The fact that buyers' agents now input their offers into Homepath does not save the listing agent a nano-second of time. When a buyer's agent enters an offer into the Homepath system, the listing agent still has to retrieve that offer and then turn around and enter that information into the Fannie Mae listing agent site. Same amount of data entry as before...more, in fact, because the listing agent now has to check and then update the Homepath site as well as checking and updating the Fannie Mae's agent site.
One of the reasons Fannie Mae started the online offer system is so buyers' agents can prove when they presented their offer AND THAT THEY PRESENTED THEIR OFFER. In other words, the listing agent now does MORE work, because some agents thought that their offers were not being presented. Now, some of those same agents are saying that the listing agents get off easy.
To those agents, I say, "Are you kidding?" Do you activate utilities, pay utility bills, wait months for reimbursements, get repair bids, monitor the progress of repairs, PAY FOR THE REPAIRS....on any of YOUR listings? The list goes on, by the way.
A complaint I hear often about REO agents in general is that they do not answer questions. Here are a few questions that selling agents ask which are a total waste of time (in other words, an REO agent will probably not answer):
- How many offers have you had/do you have?
- What is the bottom line?
- What have inspectors told you about the house?
- How much work does the house need?
- Will it pass FHA?
- Will they take a contingency of the sale of another house?
- Will they consider lease to own?
- Can the buyer make a few repairs so the house will pass inspection/appraisal?
- Does the buyer have to get a prequalification letter?
- Do I have to fill out all of those forms? I'd rather just give you a verbal offer...
I thought about just leaving the questions above without answers, but here goes a quick round-up of answers:
- It's active in MLS, so bring an offer if you have one. The status of any other offers, if they exist, is something I often do not have the seller's permission to disclose.
- If I knew, I would not disclose that any more than any other listing agent would.
- I don't see inspection reports. If I have anything that I can disclose, I have put it in the listing.
- Look for yourself. Beauty is in the eye of the beholder.
- Honestly, give it some thought. You can probably answer this for yourself, simply by reading the listing info. Good or very good condition means probably. Average condition, maybe. Poor, are you freaking kidding me?
- Yes, you have to fill out the forms.