Am I Wrong ?? - Posted by John (MA)


#1

Posted by Mel on October 23, 1998 at 18:01:38:

Sounds like this guy is a part-timer wannabe?
I have run into realtors like that also and they are time wasters and deal killers. Don’t waste your
time with this loser. I may be wrong but I think any licensed realtor can show you this property.
If so, find a local broker to show it to you.
Anyone else know if this is true?

Good luck

Mel


#2

Am I Wrong ?? - Posted by John (MA)

Posted by John (MA) on October 23, 1998 at 17:32:38:

Found an REO locally that was under an out of town Realtor
(30 mi). Ran around first to town hall (taxes,assesment etc)
then of to the court house for the foreclosure notice. Put
this all together and call the broker to see the property
tomorrow. He does’nt work weekends and can’t show it to me
until Wednesday of next week, with no trying to setup another
broker to show it to me. I ask why he is selling RE if he
can’t show it till next week…Lame response…Now I have to admit
I’m really P----d by now. He asks for my Tel # and I tell him
to fry…I called the out of state bank and told them “No
wonder this has’nt sold nobodys home and nobody cares”.

I figure that this guy would have been detremental to my
offer anyway so…NEXT…Am I wrong?

Thanks in advance for your comments, and I’m new to this board.


#3

Re: Am I Wrong ?? - Posted by Millie I.

Posted by Millie I. on October 25, 1998 at 18:40:59:

John,

There may be other reasons why the realtor is making you wait. There may be an offer that is in progress of being processed, he may want to know the outcome before showing the property to someone else. The realtor may have a closing on Monday or Tuesday. He may have several previous appointments with potential buyers of different houses. Either way, the realtor is only a human being with his own personal life to deal with too.

I know how frustrating it is to find a deal, ready to jump at it, just to have the realtor delay you, and possibly make you lose it. But there is no reason to lose your cool, these things happen every day. Besides,
you can always call another realtor. Chances are REO properties are on lock boxes anyway, any realtor can show it to you.

If you want to become a successful investor, you will come across a lot more frustrations and inconveniences,
if you lose your head over a minor little thing like this, how are you going to be able to handle major problems. All successful investors got there because they were able to overcome problems without losing it.

Calm down, play cool, and think before you act, you’ll get there sooner that way.

Millie I.


#4

Re: Am I Wrong ?? - Posted by JPiper

Posted by JPiper on October 24, 1998 at 17:03:37:

I?d say you?re wrong.

This business is filled with examples of incompetence, which ALWAYS create frustration and anger. But the more a situation is filled with either incompetence or problems, the better the opportunity to make money through their resolution.

Look at it this way. If you?re having this difficulty, the chances are high that everyone else who had an interest had difficulty as well. One thing we know for sure?..if you walk away you won?t buy the property. If there was a deal to be had here, it won?t be you that gets it. How many other?s have already walked away feeling the same frustration you now feel?

Good deals are often surrounded with problems. Vacant houses whose owners are difficult to find. Foreclosure situations where owners won?t answer the door or the phone. Agents don?t return calls, don?t know certain information. I could go on. Just expect it, it?s part of the business. Resolution of it is part of being successful.

JPiper


#5

Buyer broker? - Posted by Mr Donald (NORVA)

Posted by Mr Donald (NORVA) on October 24, 1998 at 14:51:13:

Have you the services of a buyer’s broker available in your area? Is it verboten to use them for REO by the bank? If it’s MLS listed, have YOUR buyer’s broker follow up with the listing broker and the bank. Since the commission will be paid by the bank anyway, what have you to lose by having your buyer’s broker do some due diligence on your behalf?


#6

Johnboy is right… - Posted by Soapymac

Posted by Soapymac on October 24, 1998 at 13:40:30:

but there is something you can do about it.

Do NOT go to this broker directly…unless he is a sole proprietor. What I would suggest is to call the local MLS…and play dumb. Tell them you’ve seen a sign on a property you like and you have dialed the number with no one picking up the phone. Can you tell me if there are other agents/brokers in the same office…or…do you have the name of the manager that I might phone him directly?

Put some syrup in your voice…you do not want to “fry” this broker yet. After you get your answers THEN call the broker (manager or principal) and ask him what’s the deal on this property?

If they want to keep it “in house” (read: buy it themselves then re-sell it) just say thank you. Then call the bank OREO department with your findings.

Banks OREOS do not forget such helpful information. Maybe they may want to talk to you next time.

Food for thought.

Soapymac


#7

Re: Am I Wrong ?? - Posted by JohnBoy

Posted by JohnBoy on October 24, 1998 at 12:30:37:

After reading these posts here about these REO’s, it kind of sounds like the realtors may have a personal interest in wanting the property for themsevles. Delay from showing the property long enough and the banks will take less and less until it finally sells.

Try calling the bank and telling them you are a cash buyer. Your ready to buy but you need to see the protery today. Not next week when its convienant for the realtor. Next week your money will be gone from purchasing another home if they’re not interested in selling their property today.


#8

Re: Am I Wrong ?? - Posted by Dave T

Posted by Dave T on October 23, 1998 at 23:39:25:

I am having a similar problem with an REO where the bank OREO office is 2.5 hours away. I called the bank OREO dept and got the name and number of the local listing agent. I called the listing agent and have yet to get a call back after 7 days.

I haven’t bothered to followup because I have been chasing much larger deals. I plan to call the broker in charge of the agent’s realty office and ask if a full time agent is available to work with me on this property.

Should produce some results.