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Mindy Chapman, Renter in Westminster, CO

New O/O of an REO, I quickly learned 1)REO's are U/C w/in days of being listed & 2) Submitting a winning offer - So, Y/N Time to become a

Asked by Mindy Chapman, Westminster, CO Sat Mar 24, 2012

Realtor? Sorry for the alphabet soup. As I tried to relay, I just finished closing on my home.

As a buyer, I found that most realty people did not move quickly enough to even get my offer submitted. One couldn't submit a HUD offer from home (those tricky HUD deadlines!) and another told me to "tour the neighborhood" I have lived in area for most of my 45 years and I know a good area from a bad one.

As I was looking from my permanent residence, many "buyers agents" were befuddled at my shot gun approach! I had a search area from Greely to Lone Tree.

I have been out of work (injury related) and had received my settlement. As I am just now returning to the job market - I was of the mindset that I could fit myself into a local employer where ever my local ended up.

I submitted offers on 11 homes - I eventually learned to do my own comperables.

Who thinks the market is ripe for a new Realtor that is exceptionally in tune with today's buyers?

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Sean M. Dougherty’s answer

In translating your opening, I'm reading that you've just bought an REO home, and you learned that 1. REO's are sold quickly; and 2. You have to make a solid offer in order to become the winning bidder.

Here are a few things that I'm seeing from your letter, and please let me know if I'm wrong.

It sounds like you're finding homes that are investor (bank) owned, and you're asking the listing agent to make offers. Either that or you have agents in many different communities looking for homes for you. Those are the only ways that I can figure out why you have so much experience with different agents.

Additionally, it seems that you may be making low offers on each of these homes, if you've made 11 offers and finally won a bid and bought a home.

That being said, I have some thoughts for you. 1. If you're looking for a home, pick a Realtor who is a Buyer's Agent (those representing the Seller cannot be a Buyer's Agent for you on the same home) and stick with that person. If you're bouncing from Realtor to Realtor, you will not find that any of htem get to know you, nor will you find that any of them will go out of their way for you. You can't expect any sort of commitment from a Realtor, if you won't commit to him/her.

2. Contrary to popular belief, when a bank owned home comes on the market, it's usually priced low enough to get many offers, which means that you will not be able to low ball the price with your offer. You will need to make the best offer you can make, and hope for the best. That being said, with the way this spring is turning out, with low inventory but many buyers, other homes are selling the same way - with multiple offers. The tide is shifting, and no longer is it a Buyer's market.

If you have already purchased your home, then I'm happy for you. If you're still looking, find a good Buyer's Agent and ask him/her to work for you. Tell them you'll work exclusively with them, then LISTEN to their advice on purchasing, and you'll have much more luck. Best of luck for you!
2 votes Thank Flag Link Sun Mar 25, 2012
LOL at your story. A few things. First congrats on purchasing your home. You were disillusioned with most agents and thought you could do a better job. I don't blame you, that's how I ended up and why I ended up getting my license. A few suggestions. Hop on craigslist and look at the Realtor jobs. I'd actually interview with a few companies before making the decision to get a license. That is what I did.

What is your background and experience? It sounds like you are in a job transition or able to make one. I was in the same boat. I was a professional poker player at the time and got into this business when the financial crisis hit and everyone else was fleeing the industry. I had a real strong background in corporate and start-ups on the sales, management, and marketing side. I had previously closed 49 loans as a mortgage banker, so I was not new.

If you want to talk in detail send me an email or feel free to call.

Tim Klien had a great answer though.
1 vote Thank Flag Link Sun Mar 25, 2012
Keep your day job.... Our world is much more complicated than you think.
1 vote Thank Flag Link Sun Mar 25, 2012
Not all agents are as bad but even 1 is too many. Yes many large companies put more emphasis on numbers instead of service. I have grown by offering the services buyers are looking for while other continue to not answer calls, not return messages or take on too much work do complete it all correctly. It is part the banks fault for giving these bad agents more listings. Fannie Mae is one is uses a limited amount of agents who do not do justice or represent these homes how they should be making it much harder than it has to be to buy them.
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0 votes Thank Flag Link Sun Mar 25, 2012
Not sure what your question is here Mindy. Most Realtors that I know are in tune with the market since they work in it everyday. Submitting many bids is the norm in this market right now. Patience is hard to come by and buyers need to have them. There are many folks out there in the exact same boat. Investors are filling the need for the rentals. Some things for you to consider: Denver inventory is 40% down which equals "slim-pickings" for you, Rental rates are up, rental demand is up, rental vacancy rates are record lows, days on the market are going down, prices are going up, and lots of competition for the deals, supply vs demand. You will need to submit bids asap and be ready to pounce when oppotunity arrises. Remember each program requires a different protocol and paperwork while submitting bids which is time consuming. (REOS, how many different banks are out there? Each one is different somehow.)
You will need to run and should run comparables if your search area is that large.
0 votes Thank Flag Link Sun Mar 25, 2012
All Realtors should listen to what the buyer is saying and it sounds like yours didn't. One thing to keep in mind is that some Realtors have special training to work with investors (and you approached your purchase like an investor), understanding the way they think, finding the deals and getting the offers accepted. The designation CIAS - Certified Investor Agent Specialist - is one to look for.
0 votes Thank Flag Link Sun Mar 25, 2012
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