None of my offers are getting accepted! Now this last one was an REO which we put a cash offer on. I placed the offer 4/27 gave them three days but I know it was going to take at least five, they did call me & tell me to give them up to that time frame, fine we did. I called them, emailed them & nothing. Finally today I called the company about another property & asked about my offer & they said they already had an accepted offer. Mind you when I placed my offer there were no offers, can't they at least have the courtesy to notify me. If these realtors can't handle the load then don't get so many listings. Share the wealth! I am really fed up. I even spoke to them on Tuesday of this week & they said they would get back to me.

Welcome to the club! Florida like California is experiencing Mulitple offers and some of our peers are trying to get double ends.

Zoila I am afraid with more companies eating into the REO listing side the way alot of listing brokers/agents are making any money is to double end the deal.

Many times they have a list of buyers already they pre-market the property to. Last year I prayed my double-end REO I made 23k on went through without anymore offers. I got lucky but would still present other offers had they come in. With REO if your offer is chosen they will be hot and heavy on you to get it closed but if not don't expect a call. If you get an e-mail count yourself lucky. The seller is not required to get back to you and can simply let the offer expire without responding if they choose.

REO brokers/agents are just to busy to respond and hear upset buyers and agents sob stories of how their buyer won't get the property or the agent won't get paid a commission they desperately need.

I have sumbitted over 50 offers, only gotten 3 accepted for one investor and he wants to buy 17 more before the end of this year, at my ratio, I would have to write over 200 offers by years end. It's a lot of work, but I can complete an offer in 20 minutes, now if only BPO's paid as much as completed sales...

Many cash offers think think they can offer cash and get a discounted property. It's not working that way in my area. You want a property, you had better get close to offer price.

I have properties that an offer came in on. Suddenly 3 other offers came in on. They all came in at once and still coming. The seller opted to negotiate individual offer as opposed to highest and best, another is looking for back up offers, another is looking at a higher offer and looking at breaking the contract to accept another.

In my market, a cash offer does not mean you win, no matter how strong you as an agent think the offer is. Even full price offers are getting countered and loosing in highest and best.

Highest and Best means that, advise your clients to submit their highest they are willing to pay if they want the property. Times are a changing in my area. Properties are still cheap, but the buyer is no longer in control. My sellers have options.

Investors and cash offers. Usually that means a complete waste of my time. I'd like to just hang up when I hear those words. Like REODayton said people think cash can buy them something for way less than the home will sell for.

I have an REO Listing that only had 1 offer for the first day it was listed. The second day it had 3 more join the pile. Today I submitted (this is day 3 on the market) 16 offers. I disclose on MLS that agents only submit H&B offers and I will present after 72 hours. I just don't have the time to hold 16 agents hands on ONE of my listings. If I did that I'd never be able to answer my phone.

How far under full price are your offers? :-)

I had a good chuckle when I saw the title - like - no kidding - lol

Then I read the post - Hmmm - I don't want to upset anyone - but that really made me laugh.

Cali ^ says it all - if it is your buyer have your people out in there H&B, wait your allotted time and be looking for plan B.

Even in my small market I tell them I to submit the H&B right off the bat - expect multiple offers - I will submit all offers and the owner will make a selection on who they sell too, and keep an eye on the MLS if you want to know when it goes under contract - unless your offer is the one selected.

My market is approximately 1/100 of many here too.

I like that plan. Do your asset managers know that you are holding offers for the first 72 hours? It sounds kind of like the BidSelect process where no responses are giveng for the first five days of the listing.

Agents submit their offers online for our listings. As long as they are submitted online, it takes less than a minute to respond since we have put together a response system with answers to the most asked questions regarding their offers or status.

I do understand you frustration, however, recently we represented a buyer in which the bank countered our offer and we returned counter. The agent called me two days later and said he recieved our highest and best.....it wasn't. He admitted the mistake later that he forgot to call us a day after our counter and tell us we were in multiples. Doesn't comfort my buyer but at least he owned up to it......

I understand about H&B, this particular offer was $5k lower than listing price due to it being a real old building and lots of repairs to be done. I was fine with that offer and most of my buyers after several offers being denied due to lower than listing understood the concept but even offering $10k or more above listing my offers are not being accepted. I know it's what many of you are saying "double end deals". It's just very fustrating & I also know all of us are going through such issues. It seems that the longer we are in this market the worst it gets.

Zoila,

It sounds like your buyer is simply doing a very good job of finding properties that are attractive and are, therefore, also attractive to other buyers. If that is true, you are going to lose out more often than win unless your buyer gets very good at anticipating the sales price as well as evaluating the attractiveness of the property.

You said that "this particular offer was $5k lower than listing price due to it being a real old building and lots of repairs to be done." Remember always that the listed price of an REO already takes into account the condition and age of the building. Of course, that does not keep your buyer from offering whatever they want to offer, but it may also mean that other buyers will agree with the qualified opinons already given to the seller.

When an agent first calls me, if i have other offers OR even if ive had a couple agents tell me they might have an offer coming in, I disclose that and let them know to be prepared for multiple offer situation. Majority of the time, i assume they think im yanking their chain and they still don't up their initial offer, then i get their comlplaints.
I give other agents the same opportunity i give my own buyers, on the phone ill ask straight out, what kind of financing is the offer going to be, what range do you think it's going to be. Last week i rcvd 2 offers on diff properties at full listing price, i know most of these agents, so i do make it pretty clear in order to avoid wasting their time and their buyers, if they're coming with less they're going to lose. I work for the seller and i want to get as much as i can for them. I full advise the seller, hey ive got 3 + offers, ive offered H&B, will submit as soon as i get all docs/final offers, period.
As I've said here before, are there agents who are going to try to keep both sides of the listing, you bet, not much you can really do about it though. Do we have buyers who we disclose our pre-listing properties to, you bet, but i also let other agents know what i have coming up in a certain areas they might be calling me about.
You also have to remember that as REO listing agents, we also know what kind of offer looks good to our sellers and you bet we try to get our own buyers to present those type of offers. At this point a seller will wait the 30days to close on an offer that might be $5,000-10,000 over listing compared to a -5,000 cash offer, it's not 2008 anymore.

Until banks release more properties to the market, there's more demand than supply. I'm not trying to double-end any deals, and I've been turning down cash offers $10K over asking price here.

I do not double end any of my deals... I prefer to refer them to a buyer's agent, except in one case where the buyer was the actual builder who developed the community where my REO is located. He is a licensed broker and buying up lots of REOs in that community and rehabbing them... very savvy guy. He just wanted me to write up the contract and get it done and was the only offer I had on that property. Too many whiny agents throwing around accusations in my market. I dont want them to have any reason to accuse me of "double ending". I enjoy the reputation I have established of being a fair and ethical REO listing agent and I know of several agents that look for my listings on the mls to show their buyers because they know they will get a fair shake

I don't care who or what sells mine....as long as they sell. The more I sell...the more they send.

I have double donged a couple in the last few months. I think the sellers are encouraging this through commisison structures. Buyers' agents are causing many deals to go south. Sellers don't want to deal with buyers who have SUPER BUYERS' AGENT. Buyers agent is such a tough job when buying REO, especially if you represent a 1st time buyer. How can you do the job? Buyers have to give up so many rights when they sign the addendum. Your job as buyers agent is to preserve rights and see the buyer gets as much of what the want/need. Buying REO they get little or nothing, maybe a good price.

It seems like the losers always call FOUL.

No one, I'll repeat, NO ONE, stays in this business for long by withholding offers from the seller.

When you get to an H&B status, it's the responsibility of the buyer's agent to advise their client on the possible outcomes, and explain the H&B isn't just about price. It's about dates, it's about financing and it's about inspections.

I agree with the Keene Team. I do not double end deals. I have a buyer's agent that I send every buyer call to. He tells them he has no inside info, which is true. If an agent calls and tells me he is writing an offer, I tell them it is a multi offer situation and ask what they are going to write. If they are way off, I tell them it is a waste of time based on the offers I have. I put in the MLS that the property is in a highest and best situation, the day and time of the deadline. I never take anything after that deadline. I e-mail all the agents that have written and offer and let them know if they are not the offer the bank took. The one thing that I can not stand is all the phone calls - has the bank accepted an offer? Yes you moron - and I am just keeping it a secret. I just want to scream. I tell them they will receive an e-mail when the bank accepts and offer - but they still call.

O.k. so those agents who responded that they don't double end and they communicate with buyers' agents...Bravo! But, you are in the minority. From my perspective as a regular agent (I have only had a few REO listings) is that the industry has sunk to a new all-time low in ethics. Here are some of my daily frustrations:
1. New REO listings where the agent says "call for combo" but never calls back and the listing is pending in 2 days. Or the combo is wrong and the listing sells in 2 days.
2. New REO listings that come on the market at 11:55 p.m. and are pending by 12:05 a.m.
3. REO and short sale agents who do not respond to my request for verification they received my full-price or higher 20% down offer yet keep the property on the MLS as active until one day it is pending or it just stays as active while my buyer keeps bugging me about what happened to their offer.
4. Short sale agents who leave properties as active without any agent notes saying that they already have an offer at the bank and 10 back-up offers.
5. OCWEN when my buyer has the highest offer and then my offer disappears. I resubmit and I'm again the highest offer and the property disappears off their listings. Nobody at OCWEN knows what happened.
6. Short sale agents who accept my buyer's offer (seller signs offer) and when they get bank approval my client becomes the back-up offer after 2 months of waiting because some other buyer came in at the last minute with a higher offer.

I have written my board about standardizing short sale listing proceedures or at least how they are listed and updated in the MLS and they say they are working on it because of all the complaints. As for REO listings, I don't even bother to hope for professionalism from many but at least I know who they are and I try to avoid their listings. Yes, supply and demand are out whack because of the banks holding properties off market but it wouldn't be so frustrating if agents behaved ethically. I know very few of the agents on this board would stoop to these levels but 25% bad apples spoils the whole bunch.

Yes... and email... and text. I love the ones who cop a huge attitude. I have an automated feedback form that commuinicates with my Supra boxes and gets emailed to the buyers agent as soon as the showing agents esync their Supra Keys. I always have agents that submit an offer and the very next morning, reply to the feedback for with "Was my offer accepted?". It will send out the form 3 times, once every every 48 hours until they complete the online form. Do they complete the form??? NO. they reply to the email. I had one the other day that submitted an offer (along with 6 others) and replied to the email with "I submitted an offer didnt I? That should give you all the feedback you need to know" then 48 hours later (while still waiting for seller response), on the second automated feedback request, he replies "I have an Idea. You send me a response to my offer and I will send you some feedback". Seriously. How does this guy think acting like a jerk is going to increase his chances of getting his offer accepted? I replied and said "no final decision on offers yet." - that was it. So many agents in this business have absolutely no courtesy or professionalism whatsoever

If you are under the same broker it is still dual representation (only by desinated representitives), at least in VA.

Maybe this was intended for another poster, but I never mentioned anything about withholding offers from the seller. Last I checked, I was not crying foul either. Again maybe this was intended for an earlier poster, because it does not apply to my post.

I can only speak to your REO Frustrations.

I get a request from a seller that the property need to be marketed, please provide BPOs, arrange trashout, etc. Any idea how many hours I am idle at the property taking pics, collecting bids, whatever. I also talk to the neighbors when I am there, they need my card to call me if somebody breaks in, the contractors act a fool whatever, they are my eyes. Sometimes they are my buyers.

I represent my client. Their instructions say that I CAN pre-market the property prior to the go ahead for listing. So yes sometimes the deal is sealed prior to the MLS listing, so its entered and pending on the same day.

I agree with many of your points though. I as a selling agent frind it frustrating when an Buyer agent has no email listed. I make alot of my calls late in the night so I may just call at 11pm to tell you the counter offer.

For me double-ending can create problems and a bit of uneasiness. I would rather the competition be between other agents buyers, that way I can objectively field the best offer for the seller.
It seems most of my sellers will go with the best priced offer that can close the fastest, and have the least amount of or no contingencies.

To me the CORE problem hasn't been addressed and it's at the root of alot of these problems. It comes down to EXPECTANCIES of the buyer and their agents. They need to know what they are in for with a buyer counseling session before jumping into the game. Agents need training on submitting offers on foreclosures and distressed property and what they can expect so they can properly counsel their clients.

The main problem is the TYPE of buyer you have. I always ask my buyers what their goal is so I can advise if it's realistic or not. Usually there are 3 sets of buyers. 1.Buyer wants to live in it themselves. 2.Buyer purchases for investment to hold for long term cash flow and wealth accumulation. 3.Buyer wants to purchase rehab and flip (sell) to a retail investor to hold long term or an end buyer for purchase or owner finance.

What I see happen is many buyers (of all types) want a property with a little carpet and paint and want to pick it up cheap. The problem is regular buyers don't need the profit margin of a flipper or a investor renting it out.

So almost everyday of the week you will get outbid by regular buyers. This is why it's a waste for investors to lowball bids on these cosmetic properties. When paying cash you can pick up 50 cents on the dollar or better but these have foundation issues or other multiple problems where regular buyers cannot get financing. At that point the bank is looking for cash buyers and ready to deal.

I have one investor who owns a foundation company. He specifically likes to buy 4 properties or so a year that have bad foundations as the banks can't sell them and other investors even cash ones get scared away. He makes a killing on these as the banks are desperate to sell them.

So as a buyer having a realistic strategy for what you want to do makes all the difference in the world.

I agree with Keep Trucking, it sounds just as in South Florida! I contacted my board yesterday regarding the MLS procedures for short sales and they did verify that when the seller accepts an offer it should show as PS or B, agents here just continue showing it as Active! Everytime I call to confirm it's still active I get the same answer, it has an accepted offer. I should not have to even call to ask, if it shows as active it should be active. They forget they have 24hrs to update the system, they are all making up new strategies. I tell you, it gets tiring....

You're right, it was to anothr a couple ahead of you in line.