With the foreclosed properties, the listing agent is at the mercy of the Asset Manager. What may typically take 3-5 days for an approval may end up taking 10 or more days on another deal. There are often other factors at play with the Seller, that the Buyer and their Agent are not aware. I recently had two deals on Fannie Mae foreclosures where my clients had accepted the Seller's counter. As with most foreclosures, the acceptance of a counter is basically a verbal acceptance. While we were waiting for the Seller to send their addendums, other offers came in and our verbally accepted counter offers were cancelled and we were put back in a multiple offer situation. It sucks when it happens to you or your client, but without a legally binding document there was nothing I could do.
I did want to touch on your concern about REOSouth. On occasion I do wonder if the listing agent is doing something shady that benefits them and hurts my chances at winning the bid on a property. Overall, I've found that pretty much all of the larger REO Brokers in the Atlanta market operate ethically. REOSouth is a mid size REO Broker closing between 250-350 homes per year. I worked for them as a Buyer's Agent for 4 years, just leaving last September. I can say with 100% certainty that there was nothing unethical taking place. The owners of the company, Kat and Gary Tice, go to great lengths to make sure that all offers are handled fairly.
Joel Madden | Associate Broker
404.353.4500 cell | 800.205.2001 efax
Rick Hale and Associates
Keller William Realty Atlanta Midtown
1420 Peachtree St NE, Suite 100
Atlanta GA 30309