Living in the REO world

Real Estate Agent with Realty Executives

So today some buyers I've been working with finally got their signed contract!! Yeah! We can finally start moving forward!  We've been waiting for the contract so that we can order the appraisal and so the buyers can access their 401K funds.  All in all, its been about two weeks since we submitted our initial offer.  Actually Monday the listing agent finally put the house into pending. (Fortunately, the house is a real fixer and I don't think anyone else was brave enough to put the sweat equity into it!)

Anyway, here's the kicker:  The listing agent for another house we made an offer for called and said his buyer backed out.  This was the first phone contact I had with this agent BTW.  I could have easily "forgot" to tell my buyers this tidbit, but of course I wasn't going to do that.  I proceeded to call my clients and tell them the house that they initially wanted the most was available and we were being given first dibs.  The wife seemed a bit excited and opted to call her husband at work.  She called me right back and told me they wanted to proceed with our original escrow we had just opened today. *Big Sigh!* Thank goodness I am thinking. 

I am very excited to be moving forward for numerous reasons including the listing agent has been the most accomodating and communicative to me.  We are moving forward with hopefully a quick escrow. 17 days if their title/escrow can handle it.  Here we come!! 

Posted by

Susan Manning

Comments (4)

Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!
Congrats, These sales can take time...... And more time..........
Mar 04, 2008 03:13 PM
Johnny Huang
Pleasant Hill, CA
Insurance and Real Estate Broker
Definately be up front to your buyers about these sales. If they aren't up to snuff about REO's, they think you're dragging your feet. Keep up the good work!
Mar 04, 2008 03:15 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Susan,

Congratulations, you did the right thing and it worked out the best for all concerned. Getting these REO offer through is like a nighmare right now, I've been waiting (so have my clients) for 3 weeks on another. Buyers just get worn our waiting for answers, and I can't say I blame them.

Mar 04, 2008 03:28 PM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Being upfront is always the best in the long run.  REOs take time, but if you explain this to the buyers --- some will wait around.  Some do not understand and believe you the agent is not being up front with them -- when all the time you too are waiting and don't have a clue what the bank is up to.

Jul 05, 2008 03:15 PM