Last year I had the good fortune to work with one of the larger banks in the sale of their REO (real estate owned) or foreclosed upon properties. I attribute this to my attitude of always being helpful to everyone in our industry and to always being kind and considerate to all professionals who make up the galaxy of the great real estate community universe. A lender I had worked with for many years managed to get me an application and I became approved to represent this particular bank. I had a very good 2008.
We have also had Realtor/Agents who also represented banks in the liquidation of their assets. Many of these folks can be amazingly rude, arrogant, and not respectful of our time and energies; seeming to have forgotten what it takes to nurture a buying couple to the escrow table! But what's been particularly galling is the amazing "procedures" a Realtor/Agent must follow to get their offer presented. These "hoops" have been many and varied with the caveat--"Don't call me--I'll call you" attitude.
Well this seems to becoming to an end as more and more brokers have grown weary of these Realtor/Agent generated "procedures" enough to many an attorney involved in the process. Hence this decree, "If the client/bank has a specific "procedure" it must be in writing to the Realtor/Agent to be valid". We have many who have whole treatise on how to present your offer! These tomes make the buyer's agent follow many a step to present their offers. They have "codes", explicit instructions, warnings ("No FHA!) and other very specific criteria for getting the offer presented with the exclamation, "Failure to do so will result in the offer not being presented!"
Brokers have been getting an earful from their Realtor/Agents for a couple of years now about these REO Kings! In our marketplace REO's are a red-hot "Seller's" market. Just over a 30 day supply of product. They dominate the sales in certain areas and price points of our county. So now the attorneys are saying we don't have to take this anymore!! But here's the problem-are YOU going to be the guy or gal who goes up against the REO listing agent demanding a different set of rules for you? Do you really think by stating, "our attorney says you can't do this!" is going to endear you to the REO listing agent and get your clients the house? Want to risk one of your precious paychecks for principles?!! The great question of the minute here on Activerain? Your thoughts?