These bank practices leave consumers to wonder:
"Was my offer really submitted to the bank?" The answer in most cases, is, yes, usually the offer was submitted to the bank, but the banks apparent policy is to be rude to the potential buyers, and to treat potential buyers as if the bank is doing the buyers a big fat favor by letting you make an offer on their foreclosed home.
Guess what? After all is said and done, if you are calm and patient with the banks tricky tactics and purposeful rudeness, and stick to a wise negotiating strategy, you can eventually buy a potentially nice house (after repairs) for an attractive price. It is not easy buying a foreclosed property, but a savvy buyer guided by their experienced buyer's agent can make the end result a rewarding one.
Tell your friend to hang in there.
Listing agents on REO's vary in terms of responsiveness and overall control of the offer process, but they are still bound by the same code of ethics, and don't want to jeopardize that. In addition, most banks have a measurement system in place and those realtors that have not performed as well have been discontinued from receiving their listings. That's all to say that there has been an 'improvement' in the responsiveness of most of the REO listing agents. 'Bending the rules' cannot be the norm for them to survive and most are pretty straightforward following the instructions of their asset manager.
With that said, I have my own set of complaints with them sometimes, but persistence pays off in getting responses. The buyer's agent needs to keep at them to get confirmation that their buyer's offer was received, and call again to ensure (verbally) that it was submitted. If they are not selected, they have every right to get a copy of all offers and which was selected after the close of escrow, (but not before).
It gets to a point where there is some trust involved, and reputations are important to the REO listing agents as well, in that buyer's agents may not be as interested in submitting offers to them if they are nonresponsive. It comes from familiarity in this market to navigate successfully, which means you need to rely on the expertise of your buyer's agent to know the other parties, know what works and doesn't work for an asset manager to accept your offer, and persistence.
So again, phone or e-mail to the agent or their team consistently normally gets results. If not, call the broker.
that's just the way it is. Your friend's realtor cannot reach the asset manager...I"d put a good sized bet on it, no matter their experience in working with REO's. It requires patience in this market, and we do undertand the frustration because we all feel it.
Still no response from the Listing Agent. They already asked their Realtor about going to the bank asset manager. From what I understand, their Realtor is not an REO expert, but otherwise a great Realtor. Their Realtor doesn't know who the bank asset manager for this property or how to get hold of that person. Any advice?
Then there are a few hard to get along with guys like a listing agent that I will name by his initials J.B. -
J.B. demands that offers on his listing only be faxed, and informs us upfront on his voice mail, and in the agent confidential remarks that he will not answer any questions about whether the offer has been received or if it has been seen by the asset manager. He refuses to talk directly to buyers agents until the contract has been "verbally accepted"
Erin, have you been able to present contracts directly to Mr. J.B.?
The bottom line, is you need an experienced agent who is accustomed to representing buyers in this market of bank owned homes to go to bat for you. Ask you agent what they will do to get your offer reviewed by the Seller (the bank asset manager).