Mike’s Real Estate Show

O.K. here’s the deal–whine, stomp your feet, start a blog and svetch like crazy about how you can’t get a response in your agreed upon SLA–I’m sure you’ll feel much better for it. However, you’ll NOT get the property you wish! Conversely, you can grit your teeth, be paitient and try to truly understand the nature of the market.

We have lenders who have chosen “assett managers” to liquidate their foreclosures. They are VERY busy and swamped. Many have scores of properties in various stages of post-foreclosure land. Eviction of tenant/owners, negotiating “Keys for Cash” so the occupant won’t destroy the house even further, repairing properties where everythinig that WAS bolted down is gone,gathering Broker Price Opinions (BPO’s) to get a handle on price, verifying marketing and then dealing with sometimes 5-25 offers at once on ONE property!! I’m sure they’d LOVE to give you a 24,48 hour response but if that’s what your agent has told you would happen then your agent aint’ doing enough deals!! It’s kinda like, if you go fishing and never get skunked–then you don’t do very much fishing!
By your remarks you seem to have been caught up in the wonderful world of REO Land or worse yet, “Short-Sale” purgatory.
Here’s an example of one of my current transactions:I presented an offer on a property on June 5th. We in turn, a couple of weeks later, got a highest and best reponse from the lender who now owns the property. We went up in our asking price and shortened our escrow period. This was followed by an “addendum” issued by the lender, unsigned of course, which according to the “agent’s guidelines” is considered an accepted offer. However, two of his staff will not give me an affirmative on the acceptance. i’ve been very paitient with the process as I do REO’s also. I don’t call the listing agent, his broker, picket his office, or start a blog about the foreclosure market blues!
Do my client’s call me daily and drive me up the wall? NO–because together we went over the agent’s guidelines prior to writing an offer and I set their expectations as to the PROCESS!! It comes down to this; you’ve got two offers, same price, same sort of loan, closign date, etc and the assett manager asks the agent which one do you think we should take? Belive you me–if he has his/her choice of working with a complete pain in the tush agent who has badgered them because their client is demanding to know about THEIR deal within 24-48 hours–GUESS WHO LOOSES?
And if you’re in Short-Sale purgatory multiply all of the above by a major relunctance on the lenders part to EVEN WANT TO DO THE DEAL! Remember the West Side Story song, “Play it cool, boy, real cool!” snap, snap! POW! Or start to write your blog, call the better business bureau, call the department of Real Estate, call your congressperson, Senator, Barney Frank would love to hear from you as he is writing major legislation for this whole segment of the industry. OR–Play it cool, boy, real cool! snap,snap!