There are many bank owned properties (REO's) out here that are good deals. Some are so good, they are getting multiple offers on them. However many buyers and REO agents are out of touch with how to handle the so-called good deals. Many buyers see them as good buys, especially the ones that are in move in condition and lots of equity in them, but fail to bid properly on them. Many buyers feel that because they are foreclosed properties they can bid anything and many loose the bids. You'll find many of these are builder's foreclosures. But Buyers Agents BEWARE!!!! Many Buyer's agents fail to inform their clients of how the bidding process works and many REO agents fail to communicate with the buyer's agent. COMMUNICATE....COMMUNICATE. I know it's not all the Seller's Agent fault when the an offer is put in and the REO's assets manager takes his almighty time in getting back to you, but how many times does this happen.....the seller's agent has a response from the asset manager but does not call the buyers agent back. What is it about REO agents that do not pick up their phone or have their assistants to call back? It can be a frustrating process for the buyers agents and their clients. If we could get a better communication system together is would save everyone a lot of time. The Clock is ticking as winter is starting to roll around and the inventory keeps growing. Buyer's agent do not need to be discouraged....but encouraged. We will all do a better job at getting the inventory off the market, so the market can turn around!
A good portion of our REO properties in Ventura County are receiving multiple offers and many are selling well over list price. Buyers NEED experienced, full time representation if they hope to buy one of these properties.
I could not agree with you more! I do a good deal of my business with Buyers and, when it comes to REO agents, I have seen the absolute best and, most recently, worst! The last one that I placed an offer w/on behalf of my buyer said that he had no offers working when I called. That same day, I hand delivered the offer to the address on MLS, and left it with a person who said that they're lucky if they see this guy every six months, and that he doesn't office there, but only uses the office as a "mailing address"...??? For the next 7+ days, I received virtually NO communication from the agent, except at my initiation. I got an e-mail from the agent yesterday, telling me that NOW (9 days later)he has multiple offers. This agent is the worst, and he makes the rest of us concientious agents who sincerely care about doing a good job a very bad reputation. I almost forgot....the property has been on the market for 140+ days, and ZERO photos (his response, "Oh, I thought there were photos posted on MLS").....surprise, surprise. People like that need to find another career.
Some REO agents are over worked and frankly like initiative to hire an assistant- How can a REO agent have multiple listings and have him or herself as the showing contact it does not make sense. Some don't return phone calls, or email messages. When the tide turn from REO properties they will have hard time adjusting to reality .
A lot of REO agents are over worked. So many agents fell out of the business recently because of the lack of business, yet in some segments of the market there is tons of business. REO realty isn't for everyone, it's tough work and can be costly. But, it attracts a special kind of person and they can be the worst and the best at the same time. I sell a lot of REO properties and I list a lot of REO properties for a client of mine. It's not easy.
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