What does the Fannie listing agent do if selling agents put in offers?

By
Real Estate Broker/Owner with Riverbend Realty, Cape Girardeau, MO 2004008944

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):

  1. How many offers have you had/do you have?
  2. What is the bottom line?
  3. What have inspectors told you about the house?
  4. How much work does the house need?
  5. Will it pass FHA?
  6. Will they take a contingency of the sale of another house?
  7. Will they consider lease to own?
  8. Can the buyer make a few repairs so the house will pass inspection/appraisal?
  9. Does the buyer have to get a prequalification letter?
  10. 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:

  1. 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.
  2. If I knew, I would not disclose that any more than any other listing agent would.
  3. I don't see inspection reports. If I have anything that I can disclose, I have put it in the listing.
  4. Look for yourself. Beauty is in the eye of the beholder.
  5. 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?
  6. NO
  7. NO
  8. NO
  9. Absolutely.
  10. Yes, you have to fill out the forms.


 

Posted by

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If you are looking for a foreclosure in Cape Girardeau, Perry, N. Scott, or Bollinger counties, I am the region's most experienced REO agent. As the area's ONLY Fannie Mae direct listing agent, I list more foreclosure properties than any other agent in this MLS. I am among the few local agents approved to both list and sell HUD properties. Give me a call if you are looking for help with the purchase of a foreclosure property.

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http://www.homepath.com/  for Fannie Mae properties

http://www.homesteps.com/  for Freddie Mac properties

http://www.hudhomestore.com/ for HUD properties (foreclosures that were FHA financed)

____________________________________________________________________________________________

If you want up-to-the-minute real estate information, the only way to get it is to have an agent set you up on auto-notify with immediate delivery. Your listing information will come directly from MLS only when it comes from an MLS member. You willl not have to wait for the information to roll to those other websites, and you will not have to check multiple sources. It's free, so why not give me a chance to help you in your search?


NO OTHER SOURCE is as complete or as fast as your local REALTOR®’s source. This is not just an advertisement for REALTORS®--it is information about how the system really works.

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Rainer
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EMILIA B COOPER, REALTOR® SFR.NCHSE.AHWD
LAROSA REALTY - Orlando, FL
Short Sales, Foreclosure & Bank Owned Real Estate

I appreciate that you took the time to do this post, very well said, great information Liz, thanks for sharing with us!!

Nov 29, 2012 01:27 PM #1
Rainmaker
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Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Liz, perhaps I am one of those for the sake of argument disagree in part or parts of what you are saying. First off this REO system you speak of is generally a monopoly of sort where the majority of REO's homes are tied to 4-5 brokers. I can say 2-3 of those forget about getting a response which is on the side of pure arrogance, as if they are doing me a favor by their pure existence.

Next, we have the manipulation of the asset manager and/or the broker indicating a highest & best selecting one like ours not long ago only to make another highest & best with another deadline and then get out-bid by another offer. Why don't they just say it's an auction, instead of hiding behind the fact of their own greed.

I could go on by my own experiences, which have not all been pleasant, to understand your point, however there is another point of view, you just rarely hear or read about it.

Nov 29, 2012 01:59 PM #2
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Rainmaker
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Liz Lockhart

GRI, Cape Girardeau Real Estate
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