
Eagles Wings Realty - Montrose, CO
Professional treatment of our clients, brings awes

I could not agree more, they do not even have a sign on the property.

Oct 19, 2010 09:13 AM
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Nick,

Gordon here for Cherise.  Lenders do not really care.  They actually make more money once it goes into foreclosure.  From what Cherise has read and what we've discovered the short sales process might not be what it appears.  They are coming back to collect years later for the deficient amount.  And regarding your post, this appears to be par for the course... g

Oct 20, 2010 04:06 AM
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Nick....It is a shame that banks often use out of area agents/companies to list their REO's.  They don't give much thought to the logistics of not having a local Realtor® and title company.  Hard to understand.

Oct 20, 2010 04:41 AM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Nick, you really should have this as a public blog.  Others would re-blog it and eventually the message will he heard.

I'm sorry to read of your problems hopefully it will be resolved soon, for your clients sake.

Oct 20, 2010 07:55 PM
Joan Zappa
Eagles Wings Realty - Montrose, CO
Professional treatment of our clients, brings awes

LeoLinda ok put it on the public setting.

Oct 21, 2010 01:52 AM
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - San Pedro, CA
Getting you to your next with a zero failure rate!

If they only knew!  You could teach em' a thing or two my friend!!  :-)

Nov 09, 2010 04:59 AM