I do not specialize in bank owned properties. I do show and sell them when they match my client's needs. If they want to schedule a showing or write an offer, it's time for the explanation that the bank's agent of choice does things a little bit differently and a whole lot slower.
Bankers, it does not have to be this way. Most of the agents who specialize in REO properties have far too many listings to manage. Many of your agents institute a "DO NOT CALL policy. What? We're not telemarketers. We're professional agents trying to show and sell the properties your bank is holding on the negative side of your balance sheet.
If you want the REO bulge to pass through the real estate and banking system with more ease and speed may I suggest you spread the REO wealth around. Limit the number of listings you offer an agent. I promise that agent will do a better job and work more diligently on your behalf if the listing load is capped at say 20 instead of 200.
This may come as a surprise, but often your agent of choice is not from or familiar with the area where your bank owned property is located. Real estate is local, so are ordinances, geographic and city requirements.
The housing market needs to lead the economic recovery. With all due respect, your policies regarding REO properties is stalling the process. You have the power to expedite the recovery. As agents we know time is of the essence. Given the condition of the banking and housing industries sitting on offers for weeks is the enemy of recovery for both industries.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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Most of the time, they do not put the room footage and only take one picture. Also, it might help your sale if you have the lights working when the home is being shown...just a thought.
Nate -- Great comment and it made me chuckle as I showed a bank owned property with a flashlight in hand just last week.
Banks are not real estate oriented, they don't see the need for electricity or running water or heat or staging for that matter. SO, to make up those differences the bank must dilute the property value, sale price, to match their errant ways.
I understand supply and demand, but with some attention to maintenance it is not necessary to crash the neighborhood comps. If a property has no running water, elecricity and weeds two feet tall in the front lawn it screams, "steal me."
Norma,
You nailed it, The banks could probably make more money if they had area specialists listing thier properties. I showed some the other day and the Lock Boxes would not open.
Norma, what a wonderful post! I was muttering these same words to some banks who own a few places I showed over the weekend. The "Don't call; just fax offers."
Jane - I am fairly certain the banks would make more money if they managed their REO assets the way most agents manage their listings--prepare them for sale before listing them! Those photos taken from a car on a cell phone do not show the property in its best light.....
Patricia - Sometimes a girl just has to vent......
Here Here...I say the same thing....I have a contract in with an agent who lists 100s of REOs.....I was calling to find out why they have not made the required repairs...2 months later...the little assistant to the assistant..says..."We have over 100 listings!!" I said..hey.....stop your complaining some agents would kill for a listing.....do your job!
Norma -- really good post. So frustrating to deal with some of the bank owned properties. I love your comment -- "sitting on offers for weeks is the enemy of recovery for both indsutries". I hope someone tells them soon!!
Norma--
Great post! I was dealing with a lender on a short sale for my seller and she suggested I become one of their REO agents and gave me a web address to sign up... I get there and they tell me they've been "overwhelmed" with agents who wanted a piece of the REO pie and weren't taking any new ones... As near as I can tell, they are overwhelmed with every aspect of the current market conditions, which only exacerbates all aspects!
Konnie - I agree having too many listings is not an acceptable excuse for not taking care of business---if they can't be handled in a timely and professional manner--then the agent should just say no, and let the bank pass them along to an agent who can do the job.
Alexsandra - One client waited 60 days for an answer, then said, "Enough. I'm not sure I still want the place."
Tamara -- You called that one right!
Norma, ditto! Well done!! Couldn't have said it better. It is disgusting to call an REO agent to hear, "I don't accept phone calls, the MLS is kept up-to-date and go to my website to find out everything your client must do in order to place an offer. WAY TOO MANY listings if that is common practice from what use to be a professional in Real Estate!
Banks need to wakeup...not only are they doing an injustice to the buyers but also to themselves!!!