Highest and Best

[Jeffrey K.]

Can we all make a pact that we will submit our highest and best when we deal with REOs? I am tired to loosing deals, bidding against myself, and the bank playing us against each other.

[J Scott]

Originally posted by Mark Yuschak:

Will, you often preach this, but the reality is that nearly all investors do not have those "connections" you seem to have.

I imagine it's possible for anyone to build these relationships, but the bigger issue I see is that in most places I'm familiar with, REO Listing Agents are forbidden by banks from giving out pocket listings these days.

In my area, I know of a couple listing agents/brokers who basically lost their REO business by doing this, and the rest aren't going to risk their livelihood helping investors make more money.

I do know many listing agents who are happy to give me info about an upcoming listing (address, price, lockbox code), but even if I make an offer prior to it hitting the MLS, there is no way they'll submit the offer until the day it's publicly marketed.

The other thing to remember is that many of the best deals are those that are purchased after a price drop or on a property that has been sitting on the MLS for a long time (seller is more desperate to get rid of it)...so offering full-price on the initial BPO isn't going to result in a lot of great deals these days (at least not in my area).

That said, for any investors that can find agents willing and able to do pocket listings, they should certainly pursue them...I would if I could...