REO Package Goes Viral, Joker Broker Goes Wild

Three weeks ago, an opportunity came up to market a package as Sellers Rep for an Investor Group. I partner on a regular basis on deals with Mike G, and we were told that this nice little Cal package had only been given to 3 people, who were instructed to only provide the package to verified actual buyers.

Now, a representative can be direct, and not exclusive. Which means that other groups besides us have the opportunity to bring REAL BUYERS to the table for a contract.

This is the way that this business should work. Only the actual buyer should get the full package, and it should be made EXTREMELY clear that it should be held very close to the principle buyer only.

But one person broke the trust, and sent it to a JOKER BROKER, who put IT ON AN EMAIL LIST and it was suddenly on the WEB. I have personally never seen a package get so spammed.

This weekend, I got wind of a huge fight brewing over this Cal package involving a dozen brokers I have never heard of. One of them actually took the time to write me an email threatening me with extreme legal action for my false representations on this package. If this guy was not so serious, it would actually be quite funny.

It gets to the point, where even as the sellers rep, no one wants to believe me when I am promoting the package. Its even more ridiculous when the actual seller is not believed because others are claiming to own the deal and are doing a better job of lying than we are of telling the truth.

The good news is, we now have 4 contract offers on the package, and the seller is going to make a deal with one of these buyers this week.

As a seller rep, (direct but not exclusive), we now have several more packages that we are marketing for this same seller. And yet, most of the inquiries I have received in the last few days are from brokers, who insist I send them the tape first. They won't accept the fact that this is a terrible thing. The rules are clear. We are supposed to send the packages to the actual buyer only.

If this rule was adhered to, the majority of the BS we encounter would disappear overnight.

Another rule should be, if you don't have either the seller or the buyer on speed dial, and you continue to waste hours and weeks on dealing with other Joker Brokers who don't know either, then you should just stop and get some real facts about the deal....

document.write('Report Abuse');