Agent Frustrations

1. Frustration: How come there is no buyer loyalty?

 

      Many agents have had success building buyer loyalty by utilizing one or more of the following methods:

a.       Using a thorough buyer pre-qualifying script

b.      Setting an appointment for a buyers consultation to create more value

c.       Asking buyers to sign a Buyer’s Brokerage Agreement

 

2. Frustration: When submitting offers above asking on bank owned properties and not getting any type of response for a week, to find out it was already under contract that fell through and now I'm on backup and the MLS  was showing Active.

   

    Since the REO market is here to stay for quite a while, it is important that we prepare our Buyer’s as to the process and the frustrations that commonly occur when making offers on Bank Owned properties. Unfortunately we have no control over the way certain agents run their business so by preparing your client in advance they will appreciate your helping them understand the process. Other than that you might want to either only show the properties that you can speak to the listing agent up front on or prepare the buyer that the listing agent is not available for you to confirm any updates on the property and give them the option on how they want to proceed. Often times REO agents prefer to communicate via email and possibly even text which could be option. Always follow any REO instructions that might be posted and make sure your buyer presents their highest, best and cleanest offer to help it stand out from the others received and make sure all of your paperwork is complete.

 

3. Frustration: Putting in a FULL PRICE, over asking, CASH offer on a bank owned property and no receiving a reply for 1.5 weeks, to find out, the offer has not been accepted. This happens 95% of the time.

 

     When submitting an REO offer, you may want to check status by doing a daily status check on the MLS for the subject property as your form of communication for your buyer. This may not be what you expect or what you are use to however it just might save you time and frustration.

 

4. Frustration: When a property is listed as an approved short sale and really isn’t?

 

It is our understanding that there is no such thing as an approved short sale, only one that might have been pre approved from a previous buyer that did not close.

An approved short sale is definitely not one that the owner has a verbal approval from the Bank saying they will be eligible for a short sale.

 

5. Frustration: Properties not appraising.

The best advice we can offer on this subject is:

a.       For a seller, provide monthly CMA’s to them so that they can see the facts and the figures regarding what buyers are willing to pay for similar homes in their area

b.      For a buyer, provide a CMA prior to making an offer and using comparables that more than likely are the same ones an appraiser would use

c.       Either fax accurate comparables to the appraiser in advance or provide them to the appraiser in person at the time of the appraisal

d.      Prepare your buyer’s that due to the financial conditions many banks and or their appraisers are being very conservative and they might want to consider to still purchase a property even if it doesn’t appraise

 

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