Most Multiple Listing Services (MLS) we all use across the country has a section only visible to Realtors for the listing agent to make comments about the property and in some instances you will see terms to present offers. With all the Real Estate Owned (REO) properties on the market at this time many agents and buyers are becoming frustrated with the Banks and the REO agents when trying to get offers accepted and many accusations have been made that things are not being done in a fair and ethical manner but some of the frustration can be overcome by simply reading the comments section on the MLS.
Recently I listed a REO property in Murrieta Ca. and Immediately the property was input into the MLS with instructions on presenting offers stating: When sending offers send only the 8 page Purchase Contract, Agency Disclosure, Pre-Qual Letter, Copy of Deposit Check at this time. The reason for this is in California by the time we add all the disclosures required to use it adds up to 30 plus pages and the banks will sign off on the state required disclosures with the accepted offer but they are not needed at the time the offer is presented. When the instructions are followed the initial offer will only be 12 pages including the cover page.
We received 5 offers on the property in Murrieta as it was priced to sell but the frustrating thing is 4 of the agents ignored the comments section and each sent in excess of 30 pages to us to sort thru so we could then upload the offers into the computer and send them to the bank. That is a total of 138 pages when all we needed was 12 pages with each offer for a total of 60 pages.
We all get frustrated in this market but sometimes it can be avoided by simple things like reading the agent comments section on the MLS.
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