REO SALES - THROW OUT THE RULE BOOK

By
Real Estate Broker/Owner with Lazarus Realty

Lazarus Realty recently represented a lender in the sale of a bank owned property and for all intents and purposes you can just throw out the rule book when conducting these  transactions.  I forwarded a disclosure package to the lender and NEVER got a response.  Not all of the disclosures that I requested to be signed were mandatory but some disclosures are state or federally mandated.

After not receiving any reply by email from the lender (again, who I was representing) I called and left messages: nothing.

I then wrote the asset manager an email requesting that if he was not going to sign any of the disclosures that he would simply give me a "refusal to sign" memo. Nothing.
 
If you intend to purchase a Foreclosed Property or Short Sale and have never done so before - be prepared for a very unconventional transaction.

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Rainer
41,106
Timothy Butterworth
Taking a break - Portland, OR

This has been my first year in Short sales and at times I get the feeling that I am dealing with a group of people that just don't care. Very frustrating to say the least

Oct 31, 2008 09:39 AM #1
Rainer
18,927
Melody Anderson
Melody L Anderson - Camdenton, MO

Three times this year I worked with a REO company, and only once was I able to close it.

For me, it's simply not worth it to list any of these properties - considering the extra time, difficulty, frustration....not to mention the split commission.

Not all foreclosed properties are hard to deal with, though.  I just choose not to work with 3rd party managers.  Not unless I have to as a buyers' agent.   Even then I prepare them for a bumpy ride.

Oct 31, 2008 09:45 AM #2
Rainmaker
1,204,979
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Lazarus, good advice, it seems that patience is the only thing we can't throw away when dealing with organizations instead of people!

Oct 31, 2008 09:47 AM #3
Rainmaker
207,355
Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

No kidding.....you can get to the closing, and if they get another offer that is better, they will  stop your closing to go with the other buyer....

Yes, they want you so sign millions of forms & disclosures, but they don't have to do anything they don't feel like doing...!

Oct 31, 2008 10:20 AM #4
Ambassador
2,999,581
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I feel your pain.  We closed several this year, but none were easy and the only rule I can think of is Rule # 1- There are no rules.

Oct 31, 2008 03:23 PM #5
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Rainmaker
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Randy "Lazarus" McAtee

Owner/Broker, Lazarus Realty, Fresno California
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