Foreclosure in Hidden Hills>Question Details

Jim Pascucci, Real Estate Pro in Calabasas, CA

Why do banks now list forclosure property with agents way out of the area?? No wonder we have such a mess!

Asked by Jim Pascucci, Calabasas, CA Fri Jan 1, 2010

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Keith Manson- Metro Milwaukee Wisconsin’s answer
The banks have set their networks over time and do not want to expand the realtors they use. It is a matter what is more efficient for them or the asset managment company that is used. It is difficult to manage properties all over the nation and it is easier to use the contact you know than try to contact a new person and train them according to their procedures and requirement.

There are good realtors that can handle large areas and there are others that can not handle properties next door to their office. The issue is performance and I am not sure the asset managers or banks are monitoring the performance of the realtors used.

The other issues is sometimes the banks are not dealing the the indiviual cases in an aggressive manner and then make a huge correction to offset the mismanagement.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Sun Jan 3, 2010
BEST ANSWER
Christel the biggest problem is when the leder wants "wet" originals within 24 hours and the listing broker is located 75 miles away from the listing. I would really like to call the agent and let them know that the paperwork is in the home and they can pick it up! In the interest of my client I will hop in my car and make the 3 hour round trip to deliver the paperwork.
It kind of stinks.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Sat Jan 2, 2010
I don't believe the mess is because an agent is listing an REO out of their area, or "far" from their area. A big part of the mess, I believe you're referring to, the blame should be laid upon the Asset Management Company's choice for appraisal services. Those are the ones who are probably chosen for a particular house & are the ones that live 'far' away from the particular REO.

emilyknell1@yahoo.com
0 votes Thank Flag Link Fri Jan 1, 2010
it's called who's who.. These REO accounts are handed out because of relationships. HOwever, I agree with you and I sometimes salivate over the idea what will become of these REO agents when the REO market is gone. They will have burned many bridges and will have a hard time in the industry. Besides.. most of them don't concentrate a portion of their business in buyers. They tend to act if their business will continue forever. I always say he who holds the biggest database wins. These agents don't have clients other than the banks.
0 votes Thank Flag Link Fri Jan 1, 2010
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