I came across a REO listing from a bank’s published spreadsheet. The listing had both the bank contact (BC) and the listing agent (LA) contact with instructions to work through the listing agent. Multiple attempts to reach the LA have failed and in a fit of overwhelming curiosity, I called the main office number and first asked for the LA and then asked if I could get information about the REO listing in her absence. That got me hooked up with an other agent. Since this agent is not the LA, she is more likely now my buyers agent and in the bigger scheme of things, I generally would not care. The rub is that there is now an additional layer between me (buyer) and the seller (bank officer). It is pretty bad when the answers to my question are simply forwarded back to me from the LA.
So my question is…
Do I attempt to establish a relationship with the LA, who I believe is better informed about the property and the bank’s needs? Perhaps by including the LA in my emails to the other agent.
Do I try and establish a relationship with the BC despite their instructions to work through the LA?
or…Do I suck it up and show a little more patience next time?
Thanks,
Robert H
I’d call the bank and tell them you’re having trouble contacting the listing agent but most likely the bank is a giant corporate machine and the listing agency is the bank’s “cog” for sending “prettified” package numbers out. Imagine the bank’s liability if they send you information that was not available to the general public through the listing agent.
So you will probably be referred back to the listing agent for the “package” but maybe you can get some ballpark numbers from the bank officer (like how much is owed).
On the other hand, the other agent in the listing agent’s office is not your “buyer’s agent” do not make the mistake thinking that they are looking out for you. They’re in cahoots with the listing agent and the bank. On the bright side, they can probably obtain the “package” and give you a copy of it (after you sign nondisclosure agreement).
Side question - how do we go about finding REO and foreclosure parks by state?
I’m no attorney and you’d need to check the laws of your State, but in general, if you did not sign a ‘Buyer’s Agent’ agreement, you have none. Of course there is the question if these are truly ‘licensed’ agents for Real Property or simply employees of the Bank’s REO office performing those functions. I’d suggest contacting your local Realtor Board and ask them some questions along these lines. The other part here is that with a Selling agent and a Buying agent, getting commission reductions is much harder even though most all ‘Agents’ work for a Broker. It is the Broker to whom any contract really applies. Just my thoughts for your consideration.
1 Like