REO Agents: PLEASE give us buyers' agents some respect! (Rant)

Wow, that was good. I wish all REO listing agents are like that agent. Whoever that agent is, he or she should be emulated.

I must say that the couple of REO agents that I have been dealing with  have been very nice . They returned my calls and have kept me updated.

There seem to be too many distressed properties on the market and not enough good REO agents to handle them. In my market, I've heard of agents not showing properties when they know the agent will be difficult to work with, or because there isn't enough info in the MLS to warrant visiting the property. REO agents may think they're dealing from a position of abundance, but this really ends up limiting the number of showings and offers (and may affect the selling price) of their listings. I hope more of them will take your advice, Pacita!

No doubt Pacita, you are sooooo not kidding! OMG, i just went through a mini-nightmare with one...I was the buyer's agent. UGH...I must ditto this one! Way to go girl.

Later in the rain~Deb

Pacita

Sorry, you have had this kind of problem.  Fortunately, our REO Listing Agent have been very prompt in their responses.  Hang in there, they are not all bad apples, just the few that want to make it a little more difficult.

OHHHHH MY goodness, you were kind in your description of the process  compared to what many of us could say.  Thanks for exposing it in a diplomatic fashion.  Hope the market turns quickly...it's madness out there.

Patrica,

I have to agree with you! I am a vendor, and have many problems trying to get a hold of agents while working on their listing. Its really hard to do trash outs, and other services when the property is already listed and other agents are always stopping by. The listing agents don't listen sometimes, and are always in a rush to get it on the market before it completed! They should be able to answer phone calls or at least call back!

Visit www.goldenvalleymaintenance.com for REO services!

You said what I wanted to say about how bad the attitudes are of the REO listing agents.  They think they are so much better than we are.  What is really frustrating is when they tell you they will not submit offers with FHA or VA financing due to property condition.  You go to preview the home and their are no problems to stop it from going FHA or VA.  Isn't it up to the seller, not the listing agent?  Aren't we suppose to submit all offers?  Communication is bad as well.  What is wrong with a quick email to say you received my offer?  I, like you compliment the REO agents or assistants who are responsive.  There is one in our area that took over 4 weeks to say that the seller accepted another offer.  We were like okay because we found another house.  Thank you anyway.

I am definitely with you in believing if it is too much work do something else.  Stop wasting our time and treating us terribly!  One day it will come back around to them!

Thank you for the great post!

I wanted to share this free list of REO asset managers and there website information that I got.  I signed up with just about every one of them.  Now in less than three months I have plenty of BPO's and two REO listings, one of which is already in contract.  Just do what ever you can to get started and be patient.  Good luck.

In response to # 25.  Mike I just submitted an offer that did not fit the banks protocol.

My buyers were approved for a USDA Rural Housing Loan.  The seller would only accept, conventional, cash or FHA 203 K loans.  My buyers lender not only sent the Pre-Approval letter stating the buyer was obtaining a USDA loan but they also wrote an additional letter stating the the USDA allows the buyer to add the cost of repairs into the mortgage, the same as the FHA 203 K.

The lender accepted my buyers full price offer. But when the addendum's came they stated that the buyer was obtaining a FHA 203K loan.  Not only that but the addendum stated that my buyer must pay all of the sellers closings costs.   The listing sheet that the sellers closing costs were negotiable but when we x'd  and initialed out that portion of the addendum the listing agent considered our offer null and void.  

 Although the listing sheet did not say certified funds only, I should have know better, I sent the earnest monet check to the holding real estate office only to be told that it was not acceptable. 

My buyer had to resubmit his original offer, stating somewhere that he will not pay the sellers closing costs, and he now has to stop payment on a check that is good as gold.

Technically I did not follow "protocall' but everything was up front and out in the open when this offer was accepted.

Needless to say, it is very frustrating and my first time qualified home buyer is sitting on pins and needles waiting for a response.

And Pacita thank you for posting this. I came on Active rain to rant about this situation and was happy to see that you had already done so. :)  

Thanks for the tip Pacita.  This is my 7th REO transaction and I have never had this type of harsh seller expecting buyers to pay the sellers closing costs and accepting an offer one way, and then changing the addendum to say another.

I do have to say though that the REO agent I am currently dealing with is very responsive and I do appreciate that.  However, we have one agent in our area who is everything you described and much much more.  Whenever I write an offer for him, I make sure my clients know that this will not be an easy ride!