There are exceptions to that put it as pending in MLS when the list agreement says no pending status till final Seller ratification; Then I am allowed to change status from Active to Pending, but not before Seller contract ratification. It is not that I want to waste anyone's time but sometimes if they don't read the private remarks saying call before writing offer than the waste there time.

I can see why they get irritated. My first few REO sales on the buyers side were a mess.....all my fault because I was clueless. The first agent was so mad about having to babysit me she called my broker 2 times during the whole fiasco. It closed but I left the table with egg on my face. Second time the selling agent was as nice as he could be. Pretty much guided me right along. Third sale was with same selling agent who again, poked and prodded. He helped me a ton. After that it was cake minus a few surprises. But looking back...I was lucky. As stupid as I was in my first few transactions...they should have let me have it I suppose. I looked and felt like a total moron. Now that I know 'the deal' I get irritated with agents who don't understand 'the deal'. I'm cheerful by nature so I can gently prod agents to do what I want. But I don't have 100+ REO listings like my broker does. Now he gets irritated....alot. And I don't blame him 90% of the time.

Having to deal with the same silly A** questions over & over & over agian from agents/brokers or their damands for a response or who our client is so they can contactthem direct .. it can get on ones last nerve.

In regards to the "Sight Unseen" offers. i have 2 properties now that I keep getting offers on, and even went to "Highest and Best" several times, and when it comes time to do anything, Buyers not only fail to negotiate, but they withdraw their offer.
That is the most frustrating experience. i can imagine if that is multiplied by 10.
Also makes me look bad in front of my client when the AM has to keep asking me what happened to all these buyers that have dissapeared all of a sudden.

The unfortunate thing about "highest and best" is that buyers (esp. investors) naturally think "I'm not getting into a bidding war in this market."

Also . . . there is no way to confirm that there really are multiple offers.

Tough situation for both sides, IMHO.

Verbals and LOI offers are fine for like resnet or reotrans if there aren't multiple bids because you just enter them in to the system. It is easier to just work out a starting price and then sort details out later. But if it is someone who wants full offers and documentation...then I don't like not having a concrete contract, or if there are multiple players in the game, I don't want verbal because then there is questions of honesty.

I mean everytime some one doesn't get a property they accuse us helping our buyers or holding other offers and shoe horning our buyer into it. And that isn't the case at all. When I told you what was necessary to submit an offer (otp, preapproval/proof of funds, as-is addendums, etc) don't just send me an offer with nothing else and demand that I get you an answer right away! When my buyer has all of their documentation because they have a good realtor (yes we can't forget that in the reo business we are still realtors first...) and their offers are well written and well organized...I'm not sorry the bank didn't accept yours!

Yes. And what is this new crap with lenders? For years I could not get the time of day from a lender as the LA, now all of a sudden they feel free to badger me hourly demanding my seller produce whatever they're looking for that day rather than go through their borrower's agent. They are sucking up an inordinate amount of time. I try to accomodate everyone because it's in my client's best interest to do so & get the deal closed but it's getting to be a major problem.

Lenders: deal with your client & client's agent when you need something!

Funny how I NEVER got so much as a return phone call prior to taking on REO now LO's & processers feel free to pester me at all hours with demands.

To continue my lender rant:

STOP SELLING 30 DAY LOCKS ON REO!

All you are doing is taking a perfectly amicable transaction & blowing it into a vicious battle when it becomes clear that the thing is not going to close in 30 days.

Be honest with buyers!

AMEN Desert, it seems with all the other things we have to deal with that is not one that I care for. Then they act like the big guy when they either wave it or give a broker credit on the HUD.

We just got notified from multiple REO clients this week that they are changing their policies to make all closings 45 days instead of 30-35 days out. Lenders just aren't closing anything on time.

I think that is wise.

Let's have a show of hands: how many of you have had BA's DEMAND that seller pay a per diem to the buyer?


(Lots of luck finding THAT in the addendum).

Raising hand.

Someone mentioned earlier that both the Listing Agent and the Selling Agent are on the same team. I actually said that to another agent yesterday when we were dealing with a difficult buyer AND seller. It made our conversation easier.

I think I'll keep that in mind in the future. I ONLY list REOs so most of the agents I get stuck working with are not that sharp.

I tell lenders and agents to communicate via email so I can keep track of what is going on with a property. I can't keep some things straight!

Email has been my saving grace so many times. I can then easily track what is going on for each property and in some cases, remind people of the correct information.

Helpfull Hint to those who don't already do it. I put a new folder in my inbox for each property and move each email to it. Saves a lot of filing and printing.