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REO Broker who does not use the MLS!

By Jeffrey Dolfinger

Real Estate Agent with 24/7 Realty Inc.

October 16, 2007 04:08 PM

Today I meet my non MLS counterpart, a nice guy, knows alot of people, but how in the hell does he think he got the best price for his REO Client without using the MLS? During my asset manager days we did not use the mls, but that was 1992, the web was a baby, the local mls was in a book form published monthly and was as thick as a telephone book, signs and the newspaper worked better then. Just how does this man think that he got the best exposure for his client? How many people could he know? Of that how many could be investors with over 100k in cash?

I understand keeping something in your pocket for a few days or giving advance notice to your best buyers but after 1 week its mls time.

Is anyone else operating this way with great success? I ponder.

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Terry Lynch

LAR Notary and Closing Services - Saint Clair Shores, MI

I wonder if his asset manager even knows he's not using the MLS. I'm sure they would drop him as soon as they found out.

Oct 16, 2007 04:26 PM

Jeffrey Dolfinger

24/7 Realty Inc. - Poughkeepsie, NY

NRBA Member

The asset manager knows, by telephone and in email. I covered my A--, as I was doing a BPO to justify a sale under market. I told the guy that i would not support his sale. He was okay, he knew best, or so he thinks.

Oct 16, 2007 04:31 PM

Fred Pickard

Fred Pickard Innovations Realty Inc - Hershey, PA

Hershey, PA

Most REO sellers now require that a printout of the MLS sheet be sent within 48 hours of receiving the listing agreement. In fact, a couple that I work with require that it be uploaded into their systems as a pdf.

I can't believe in this day and age a seller doesn't want the most exposure for the REO property

Oct 16, 2007 10:19 PM

Paul Moye

Benchmark Realty - Franklin, TN

Broker, GRI, SRES

I am amazed that there is not a requirement from his lender client for the use of the MLS. In my years of experience even when the MLS was not as stond as it is now there was always requests for proof the property was listed for sale on the MLS in print or on line???

Oct 17, 2007 03:36 AM

Nancy Moeller

Seven Gables Real Estate - Anaheim Hills, CA

That's surprising on so many differernt levels. It's like a mechanic without a toolbox.

Oct 17, 2007 04:29 AM

Michael J. O'Connor

Diamond Ridge Realty - Corona, CA

Eastvale - 951-847-4883

I actually don't even understand 'keeping it in your pocket for a few days' as it is in the sellers best interest to get the best price. I've encountered a number of properties that were already in contract within minutes of entering into the MLS. Very shady indeed.

Oct 17, 2007 05:30 AM

REO Broker who does not use the MLS!

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Jeffrey Dolfinger

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