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Presenting Offers on REOs - Property Listing Agent vs. Buyer's Agent

Posted on: Thu, 05/28/2009 - 14:49
Presenting Offers on REOs - Property Listing Agent vs. Buyer's Agent

Good Morning DG Members,

This is the second time I have run into it this month. I am beginning to use a broker to submit my offers for multiple properties whether or not he is the listing agent. However, I found that my broker is not getting any reply from the listing broker regarding our offers. He stated that the Asset Managers on these REOs usually get back to offers within 24-48 hours. However, a few offers are now in the 4 day range with no response.

Thus, I am thinking if the listing broker is "holding" our offer to get a better offer or waiting to present an offer from a buyer that comes to them so they do not have to split the commission. I do not know how we could check to see when they actually submit the offer, but I have been feeling it in my gut that the offers are not be presented on a timely basis. Thus, is it always best to go with the listing agent when submitting offers on REOs?

Any thoughts and comments would be appreciated. Good luck on all your deals. Believe avd Achieve! Smiling Indiana-Joe

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Posted on: Sat, 02/01/2014 - 14:51 #241
David,

Thanks for the additional comments and insight. We can often figure out how to get the competitive advantage by trying different things. Once you perfect that technique your deal flow increases. Go make it a great day by making every day count! Believe and Achieve! Smiling - Joe

P.S. The Success Academy Coaches are great and do an awesome job at helping students reach their potential and real estate goals. Keep up the good work. I was in Utah last week and wish I had more time to meet everyone. Looking forward to a future visit.

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Posted on: Sat, 02/08/2014 - 03:47 #242
Having the same challenges?

My real estate agent was explaining to me somewhat similar situation here with Reo properties, the banks are turning down offers to investors who have the intent to resale. Thats their assumption anyway, she explained to me, she will now present offers with a little more beef in the comment section, such as "will close quickly, etc., indicating to the banks that we have an edge.


Posted on: Fri, 02/14/2014 - 12:50 #243
jwalt,

Any competetive advantage that you have will help your offers rise to the top. That sounds goodto try adding comments in the comment section. You never know what could help your offer stand out a little more over others. Good luck. Make every day count. Believe and Achieve! Smiling - Joe

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Posted on: Sun, 02/23/2014 - 00:09 #244
What is the next step??

I talk to a seller who is selling 5 acres for 110k. I have checked in zillo.com and it saying that the value for those 5 acres Is 249k What is the next step, please help me, I am new investor. thanks


Posted on: Sun, 02/23/2014 - 19:21 #245
Anybody out there wholesaling REO in New York City

I live in Bronx, New York and its another animal. Where buyers are a dime a dozen and everybody looking for a good deal. I just want to know is there anybody out there wholesaling REO and if they are doing it in the New York City tri state area. I've been to REIA and other net working Real Estate Investor networking event and have not yet meet anybody that does REO wholesaling.


Posted on: Tue, 02/25/2014 - 15:39 #246
Jmb204,

You need to find a Cash Buyer that wants that type of land parcel. Find several buyers and then get the parcel under cointract from the seller. Yo ucan then doing an assignment to your cash buyer or a double close. Good luck. Believe and Achieve! Smiling - Joe

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Posted on: Tue, 02/25/2014 - 15:41 #247
jaydaboxer,

I have met many wholesalers in NYC area. Check-out Craogslist and look for bandit signs all through-out your area. I often see many bandit signs such as "We Buy Houses" posted near the Laguardia Airport. Good luck. Believe and Achieve! Smiling - Joe

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