Hello!
I work for Gulfcoast Foreclosure Solutions (GFS) and we have found that "some" realtors are not putting in all the offers at one time as they are required to do. When we personally work with a Realtor we state up front that we will not send our package to the bank without all offers on the table. When the bank begins to see multiple offers coming in at various stages of time, they sit on the file. This does not benefit anyone including buyer, seller or even the Realtor. It is a sticky time out there. Alot of times a bank not necessarily will take the top offer if they have a cash buyer a little lower in offer, they may take that only because they want to close faster than someone who has to do financing.

If you are interested in talking about some of the options you may have please feel free to email me or call me. We have a Realtor on staff that only deals with the properties that we have in short sale or forecloure status.

mgett.gfs@gmail.com 239-738-2247 cell or office at 239-673-7810

Hi Bob
I am a Cape Coral Realtor. I specialize in selling foreclosed properties.
Have question about the Cape Coral market? You can sign up on my website for free foreclosure listings. http://www.cape-coral-foreclosure.com

The Cape Coral market is very competitive. $5k over asking may not be the ticket if you looking at homes under $100K. The winning bid my have offer $15k over asking price.

We finally got a forclosure but after alot of bullsh** , I am now in the market to buy another but not sure I want to go through all the hassell.. I guess the right way to do it is find out who the listing agent is and bribe them with $5k to run my app.. Ive heard this has been done successfully with others.. seems to be the only way to get them to do a split.. with my agent... unless I can find out who the agent is on my own which is sometimes difficult..

Bob,

Please update us on the staus of your situation, You really had an interesting problem!

The Kimberly Lang Team
Keller Williams Elite Realty
24851 S Tamiami Trail Suite 1
Bonita Springs, FL 34134
When you think of Real Estate, Call The Red Realtor
239-677-8773 http://www.SWFloridaHomeSearch.com http://www.KimberlyLang.net
239-949-8339 fax
239-949-8338 office

Bob,

........there are hundreds of foreclosures in Cape Coral. We're curious about what criteria is making your selection so competitive?

Could there be more to this?

Our advice is to keep trying and consider possibly expanding your target location to Punta Gorda, Port Charlotte, or Nort Port. There are new or nearly homes in these areas for prices well under $100,000.
We just closed a 2001 cinstructed home, 3/2/2, move in condition for $59,500.

We would be happy to share possibilities.

The Eckler Team
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363

Bob,

Did you know that when an offer is submitted the agent that is bringing the buyer can ask to speak directly to the seller?

The purpose here is to convey the motivation and strength of the buyer not to negotiate price and terms.

This is done in writing.

Although the seller is not required to communicate with the buyer it's a good idea to make the attempt.

If they refuse just have them right refused on the letter with a date and signature.

I hope that helps.

Take Care
Ray

Bob, you need to uncover the asset management company. They assign listings to agents on behalf of the banks. If we tilted the scales on an REO listing, they'd probably fire us. If the asset management company doesn't know it's going on, there's nothing that they can do.

I am having the same problem in Ft Worth , Tx. AND I have been a KY Broker since 1968. Yes, they are holding back. IN KY it is the law, all offers must be submitted within 24 hours or you had better have a good reason. Then, 4 copies are signed; 1 to you when you sign the offer, 3 copies to the owner to accept or reject and one of the three comes back to you. You need another Realtor for starters and let the lender/owner and state RE commission know what is going on. You would be surprised how fast they ( RE Commission)stop this mess. Ky Broker ML Norfleet

Bob:
Please don't be sad about this case. it is just the truth you've met. Remember, there are many people who like you are looking for REOs. If you didn't get this one, why don't you look for next untill get a good one. Trust your realtor and work together. I have summited over 45 offers for one client in last spring; we finally got one after 3 months. you can summites more offers at same time. then, pick up the best amont what you get them.
Don't be angry about the game in the filed. You are looking for a property, and not be a judge. I think realtors have their own code. If some bad guys play the game, they will be kicked out from the filed.
Good Luck!
I am so prod of being a Realtor!

Bob, another possibility, that hasn't been addressed directly, is some offers contain clauses that restrict the seller and any other party to the deal (including the listing agent) from negotiating with any other parties and entertaining any other offers. Many savvy investors incorporate this technique in their negotiations.

Keith is correct that you need to develop a strategy, and Cathryn is also correct that you probably need to start submitting multiple offers. Nevertheless, before you'll be effective at applying any of these techniques to your own strategy, you'll need to abandon the notion that banks are handling these deals like traditional sellers would in a "normal" market first. Think of the current market as a bazaar or flea market crossed with a circus crossed with an auction-like atmosphere, and then plan accordingly.

If you want to compete with the savvy buyers, then you'll need to learn to think and act like they do. Do you (or does your agent) have access to the NOD list? If not, then that's probably a good place to start. I'll give you a hint: many savvy buyers (especially investors) watch that list like hawks. Do you (or does your agent) know how long it takes for a property to go from NOD list to auction? If not, then find out. This way you'll be able to keep tabs on a particular property. Do you (does your agent) know anything about tax liens? if not, then you now have some more homework. Tax liens can also be used to monitor and/or control a property. I could write a lot more on this, but I don't want to belabor my point. My point is you need to become more knowledgeable about foreclosures, and you need to be more proactive.

Thankfully, there are lots of excellent resources online. Ask.com has lots of good articles on real-estate--including stuff on foreclosures. Check out ezinearticles.com too.

Bob,
I am sorry to hear the frustration that you are facing. There are several good pieces of advice on here. I have been dealing with foreclosures since 2000, and over all there are some great agents out there. However, the few bad apples ruin it for the rest of us.

One piece of advice I have for you is this: You are saying "REALTORS" are playing games. Keep in mind that not all real estate AGENTS are REALTORS. Realtors are held by their board to a higher standard than agents - for ethical practices.

Legally, an agent (at least in GA) has to present any written offer that comes in on the property unless otherwise directed by their sellers/clients (even if it is for one dollar - if it is on paper they have to present it). If you feel like an agent is preforming unethically or illegally by not presenting your offer, then I would suggest looking into if they are a board member. If they are, contact the local Board of Realtors in your area and ask for the "grievance" department. They will be able to help you file a complaint. If they are found by a panel of their fellow Realtors to have been in violation, they will be fined.

If it is a Legal offense/violation, you can contact the real estate commission or sometimes their broker can be helpful in finding out what is going on.

Good luck and I hope you are able to find a great home (and buy it!)

~Cassandra Bickel, Realtor
Prudential GA Realty

I am in the same situation as you, Bob.

My question to everyone reading this, especially the Agents: Is there a way to see if a contract really exists between a bank and the Listing Agent on "no more offers are to be accepted once the asking price is reached"? I'm beginning to wonder if this particular Listing Agent in my area is just telling me that the bank doesn't accept back up offers so he can sell it to his friend.

A strategy that many people are taking is to find several homes they like and put in multiple offers at the same time.
With the buying frenzy we are experiencing, you must do this if you expect to get a home. Remember, you are going up against savvy investors who know the market, but do not get discouraged. Work smarter not harder.

Also, there are banks out there suffering such huge losses that they are not willing to negotiate. Deutsch Bank is one of them. Talking to them will not help your efforts. Find yourself a sharp realtor who will work for you and that can handle these banks and the disinterested listing agents that represent them.

This is why you pay for the experience of a licensed realtor. I work with many realtors and I would be happy to connect you with one that will work hard for you. If you are interested, please contact me at the information below or visit our web-site at http://www.Hope4HomeBuyers.ORG.

Cathryn Blair-Bennett
First Capital Lending Corp.
239-277-9244 Ext. 212
cblairbennett@FirstCapLend.com

Bob
It sounds to me as though you need a strategy. Are you represented by your own Realtor?

Legally ALL offers are supposed to be presented unless the seller stipulates otherwise. So it sounds as though you need a plan. Sit down with a sharp Realtor and make a plan, don't just chase properties.

Good luck!

Bob in Bonita and others.....

I understand what you are saying and I am moving on these as fast as they hit the MLS. the problem is they just took one offer today , the bank has NOT made a decision.. the realtor will not take any other offers.. he only wants the one.. said to my realtor, he has a good one and doesnt need anymore.. I dont think this is fair to others that want a shot at the house.. my offer should be looked at too prior to the bank making a decision... which will happen over the next few days if no other offers are presented.. they will accept the one.. without even knowing mine existed..I just dont know any other way of beating this system other than contacting the bank.. which was my question how do I contact Wamu or do I contact Duetsche Bank

bob

There was a REO property that I was interested in. However, when I inquired about it, the Listing Agent told me that a cash offer was made and was already accepted by the bank. This supposedly happened within an hour after it was listed. I found it hard to believe since Deutsche Bank doesn't work that fast.

Bob,

This is very common for low priced homes. You have to think you are competing against investors and all the people in the last 4 years that were priced out of the market. I had a REO hit the market at 11am today and have had 8 showings in the first 5 hours and already 2 contracts come my way. The early bird catches the worm. It takes about 1-3 days to get an answer out of the bank so your agent should push the listing agent if you are putting in bids that fast.

Scott Riddle, (CSP) Certified Short Sale Professional
Sand Castle Realty Group
239-289-1849
239-390-0027 fax http://www.NaplesRealEstatePros.com http://www.ScottRiddle.topseller.net

Bob -

It's frustrating for all of us! Banks can accept any offers that they want - just like any other seller. In my experience, the listing agent most of the time, does not have enough time to also sell the bank owned property.

I have found that the last couple of weeks the market in Cape Coral, that was already hot, has gotten crazy. I believe that the buyers that are sucessful are following the property as it goes through foreclosure and through their agent, communicating with the listing agent and putting a very competative bid in at the same time the property hits the market.

I have seen a change in the banks accepting a good bid the same time that the property goes onto the market - they did not do that very often before. So therefore, it saves the Bank and listing agent time and then they can move onto the next one.

I just posted an artical on my web site, ww.AskZenRealEstate.com addressing this exact subject.

I believe that the root cause is that property, especially in Cape Coral, are so under valued and we have a flood of cash coming into the Market because where else are you going to put your money???? the stock market? 401K? give it to a money manager to invest??? .....So, that with the backlog of foreclosures still to come onto the market, you almost have to follow the good ones through the foreclosure process and be aware and ready to jump before it goes onto the MLS.

My name is Robin Speronis and I am the Owner/Broker of Zen Real Estate of Southwest Florida, http://www.AskZenRealEstate.com and I do follow certain properties through foreclosure and it looks like I will be doing more of that now.

If you want to talk to me directly, please email me at ZenRealEstate@comcast.net

In many instances there are buyers waiting for listing agent receive the listing agreement. Buyers or investors all ready seen property waiting for bank finalize all paperwork for realtor to handle.

I am buyers agent on one property listing agent giving me a go when property listing agreement executed. All paperwork is completed.

Foreclosures or short sales you have drama matter of keep trying till you receive an executed winning bid.

Lynn A. Crosby – ~ National Featured Realtor

Hahahaha, best 3% you NEVER spent.

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http://www.20yearbillionaire.com/2008/01/29/how-to-contact-d…

Hope it helps.