Foreclosure in 85340>Question Details

Bren Johnson, Real Estate Pro in Litchfield Park, AZ

have any of you agents had a problem with bank owned realtors putting there clients first in line with contracts. Also possibly not even presenting it

Asked by Bren Johnson, Litchfield Park, AZ Tue Apr 27, 2010

do any of you have a solution other than getting my own reo listings.

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6
Jay Thompson’s answer
Patricia -

A "revised GAR form"? As in Georgia Association of Realtors? The question is on properties in Arizona....

Instructions to closing attorney?? They aren't used in Arizona.

Struggling with how the "check list" / file you posted is even remotely applicable in Arizona....
0 votes Thank Flag Link Tue Apr 27, 2010
BEST ANSWER
Bren,
What Sandra says is true to some degree the thing about REO Sales is we have anywhere from 10-90 day of premarketing before it even hits mls, many times the house can be sold even before it gets to mls, but like any other listing agreeement it states that we post the home in MLS...If you have an agent that knows REO agents in the area you are working have them talk to them, find out what is in premarketing, see about looking at those and submitting an offer before it hits mls. We work the Southeast Valley so not going to be of much help to you in Litchfield Park, but there are some great agents out there find out who they are and contact them for thier premarket lists, that might be your best bet!
Again good luck
0 votes Thank Flag Link Tue Apr 27, 2010
I personally have never listed any REO/Bank owned properties, but the ones I have had clients bid or place offers on seem to bi-pass the listing agent and go directly to an online submittal application. Even if they do not go through an online system, I've always received varification that our offer was received. It's the listing agents responsibility to send all offers in to the bank/asset manager for review.
0 votes Thank Flag Link Thu Dec 12, 2013
It's possible that your offer was presented but an offer to a reo property must include a check list .
Offers will not be considered without this package: Here is a check list.
1.
Offer Cover Sheet
2.
Revised GAR form*
3.
Contract Addendum
4.
Pre-Qualification letter or proof of funds if “all cash”
5.
Copy of an earnest money check
6.
Financing Contingency #F60 (if applicable)*
7.
Instructions to closing attorney #F32*
8.
Lead Based Paint Exhibit #F54 (if applicable)*
9.
Existing Condition Acknowledgement*
10.
Copy of Articles of Incorporation and Corporate Seal (ONLY if Corporate Purchaser)

for more info check this web site......

http://costiganreo.com/documents/Contract%20Instructions.pdf
0 votes Thank Flag Link Tue Apr 27, 2010
Most of the REO Agents I have had dealings with have been very honest and fair. I have to say there have been a time or two that I wondered if my offers were even presented considering when the sale went pending it was an in house sale. I've been told by some that they can only present one offer at a time but other say that isn't so. Even with agents selling conventional properties there are times when I doubt my offer has been presented but there is no way to prove it most of the time.

I will tell you that I know that REO agents do try to sell their properties themselves because they have to pay so much out of pocket to handle them and then split commission with the Asset Managers plus their brokers so it likely that they try really hard to sell them themselves because it is the only way they make a living working them.

If you've had a bad experience, join the rest of us. We all have.
0 votes Thank Flag Link Tue Apr 27, 2010
Brwyn
While there may be some agents out there that do put thier clients in line first, at the end of the day the decision comes to who has the highest and best offer and that is determined by the asset manager. As a REO listing agent, I personally submit every offer into the equator system as instructed to do by my asset manager. RIght now we are seeing lots of multiple offers on many homes especially the nice ones that are priced right. So perhpas just educate your buyers that they have to put thier best foot forward when making their offer. This may include not asking for closing costs etc if there are multiple offers on the home they want to buy. Ask if any of the offers are cash, ask if any are above asking price, we as REO agents can tell you that, we just cannot tell you what the numbers are the usual answer is yes we are above asking price and you need to come in with your highest and best offer. As for getting your own REO listings...that is a whole other animal in and of itself.
Good luck
0 votes Thank Flag Link Tue Apr 27, 2010
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