REO Pro - Real Estate Default Professionals

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It must seem that I am a buyer's agent if you've read my earlier posts, but I do have listings. I currently have three short sales and a standard. I want more listings, not because I don't love my buyers but because I do. It's frustrating to them and me to fine the perfect home only to find out it already has 15 offers.

I have been making offers on REOs and short sales for two years now and I believe I write winning offers. I sure have written enough to realize what is a good offer and what will fail. But what do you do when the listing agent already has a buyer and they are double ending the deal?

I lost an offer for my client who offered all cash and $10,000 above list price. I thought it was a slam dunk. No! I was told that an investor came in at the last minute with a large amount of reserves and went a little above my client's offer. A little above? How would he know to do that?

A few weeks later I saw that the property actually sold for UNDER my client's offer, and that the selling agent was in the same office as the listing agent.

I feel especially bad for the buyer's who "get it" and offer above list and better terms. And it's hard running around showing 15 homes, writing offers until midnight because you have to get them in before someone else grabs it. I'm done with it. Until more homes are released, I think I'll pursue listings. Hey banks! Just show me the listings!

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Comment by Jan Baron, RDCPro, CSP, BPOR on March 25, 2010 at 9:06pm
I would like to know how to get more listings too, Victoria. So far my listings have been friends. I've tried door knocking, sending postcards, e-mails, and phone calls. Even when you know these people are in notice of default, they still don't want to sell, they are in denial, or maybe they just don't know me or trust me. I guess we have to rely on referrals. What does everyone else do to get listings? Would love to hear your comments.
Comment by VICTORIA ROSARIO on March 25, 2010 at 5:59pm
I'm Victoria and Would like to know how I can get more listings
Comment by Renee Sommer on November 17, 2009 at 6:18pm
This is an unfortunate situation and one that has certainly happened to me a few times representing buyers. However, I feel that instead of "winning" the competition to get the house, I advise my buyers to offer a price they are able to pay with mortgage terms they are approved and qualified for. Instead of ego getting in the way of "who won" I feel as a buyer's agent, it's best to not let the buyer go overboard and then have them loose the house in a year or two or be unable to refinance, make an emergency repair, or cover utilities and the house payment. Ask a buyer in 12 months or 24 months if they overpaid, you will be surprised at the answer. Agents and buyers need to put the "deal" in perspective. Do I love the house at x$ or xy$, can I afford x or xy. If my payment is x and taxes/insurance go up, can I afford that?
Comment by Jan Baron, RDCPro, CSP, BPOR on November 9, 2009 at 7:32pm
Claudio, did the AM care? Do you think he did anything about it?
Comment by Claudio Leiter on November 9, 2009 at 3:45pm
It happened to me and I notified the assest management.
Comment by Sam Shueh on November 9, 2009 at 1:06pm
You have be very tactful. Some clients may feel otherwise. It is easier for buyers to discover they have higher chance to get homes through listing agent than thru selling agent. The dental assistant and her family were frustrated and her husband let go their agent after 1 year of unsuccessful attempt to buy homes. Now they got their dream home directly.
Not sure about ethics, buyer contract ...That is the way people are these days.
Comment by Jan Baron, RDCPro, CSP, BPOR on November 8, 2009 at 9:46pm
I had a case because the discussions were in e-mails. However, when I told my broker about it she said to let it go, everyone was doing it, and it might come back to bite me. But I like your idea Miguel to let the buyer go to the Board and complain.

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