I can tell you from personal experience that the borrower who brings me a full file to review and complete the required task of me quickly for, is much more likely to not be hassled by me since I have my own pipeline that needs attention so I'd rather commit minimal time unless I get the incling the person may want to work with me or need my services (I was/am a Renovation Specialist so just by having a quick chat, sometimes they know they need to change LO's). Some clients would prefer to work with a loan officer who works for the company the asset manager works with/for (95% of the time this sales tool is BS, I only got to talk to one of our asset managers three times in three years and that's only because I had clout with a high level corporate liason) but the majority of people prefer to work with the loan officer they spoke to first.
Ok, I'm rambling a bit here, long story short, the easier your make this process the less hassle you'll get. If you're truly not interested in working with the LO, just let them know up front and the majority of the time your hassles will be minimal. They _must_ do what's asked of them for them to stay assigned to REO agents so as long as you don't present a barrier to them completing the required task, you'll get what you need to proceed.
Sometimes it's better to play the game than to make a stand and fight.
Good luck all with your cross-selling. :)
Quick, strong, clean are the catch words. Quick closing and shortened inspection periods. Strong offer with minium 3% good faith deposit, pre-approval letter (not pre-qual) and proof of funds. (And get you buyer to cross qualify with the REO agent's lender. Once your offer is accepted you don't have to use them, but what harm is there in using them if they at least match the offer from your lender?) Clean offer, don't ask for anything you don't need. Have the buyer do the termite inspection and if there are significant problems then request repairs, don't ask for termite work up front. Don't ask for credits. I even tell my buyer to pay for their own home warranty (and I usually gift this to them at closing, out of my commission).
That is how is it done. Quick, strong, clean. Good luck and Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Some REO owners require a pre-qualification be done through their preferred lender in addition to the buyers choice of lender to reassure them that the deal will succeed to closing. If this is a cash deal only a proof of funds letter would be required. The best way to get an offer accepted is to follow the instructions provided via the listing agent who has been directed by the seller's as to what their requirements are. Going against the grain is one sure way to possibly not have an offer accepted.
All the best,
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
Happy funding, Rudi
That said, Agents ask this of the buyers for two reasons
A) To make sure that they have a strong buyer.
B) So that the Lender can compete for your business.
Since itâ€™s not a bad idea to shop for your loan, having two lenders fighting for your business can be a huge benefit to you.
Unfortunately, I think your clients are stuck with having to do this. Normally the buyer already has a nice loan package put together, so submission for quick approval is easy. I've been seeing a lot in my area where Prospect Mortgage has been the go to REO prescribed lender and my buyers ended up doing business with them. Their terms were better then the competitors and they were very communicative and punctual. You know our hands are tied with foreclosure properties....either play the game or no deal. Take care!
This is the nature of REO's. You will have to go through the agent's lender, You might want to let them know if you already have a direct lenders approval. This can help. There are some agents that will want it no matter what.. Usually having a Direct Lender approval is huge as you know it's approved through the atomated system. You may want to give them your lenders info for contact, and be sure your lender has all the clients documentation. This may help and is no guarantee... Good Luck....
Ingrid Ski Realtor
First Team Real Estate
The Bank is trying to force the Buyer to keep the Loan with them.
I consider this another P.R. gaffe.
Considering that we have already gotten our Clients a Pre-Approval so that we can Show-and-Tell, now we have to make them jump through another hoop: It doesn;t make the Buyer feel warm and fuzzy with the Bank/Seller, just the opposite!
But nobady gave the Bamks high marks for Customer Relations.