Reo realtor

[Paolo Ruggieri]

all,

By chance I met a Reo realtor... it has been great... Since he knows that I close and decide fast on a property (I purchased 3 from him so far), if he thinks bank gives him a listing at a price that works for me, he calls me up... If I sign a full price cash offer within 72 hours, he presents it to the bank and bank accepted so far... He makes double commissions and does not have to go through the hassle of listing/getting calls etc... Numbers worked in this manner... Out of approx 60 listings he gets, he presented me 15, I purchased 3... I got the benefit to beat the mls competition... Do you have similar relationships? Is this an exception? Should I spend time and effort To try meeting reo agent that got more than10 bank listing in the past year? Please share your experiences .... If it were so good Reo agents would receive networking calls every day?

[Lumi Ispas]

@Paolo Ruggieri most of REO agents will not do what yours does. If the banks catch on that he is not marketing the properties minimum 7 days on an open market, he will loose all his listings. Banks are rigorous and very tough on their requirements. To become an REO agent is not easy. Your agent is risking all his REO business for several double commissions. In this market, if the REOs are priced right, they sell for above-asking price with multiple offers.

Good luck in finding someone else!