Agent2Agent in Kissimmee>Question Details

Elizabeth Ji…, Real Estate Pro in Orlando, FL

There is a vacant home and I called the bank for information. Not very helpful, is there a way I can take the listing.

Asked by Elizabeth Jimenez, Orlando, FL Thu May 10, 2012

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Kawain Payne’s answer
The Bank that has procession of the property will assign it to their asset management company. The asset manager will assign the listing to an agent in their network of preferred agents.

It is highly unlikely that the listing will be assigned any other way.

Kawain Payne, Realtor
0 votes Thank Flag Link Thu May 10, 2012
Hi Elizabeth,

Homes typically go through a process before they come on the market. Although, you may be eager to purchase something you see; and you think that if you give the bank a fair offer that they will cooperate and sell you the property; simple, right? In the state of Florida, all Homes go through the judicial process of foreclosure if a short sale is not being completed which can take a very long time. The court systems are currently backed up with the foreclosure process where it is taking averagely 2 years for Homes to be process. However; in this process, Banks hire Asset Managers/Companies to handle their Foreclosure Homes. These companies hire REALTORS to prepare property for market and sell them on the open market. Banks will not sell to you directly. The latest type of sell that banks are engaging in is bundling properties; and selling them to investors before it hits the market. My advice to you is to partner with a REALTOR; and inform him or her to que you for a particular home in their system or drip campaign for new properties hitting the market; so you can be informed when it does hit the market immediately. Remember, it will take time if this is the one for you; and be prepared to make a strong offer as well as consider the possibilities of ending up in a multiple offer scenario.
0 votes Thank Flag Link Tue May 15, 2012
Hello Elizabeth,

Sometimes, you can get through to the asset manager - through the old listing agent, neighbors getting you contact info on the previous owners, etc.

The problem is that asset managers are not really interested in any savings for their bank (although they should be) or signing up new agents, just like other realtors said here.

Check out if this property is in foreclosure, if not - I know agents who did door knocking and found absent owners or their heirs (neighbors helped).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Fri May 11, 2012
Nice try but probably not. BAnks already have agents that they work with and it is very hard to get work from BAnks if you are not apready on their list
0 votes Thank Flag Link Thu May 10, 2012
To the asset manager you need to:
1. Present your historic record in selling foreclosed homes.
2. Present supporting documentation affirming your ability to pay the upfront costs for getting the home market ready. Of course you will be reimbursed, sometimes $10,0000 later.
3. Present a business model that would have the asset manager give you a few minutes of their time.
4. Demonstrate disdain for accommodating buyers or agents needs regarding a bank owned house for sale.
That seems to be the basic criteria to get in the FRONT door.

Bide your time and...
5. Go schlepping for BPOs. and keep searching for a back door process.
There is a back door and it is suggested in the FRONT door list, #1 coupled with Antonio's comment.

Best of success.
0 votes Thank Flag Link Thu May 10, 2012
Unfortunately asset managers have preselected favorites agents in each town that get the listings and getting into that circle is not easy. An unfortunate situation, I believe listings should be assigned randomly to association members.

Another negative created by that is that those "mega agents" get rated by some websites as best area agents when in reality they never move from behind their desk or have any physical contact with buyers....but that just is my humble opinion.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Thu May 10, 2012
Would, that it was that simple:
There are a lot of Agents out here who would beat you to it, if there was a way.

Good luck and may God bless
0 votes Thank Flag Link Thu May 10, 2012
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