REO real estate agents 13 posts by 10 users

Posted: 06/24/2008 at 08:58PM

Sure...on a regular basis.

Do you have a specific reason for asking?

Posted: 06/24/2008 at 09:16PM

Hey Matt,

Off the top of my head, my opinion of a good agent includes (in no particular order):

1. Understands what my buying/selling criteria is and isn't offended by it.

2. Really knows the market I'm interested in.

3. Keeps open communication and contacts me immediately whenever pertinent news is available regarding target deals.

4. Willing to quickly pull comps for me whenever requested knowing that his/her payday will follow on a regular basis.

5. Isn't paranoid that I'll try to cut him/her out of a commission. Hint: NEVER try to save a buck by risking a reputation.

6. Follows through as promised or agreed upon.

7. Contacts me before anyone else.

Posted: 06/24/2008 at 09:59PM

Big_Bo,

I'm an agent that works almost exclusively in the loss mit portion of the market. I work with a regular pool of investors on short sales (and other good investments) that I find.

I can tell you, the one key component in the investor/realtor relationship is mutual respect. I can see undertones in this great forum of some anti-realtor sentiment...and that's cool with me...I get it. The barrier to entry to become a real estate agent is pretty low...and, at the same time, the barrier to entry to become a " real estate investor" is just about the same.

An incompetent investor is just as annoying as an incompetent realtor. Last week, I had a 22 year old, self proclaimed " Playa" , come in to my office and tell me that he wanted to buy a foreclosure because he heard they were " hot" . His strategy was to make offers at 40% of list price on 50 properties....sounds fun, but no thanks.

The bottom line is if you are lucky enough to find a good agent, respect them and their time and they will treat you like gold.

Posted: 06/25/2008 at 05:28AM

I would suggest going to your local real estate investors club and talking with the seasoned investors. See if they will share with you the names of one or more investor-savvy agents, with the attributes that Dan spoke of. Of course, the investors might try to " hog" their agent like their favorite contractor, and not share! You mighjt have better luck this way than going into or calling a real estate office cold. Good luck!

Posted: 07/03/2008 at 03:56PM

Ohhh Jax...excellent strategy.

So I would, for example, go to my bank's REO dept, (let's say..Wachovia) and get directed to the REO agent(s) handling there REO's. Then just make offers thru them, DIRECTLY to the bank! Brilliant!
That seemingly would cut down on the banks " lagging" on the counter. Makes sense b/c since the agent works for the bank itself, he/she can tell you what the bank will consider, and not just throw numbers to the wind HOPING it'll get accepted. You can BOTH buy direct from the bank (best deals) and avoid paying commissions to a realtor whose not playing fair. (lazy, does'nt return calls, etc.)

Brilliant!

Ohh Jax, you're scratching me right where I itch..... keep it up!

Jugantic

Posted: 07/11/2008 at 09:33AM

Good luck going directly to the bank for one deal. A bank like Wachovia is national so you're going to call some 800 number and get tranfered 100 times to somebody who will send you a list of their properties that are already listed in the town you want. A bank may use different agents even in the same town and different banks use different agents. In a big city there are dozens of agents who list REO properties. If you are planning on buying in bulk this scenario might be different but to buy one house you'll be doing an enormous amount of leg work PLUS just because it's an REO doesn't mean it is a deal. Just because the property's listing agent is representing you doesn't mean that you are going to get a better deal (i.e. the bank will be giving the agent both sides of the commission anyway). What makes you think an REO agent who is juggling 50 listings from 5 different banks is going to do a better job driving you around to other agent's listings (REO or otherwise) to make sure you get the best deal?

My advice is to get referrals for a trusted, honest, hardworking agent in the area who wants to keep you as a long-term client as you buy more properties. (FYI--I'm a Realtor if you hadn't guessed. )