That is VERY unfortunate and not a usual occurence with REO listings or with realtors in general. If you are sure about what transpired you should report it to the ADRE at the website attached below.

Well, we figured out what went wrong with THIS deal! The listing Agent was just using us to "Up" his bid to HIS OWN buyer so that he could make the $35,000 commission all for hisself... He claimed he couldn't tell US what THEY were offering, YET he obviously told THEM what WE were offering, because THEY got it for $5,000 more than what we offered. Gee, Go figure! =) NOT to mention they're BOTH (Listing Agent AND the other Buyer) Middle Easterners!!!???!!!

Unfortunately there is no way to "get around" an REO listing agent. The bank and or asset manager will not negotiate directly with a buyer. Sometimes it's best to just move on. I agree quite a lot of the REO Listing Realtors have been kicking around and need to be weeded out. If this listing agent is a Countrywide REO Broker I can assist you in lodging a complaint if you'd like. You can email me directly at dean@carverht.com.

Jane,

Lets thank Ctannstarr for an excellent and honest post.!

I've posted this many times .. sometimes it takes the buyer to get with the seller directly to make the sale work ....

Listing agents shouldn't pretend to be translators or soothsayers ... they just need to carry and deliver the stated facts from the buyer to the seller and make sure they don't walk into any street lights while they're text messaging ... anything else gets in the way of the sale ...

I've probably went direct 50% of the time and found out the issue wasn't "really" about the money ... it was how it was "said and presented" by the agent - go figure .l.o.l..

Self dealt contracts are now heating up the courts, 9 states now(?) .. you're seeing them because agents, are tracking other agents from the pen to the closing... this should be a very interesting year.

Great post and wonderful information for all of the consumers out there.!



:^)

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Hi Jane,

Unfortunately that is the perception that some agents give out when dealing with them. In any case you should have an agent on your side ( buyer's agent ) that look after your interests, let him/her deal with the other agent specially when the transaction involves so many other parties like the one you described ( REO)
Best of luck.
Leonardo

Hi Jane.

I represent buyers and have discovered the simplest solution for dealing with a difficult listing agent is to make a formal appointment to call conference with the owner on a specific date and time to negotiate/present your offer. Difficult agents, when faced with the possibility they may be "exposed" during the call conference, tend to become very cooperative when they realize the buyer's representative will not accept anything less than hearing an answer from the owner of record by telephone. I usually follow up the verbal request with a fax requesting a signature to confirm receipt, with a small form area to confirm date and time of the conference regarding the specific property (to be filled in and faxed back). The time stamps of the two faxes can help to document how long it took for the listing agent to contact the required person or entity and arrange the meeting.

On my most recent project, the agent, who was very nice, kept opining about the price offered (too low) and we felt if the offer was presented to the owner as-is, the owner might consider it a fair price. We requested the agent contact the owner to set up the telemeeting and when asked to explain the nature of the call conference, the owner jumped on the buyer's verbal offer to purchase before we had the binder signed, instantly saving my client $32,000.

On a personal note, my husband and I were beat out of a good deal because we discovered from the bank our offer was never presented (it was the full asking price of a Co-op REO) and instead the agent self dealed himself the property and flipped it for less than $10K. Your agent needs to find out who owns what ever it is you are looking to buy, so if the listing agent is difficult and refuses to deal fairly with you, you can document the steps you took and determine if you truly have a complaint or if the complaint is unfounded. Sometimes the cliet is actually the difficult one, not the listing agent. You'll never know until you try... Good luck with your purchase. Regards, CTS ( http://www.TannStarr.com )

Thank You all again for your great input. Gee, I never thought it would be so tough for us qualified buyers to buy a house, especially in this "buyers market"... lol I guess if nothing else, it gives me some confidence that the area I'm trying to buy in is still in demand, and when I do finally "get er' done", it will be a good investment, then the trick is going to be selling mine without taking too big a hit! ... Thanks Again, J. =)

I doubt there is anyway for you to get directly to the seller, regardless if you talk to the listing agent's broker (sometimes the REO listing agent is the broker) and ask to present your offer directly to the seller. The reason being, the bank doesn't usually deal directly with the REO agent. The bank works through an asset management company. Most cases, the listing agent doesn't talk direcly to anyone because the transaction is handled all online. Offers are entered in the computer and then handled from there.

Send faxes and continue to make phone call until you get through, but what ever you do, BE POLITE. Don't have your agent be nasty and rude to the listing agent (even though I totally understand your frustration). Once you begin to upset the listing agent, then good luck having them pull for your offer when they have multiple offer to present.

- Good luck Jane!!

Jane-

That's a tough one. Normally, getting around the listing agent isn't terribly difficult, as your agent can request to present offers to the seller directly. In the case of an REO, that's going to be difficult. In fact, very difficult, but that's the approach your agent needs to attempt. He needs to make the request to present offers directly to the seller. It's his right, even if a bit unusual in an REO.

A Big fat NO!

It is up to your buyers agent to make the uncooperative listing agent cooperate.

I don`t know the guy, shade ain`t a bad thing in Arizona. The listing agent may have his own buyer, it is up to your agent to find out. Demanding phone calls always work.

I have a "Buyer's" Agent. What I would like to know is, can WE get around dealing with the "LISTING" Agent that is representing the Bank on a REO??? He is UNcooperative and SHADY, to say the least....

Yes, allign yourself with a Buyer's Agent who will work for you and you only!