What Buyers agents do Wrong with a REO Sale.

By
Real Estate Agent with RE/MAX 1 602159

Biggest thing buyers agents do wrong is not making sure their REO buyers are FULLY Pre Approved through the buyers lender of choice,  including sending all docs to underwriting such as tax returns and other documents needed, or allowing buyer to switch lenders while under contract.  Pulling a credit report and get a verbal income statement from buyers is not FULLY Pre Approved.  REO sales are Very Strick on the time line to close. Buyers should be sent through underwriting before a contract is written to make sure all conditions are meet and buyer is fully approved then you all need is a appraisal, survey and move to Clear to Close !  REO asset mangers requirements are to close in 30 days or less.  This  one step would make your transaction go much smoother with a REO Buyer.  And this would solve alot of issues between agents with a REO sales upfront.

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