I want to knkow who to call at the bank level to just buy the darn houses from them directly. I have spent some time a thte web sites and nothing but agents.
Over priced because the market is falling like a brick. I have experience but i just want to go straight to the REO department. Can someone tell me how to do that?
Thanks Lisa :lol: :lol: :roll: :mrgreen: :mrgreen:
It's not possible. They have so many "i"s to dot and "t"s to cross. You have to be patient and go through their realtors. My experience (as little as it may be) has been that they'll only negotiate a certain percentage below their ask.
I've been waiting a year to buy an REO. They started out asking $840k and are now asking $634k. A month an a half ago I offered $655k and they turned me down! And now that I've lost so much money in the stock market, I'm wondering if it's a good time to part with the cash to buy this house.
Real Estate Investor · Marietta, GA · Member since 2008 · 173 posts · 15 votes
17y
Originally posted by OneTimeBuyer:
It's not possible.
I concur; it just doesn't work that way. The REO department employees only have so much room for negotiation. It is their fiduciary responsibility to return as much money to their investors, so they are only allowed to go so low. That is just the way it has been set up and the banks are sticking to that protocol … seemingly no matter what.
Look at it this way: If they cave for you...they will be flooded with wholesale requests they simply do not have the power to accept.
Investor · Kern county Riverside County, CA · Member since 2008 · 494 posts · 261 votes
17y
I don't know how to buy directly from the lender. They are all automatically assigned to a Broker. But still posible to get 65% ARV minus repairs straight out of the MLS in some areas of SoCAL. (Riverside and San Bernardino Counties.) Besides, why would you want to go around the agents, they are so much fun to talk to!
I have a friend who used to be an REO agent. She sold the most houses in the entire Century 21 system. She said that she had to be at her desk promptly by 8:00 a.m. every morning, could go to lunch only between X and Y each day, and couldn't leave until 5:00 p.m. each day. She earned 1% on every deal and wasn't allowed to double-end a deal. Why, then, are they so much fun to talk to? She was pretty miserable, but after she left that job, she was lots of fun.
Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
17y
She said that she had to be at her desk promptly by 8:00 a.m. every morning, could go to lunch only between X and Y each day, and couldn't leave until 5:00 p.m. each day. She earned 1% on every deal and wasn't allowed to double-end a deal.
Real Estate Investor · CT · Member since 2008 · 119 posts · 6 votes
17y
Originally posted by Caitlyn Coyle:
I have a friend who used to be an REO agent. She sold the most houses in the entire Century 21 system. She said that she had to be at her desk promptly by 8:00 a.m. every morning, could go to lunch only between X and Y each day, and couldn't leave until 5:00 p.m. each day. She earned 1% on every deal and wasn't allowed to double-end a deal. Why, then, are they so much fun to talk to? She was pretty miserable, but after she left that job, she was lots of fun.
And that folks is why banks will continue to get the worst service and marketing of their properties. (Thats what 1% gets you: 1 photo and an unreachable agent)