Hi
I am a first time poster here and am not a real estate agent. I researched the MLS on my own and have narrowed it down to a couple of reo-properties. I contacted the agent listed on the MLS but he has not returned my calls. I don't have an agent myself. I have purchased and sold 3 properties and in each instance, I ended up selecting the property myself after doing my research and had the agent show it to me to write it up. In other words, I ended up doing the leg work. Anyway, I would like to view the property and make an offer on it since it seems to meet my needs. If the listing agent does not respond, I know the bank (in this case, I believe it is WAMU) may lose a sale. The price of this listing has dropped and this property has been on the market for over 90 days. Is there a way of getting the bank involved to seriously look at what is going on? Do listing agents play these games? If so, what are they trying to do?
I am just curious. I must admit that the home buying process is very frustrating, stressful and not satisfying. It is very hard to find an agent who has a fire in the belly to earn my business, or even care about my needs. All I have found is agents who try to force properties down my throat rather than finding ones that are appropriate for me. I know this is an agents' forum but I thought maybe some one out there had a thought. BTW, I am in southern california trying to buy a reo property.
Thanks for taking the time to read.

Some REO agents are "List and Leave" agents. They deal in volume and find that dealing with buyers reduces their volume. They don't advertise that this is their business model.

You need to find an agent that you can work with to represent your needs. It is a common misconception that you save money by working with the listing agent. Ask co workers, and friends for recommendations. Then interview them. You don't have to sign anything until you find the right agent.

Would the bank like to know that their interest is not being best served? Probably. But most do not have an established method for this to happen. The listing agreements that I have with banks often states that I must show the property to interested buyers.

What did you specifically say on your message? Do you just say you had questions OR did you say I want to make an offer on the property at 123 XYZ Street, Anytown, USA and was wondering when I could meet you to sign the papers. Also drop in the fact you are a cash/preapproved buyer. Make it obvious you are a ready, willing and able buyer.

My message was that (a) I wanted to view this property and (b) I was pre-qualified with a FICO score of 800 and (c) will be able to make an offer.

try contacting the broker of the office where the listing is held

I guess I don't understand your suggestion. The broker is the listing agent, in this case. There is no one else in that office except the owner (listing agent).

in that case, any agent can write the offer for you. Listing agent will be out both sides of commission for not returning your call.

I guess I am asking if there is a way of bypassing the listing agent and approaching the bank directly and complaining about the listing agent. I am sure WAMU is interested in getting their hands off this property if it has been sitting there for 90 days. How does one get in touch with the real people with the powers to take action?

Look up there name and the CA real estate commission website to check there status.

Usually you are just a buyer but to the bank the listing broker they have a relationship with. So what I am saying is the am doesn't want to talk with you and everything is through the broker.If you want to see it use a buyers broker as they will have access and can let you in. Then if interested write an offer and by law all written offers have to be presented unless the offer is required to be presented in a certain format by the seller and you the buyer does not comply.

no legal advice

It could also be under contract and they are waiting for final signoff from the bank hence the reason they are ignoring you.Sometimes they don't change th elisting status until everything is backed signed.

You know it is too much of a hassle for a buyer to go through this. I am just giving up on this property and looking elsewhere. If WAMU is reading this, they are not making it easy for anyone to get rid of their distressed assets. In fact, their management style, without regard to emphasis on what the consumer actually wants, may be their downfall. I can understand the business model they have adopted but it certainly is not without faults.

It's really not that much of a hassle....you're making more difficult that it should be. Take the advice that has been suggested here several times, and call another office and ask them to show it to you. That's all it takes. Don't hassle with trying to find the right number for WAMU, it's just not worth it, as they have several other properties just like this and won't be interested in talking to you, but they would be interested in seeing your offer.

5485-The reality is they are NOT going to change there business model to the way you conduct business.

I am a BROKER and a CASH investor also.Each bank has there own forms and hoops you have to jump through.The spike in foreclosures knowone planned for so it is one of the most unorganized systems out there.

If I really want the property I jump through hoops if not I move on.

If banks conformed to every DIFFERENT investors way of doing business they would collapse.AM's don't have time to talk to you as they have hundreds of files to deal with.

I actually LIKE it when banks make you jumop througg a bunch of hoops and offer a low commission.This means the property gets hardly any marketing except for the standard MLS. I come in and agree to there conditions and hoops in exchange for an awesome price!

Usually with no action and months of reductions they are desperate to sell. The condition of the assett matters alot whether the buyer of the REO would more likely be a homeowner or an investor. Many REO's in great shape will sell closer to list price as buyers can do the small equity building over time and the properties finance easily.It's the ones that can't qualify and need loads of help that AM's are desperate to dump and that is where the gold is.:)

There is not a way for you to bypass the listing agent and negotiate directly with the bank for 1 property. Most of my asset managers have hundreds of files on thier desk. There is no way the asset managers could deal with all of the potential buyers for a property. That is why they hire listing agents.

If the listing agent isn't calling you back, they are probably either (a) too busy, (b) don't deal with buyers or (c) the property is already in contract. If you have purchased several properties in the past, you already know some agents. I would suggest developing a relationship with one of them so you can simply call them to show you a house any time you want.