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Banks Slow Play REO's

By
Property Manager with HomePointe Property Management, CRMC 00691121

When a poker player has good cards, sometimes they slow play the hand by not betting much in the hopes of attracting more players to stay in the game.  They hope the other players will put more money in than if they player with the good hand bet big early.  It is a way to make more money. 

The banks that are trying to sell there Real Estate Owned (REO) property are sometimes slow playing the offers they receive.  I have noted that sometimes they will sit on an offer for weeks on end.  I believe this is so they can hopefully attract more offers.

I think the banks would be better served by making counter offers and getting on with the deal.  Slow playing in real estate is a waste of everyone's time in my opinion. 

If you are an investor looking to buy REO's I  suggest you get a good realtor to help you.  They can identify all the listings out there and help you find the best ones.  Once you have your property, find a good property manager to help you fix up the property and to help you locate a tenant and collect the rent.  If you are in the greater Sacramento, Placer, El Dorado, or Yolo areas of northern California, come see me at www.HomePointe.com  .  We will not slow play your business.

Posted by

Robert A. Machado, CPM, MPM

HomePointe Property Management

Sacramento, Yolo, El Dorado, and Placer Counties

We manage residential and commercial property.

916-429-1205 x 105

rmachado@HomePointe.com

Scott Barr
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor

Just when you think banks have learned their lesson, bam they go to sleep on you. I know exactly what you mean.Weeks go by and still no reply. Maybe I should do the listing agents job and contact the bank myself. 

May 14, 2008 06:13 PM
Greg Hampton
Re/Max Around The Mountains - Blue Ridge, GA
North Georgia Mountain Property,Blue Rid

Most banks are out for the bank, I don't care if you have had a 30 year relationship with them. You are only as gaood as your last transaction.

May 14, 2008 09:08 PM
Garreth Wilcock
Sherlock Homes Frisco - Frisco, TX
Sherlock Homes Frisco

Very true - getting a Realtor who can identify which banks are quick and easy to work with (relatively speaking) can make all the difference!

May 14, 2008 09:24 PM
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

What a good post. The games they play are endless. I sold one that had a bonus and lo and behold the contract they sent back they scratched it out. I would never want to work to sell one of their listings ever again.

May 15, 2008 01:45 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Out of all the REOS I have written this year, only one bank has been really slow to respond to an offer. Generally, they get back with a response within 24 hours, three days at the most. Maybe I've just been lucky.

May 16, 2008 10:07 AM
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

Elizabeth,  I have had some respond quickly and some not.  But most have been more that 48 hours, even a week or two.  I think it boils down to the banks workload at the time the offer comes in.

May 16, 2008 10:37 AM