OfflineWell, my instinct a couple of weeks ago was right...I have been used to "shop" an REO by a realtor who initially I though was going to be my "Ace in the Hole". I found out earlier today that I was used to drive the price up, or to "shop" the property. I have been involved 2x in this type of scenario and both involved my now "ex" Realtor.
I have been shopping for another one anyway because I had an odd feeling when there were no declination letters from the bank regarding around 18+ offers...all turned in by this one agent, who was "bought in" to my model and what I wanted to do. He was really going to help and he was really going to be "my guy".
As a result...I have changed my interviewing of my "team realtor" to include the following:
"I am a professional and expect to work with professionals. Our firm works with several different procurement strategies...including REO purchases. We expect that our agent / team member will represent our best interests, have REO experience and have a CLEAR understanding that we will not work with anyone who chooses to "shop" or "hold" REO offers from us, or anyone else. Our business model is built around ethics and it is imperative that the people we align ourselves with have the same values. We offer the value of volume for our potential business partner...in today's market, that is not very easy to find."
Has anyone else had issues with Realtors "shopping" their offers, or holding them to get a higher price on an REO (or any other sale for that matter)? If so...who holds these people accountable? Just curious if anyone else is seeing this "money grubbing" going on in their neck of the woods.
Greed...the root of all evil!!!
Happy buying, er...procurement! LOL
Jon
Jon A. Lubin
Investment Properties Group L.L.C.
Birmingham, Al.
www.connectedinvestors.com/investmentpropertiesgroup
"You Miss 100% of the Shots You Don't Take" Wayne Gretsky
No one deserves what happened to you and I hope that it never happens again
However, I must ask what exactly were you trying to convey with the following;
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As a result...I have changed my interviewing of my "team realtor" to include the following:
"I am a professional and expect to work with professionals. Our firm works with several different procurement strategies...including REO purchases. We expect that our agent / team member will represent our best interests, have REO experience and have a CLEAR understanding that we will not work with anyone who chooses to "shop" or "hold" REO offers from us, or anyone else. Our business model is built around ethics and it is imperative that the people we align ourselves with have the same values. We offer the value of volume for our potential business partner...in today's market, that is not very easy to find."
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I see what you're trying to say because you mentioned your situation, but most will not fully get what type of message you're trying to say; very vague and ambiguous. I, if I received this would ask you the following questions;
1. What exactly are your procurement strategies??? Which ones have worked the best for your last two purchases???
2. What is the reason of your preference of REO's over shorts or foreclosures???
3. What exactly is your business model???
4. When you speak of volume, do you mean in terms of homes bought at one time or in a certain period???
Not sure what the crux of your conversations were, but I believe he caught on you were new and took advantage of you. I'd like to hear more from you to be of assistance if I can.