Exactly what I do - works wonderful! Keeps everything at your finger tips and well organized

I've cut down on quite a bit of the questions and incomplete offers by using an REO disclosure form. It spells out what to expect and what's generally expected when buying an REO. I upload mine into the MLS docs section for each of my properties and require that buyers and agents sign and submit it with any offers. It really has helped.

Yes GW that is what I do too...

I won't accept any offer without the original associate documents and what I call my SOP, Standards of Practice, EM, bank letter, etc...

I am amazed at the run and gun agents who transmit an incomplete unresponsive offer via fax or email.

They learn later on calling or emailing me for a response that until they constructively deliver with EM, checklist with the documents - showing they have done their due diligence (pending final Seller personalized addenda at final agreement)...they got zip. Its in black and white that I can't cash a fax check with the disclosures.

Maybe I can compare notes (SOP) with some of you in PM to see if there is an area I can improve on?

First of all as an asset manager it frusterates me to no end to accept an offer only to find out 2 days later the property was not viewed prior to making that offer and buyer cancels. I dont necessarily need to see the contract but I require my list agent to be in receipt of the purchase contract and they can relay the terms to me to negotiate. If there is an acceptance I will have them send the full purchase contract.

You may not realize but there are black ball list for agents for various reasons. This is one of them....

Depends on the person regarding attitude and egos just like regular life. This industry does seem to have its fair share though.

So how can we be sure that they acutally saw the home????? Multiple offers come in, and of course you tell them highest and best and the one that DID NOT see the property comes in with the best! You turn everyone else away after the AM takes the best offer and then 48 hours later the buyer says "oh that's too much work" then the listing agent runs back to everyone else telling them that the buyer changed his mind and needless to say all the other buyers too get cold feet, and then you get NOTHING! ARRGHH!

TGF, you black ball who??? The listing agent??? or the buyer's agent?? If it is the listing agent, why would you black ball them, they legally (well here in Florida) have to present any and all offers...it isn't our fault...if you black ball the buyer's agents, well that is a LOOONG list then, I would assume, since 90% of the agents have NOO idea what is involved in an REO listing/sale and half of them cannot even write up a complete and accurate offer.

I was reading back a few pages and noticed that everyone was having trouble getting closings done on time. What I have been telling all buyer's agents is to have the buyer pay for and choose their title company. (Seller will more than likely still have their rep/attorney, more than likely out of the area) but at least the local title company can push to get things done in a timely manner. (**Please keep in mind this is in Florida**, I do NOT know how things are done anywhere else) but this work for us and almost 85-90% of the time we get things closed prior to 30 days and when the buyer's agent refuses to do the offer this way, it almost NEVER closes on time and it is the seller's title company asking for an extension b/c they are TOO busy and litterally just picked up your file the day before closing and there is NO way they can close it by the closing date! Just my 2 cents!

[quote=BrevardFLRealtor]TGF, you black ball who??? The listing agent??? or the buyer's agent?? If it is the listing agent, why would you black ball them, they legally (well here in Florida) have to present any and all offers...it isn't our fault...if you black ball the buyer's agents, well that is a LOOONG list then, I would assume, since 90% of the agents have NOO idea what is involved in an REO listing/sale and half of them cannot even write up a complete and accurate offer. [/quote]

I try to keep a running list of buyers and buyers agents mainly in urban cities who are bottom feeding investors making blanket offers sight unseen and wasting my time. I dont fault my list agent although I hope they try to weed them out as best as possible. I think I mentioned before I work both sides of the fence Asset Manager and REO broker so I can sympathize with both sides.

As an AM and a REO Broker you have time to do that? Really? Nearly all of the AMs I deal with, at several different banks & asset co's are carrying 450+ files, and have been since late Spring.

That sounds like a conflict of interest.

Since your from FL also, you might have a similar MLS. The best way to check if they went in, is to see if they viewed showing instructions. On my MLS, if you view showing instructions and get the lockbox code, all of your info goes to the listing agent. I know this isn't 100% bullet proof, because they can always view showing instructions and never go, but it'll catch some of them.
Hope that helps...

I make this simple. Agents must present a complete offer with pre-approval, credit scores and copy of deposit check. I don't present the offer until it is complete (instructions from my seller).

Investors and wannabees need not bother. I will present the offer but it always gets shot in the head if it is low.

LENDERS!

They are getting desparate & crazy around here. They will write up a "pre approval" on my dog.

They are promising the moon just to write an app.

They sell 30 day rate locks even on FHA.

Originators are now too busy trying to sell loans & they have their processors doing all the communications with borrowers & processors generally are not very good at it, it's not what they do best.

NOBODY seems to get how REO works though it's pretty much the entire market.

Getting long missives from BA's explaining to me in depth why seller should accept their lowball or reduce the price blathering endlessly about the current state of the market as if the AM is suddenly going to see the light: "Wow! It's a tough market out there! Who knew"?

I actually have one unit in escrow, contract is in, escrow is opened & a couple weeks into it, BA sends me a counter offer thinking that is the way to get a price reduction.

I am way toooo busy to train agents how to do REO!

And I'm up to here with bad lenders right now.

Ok I don't have a bad attitude, I only get a little irritated when it says right in my listing remarks that it is the bank's REQUIREMENT that the buyer complete and sign the application even though the buyer has their own lender. I mean, is that not clear???? I have all the forms the bank requires as a PDF document and all the buyer's agent has to do is print them out, fill in he blanks and submit the offer.

INSTEAD....I get calls like, Does the buyer really have to fill out the application? Because he has already been pre approved for fnancing thru his own lender. aaarrrrggghhhh

Nawwww. We were just joking around about that.

It never occurred to us that a buyer could get approved with another lender. Dang. Who knew?

I am sure the asset manager never considered that option.