Tried few times to see properties but NO ONE WAS INTERESTED TO SHOW. Countrywide wanted prequalification, which I did but THEY WOULD NOT LET ME MAKE AN OFFER on the property. No reasons given. It is as if they do not want to sell.
Nothing much has changed since - Now many agents do not show the REO properties to anyone except their friends and cousins. Scream all you want but there is nothing one can do, Want the addresses?
They will also require you to fill out their own addendums and disclosures, so yes, why not take advantage of free Realtor representation?
Best of luck to you.
Many REO complain that nearly half the contracts they receive are either incomplete, missing signatures, missing pages, missing pre-approvals, or for some other reason unable to be submitted to the asset manager for review. So Please make sure you get everything that the Bank requires to consider your offer no matter how frustrating it is. Your Realtor will be able to guide you.
The two piece of advice I would give is:
1. You must usually make an As Is Offer on an ASIS FAR BAR Contract
2. You must offer quickly
Read more info here at my blogs: http://www.statelandbrown.com/app/sbblogs.php?id=081210
Try accessing http://www.linkedin.com
It is a site similar to trulia that identifies and rates professionals in the skill areas in which they work. Literally all professions are recognized. People generally do not include someone in their circle of contacts unless they have had a personal and positive experiences. This site also offers recommendations on each member.
It's worth a look.
The "Eckler Team"
1. Deal honestly and fairly
2. Account for all funds
3. Use skill, care, and diligence in the Transaction
4. Disclose all facts that materially affect the value of the property and are not readily observable to the Buyer
5. Present all offers and counters in a timely manner, unless directed by either party, in writing
6. Limited confidentiality, unless waived by either party, in writing
7.any additional duties that are entered into by this or any other seperate written agreement
I would be happy to look these properties up when I return home later today, as long as you haven't used a Realtor on either of them, but I can't just give you a number, without first researching it. Feel free to email me as well, direct. Thanks
Mike Ceparano, 813 417 6698
So tell me - what are the responsibilities of TRANSACTION BROKER? What is he accountable for? What are his/her legal responsibilities other than making a phone call for $30,000 commission?
Here is a property - tell me what can you do for me? Like any Pro - you are the expert and I shall follow your advice. What price do I have to pay and what would be your responsibilities if you your advice turn out to be incorrect or wrong?
530 Melaleuca Lane, Miami, FL, 33137 , 3 beds, 2.5 baths
625 MELALEUCA LN, Miami, FL 33137 5 beds, 4.5 baths, 3936 sqft
P.S. I am currently representing a buyer in a pre-foreclosure transaction. We have been waiting 3 weeks to get a response from the bank --- nothing yet!
Thank you for a wonderful article.
1) We are cash buyers and can provide proof of cash in the bank and ready to close tomorrow. What is the retail value of a property. Merrill Lynch just sold the portfolios of foreclosed properties at 22cents on a dollar. Property priced $400K in 2000 was sold at $1.5 million in 2005 being offered at $1 million a retail price or is still overvalued? All the realtors are calling it a staggering $500K discount. or is it $600K overvalued?
2)there is nothing such as buyers agent. Every real estate agent wants to conclude the sale at any cost. Generally speaking, they are more concerned about having to deal with sellers agents again than the buyers so their loyalies are with the seller and leagally they are representing the seller not the buyer no matter how you put. This will only change when NAR allows the seller to list the properties for single commission. (not commission to be split between the agents.) There are no free lunches so the buyer does not have broker representation.
3) It is not about late night TV. People who watch late night real estate infommercials do not have a pot to Pi$$ in.
Having researched the market since posting the question - the answer is clear now. Banks are getting yours and my tax dollars so they can keep the houses on the books for next 20 years like they did in Japan. God help America! This is a election year.
When a $100K down payment pays back a million dollar returns in a year or two - your guess is as good as mine.
My buyer just closed on a Countrywide property. It was a smooth transaction from begining to end. We got an answer within the time frame specified on the cotract. For this transaction, they required the realtor to sign up thru the processors site and make the offer. Everything was done thru their site. It was a breeze! Let me know if I can assist you with any questions.