Good Morning DG Members,
I made an offer on Sunday for a REO single family home that I have been watching for more than 4 months. I wrote up the offer on Sunday and provided my pof letter, em check, etc. to the listing broker. The listing broker stated he did not have keys yet for the property so they delayed in presenting the offer to the bank that is handling the REO. This REO has bounced from 3 different brokers in the past 4 months. The offer expired yesterday and now the broker claims he has 2 other offers and is waiting to hear from the REO bank asset manager. I do not know if the broker was lazy (or delayed) in presenting the offer or waiting to give others a chance to submit their offers. Any input or advice from DG members would be appreciated on how you believe I should proceed on this. Thank you for your time and assistance. Believe and Achieve!
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I hear you man, my agent got me to sign an exclusive rep contract, now she won`t even email me comps.the deal is that I can cancel the contract in writing,but there is a 6 month protection period for the broker, that say I must pay them if I contract to acquire any property that was called to my attention by broker OR ANY OTHER PERSON !! you know what? I`m going to ask the agent to release me from the contract, but if they don`t, I read it as,, if I find the deal myself, then neither broker or anyone else bought it to my attention. So no commission. Or I`ll just bird-dog the 180. either way she won`t stop me. I do that on my own enough as it is.
Thanks for sharing you story. I hope you are able to get it worked out. You may want to check with some of the top brokers in your area and inquire if this is something they can help you out with or suggest how to get released. The more people on your team the better the odds! Good luck on all your current and future deals! Believe and Achieve!
Indiana-Joe
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I think for sure you need an agressive agent working for you. Delay in presenting your offers could certainly cause you to lose a great deal. So let them know (tactfully) what you need, and find another agent if you don't get the results you're looking for. Just remember not to break ties on a bad note, especially if you are in a small town, because more than likely you will be working with/through ALL the agents at some point in the future, even if indirectly. (You seem very good with people, though, so I doubt that will ever be an issue.
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Let us know how it works out.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Thanks for the reply and very insightful information. I believe that is great advice about always dealing and leaving on a good note. It is so true that you should never burn a bridge because you do not know when paths will cross again. I do live in a small town and it seems everyone knows everyone. Even my job in the Chicago Loop seems like a small place, at times, even though it is a very large city. I constantly am crossing paths with the same people in my industry in the big city of Chicago. I will let everyone know how this deal works out. For now, the Bank is reviewing the multiple offers. Good luck on all your deals. Believe and Achieve!
Indiana-Joe
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