I'll give them something to Blog about... From the other side, The REO Brokers Point of View.

You blog about how “you hate REO sales”… You blog about how “You hate REO Agents”… You blog about “How stressful it all is”… but do you ever read a blog about advice on managing a Bank Owned transaction? Not unless it’s to complain about it… Do you ever re-blog the advice points of REO Agents trying to distribute information to the masses so their head won’t explode… Nope…

No, instead you complain, you whine, and you condemn all REO agents. You make broad generalizations as to our characters or work ethics, and then you blog about it. “Oh look… a Blog with 20 Questions To Ask Your Agent Before Making An Offer (Not After)... But I’m in the middle of my blog about how my buyer is ready to throw themselves off a building because things keep coming up in our REO purchase... I’ll read it later because if I get this blog up quick it might get featured..."

Of course… The blog about the buyer almost throwing themselves off the Balcony will get featured by Active Rain, a 100 comments about “YEAH… Those REO Agents are the worse… and those banks…” and yet no one pays attention to the other blog… the one that actually conveys information that might make a difference, because who’s got the time for re-educating yourself. After all you've got blogs on irrelevant garbage from a bunch of non-REO agents trying to give poor advice(Remember the phrase the blind leading the blind?).

Then there’s the “I have a friend that did it… I knew an agent that did it… my Grandpas Uncles 2nd Cousins Previous Dog’s Owner once…” You can buck the system as long as you want and ignore the advice of REO agents and gladly blaze your own path uphill only to keep falling back down to the bottom… But be sure to blog about it so agents have a forum to complain…

Our Top Complaints to Some Buyers Agents:

• Agents that don't know property condition Guidelines making FHA offers on Rehab Properties, And I'm not talking 203K's...
• Agents that don't follow basic instructions attached to the MLS...
• Agents that believe As-Is means the bank might consider a few and they should at least try...
• Agents that on any other sale would have to show some resemblence of due diligence but on an REO seem to thinks it's appropriate to ask the agent to research utilities, as-builts, or whatever as if we're going to go look it up for you. Get off your lazy ### and go look it up for your client. If I'm not required to then I'm not going to. Why? Because I wouldn't take that liability in a normal sale and I'm definately not going to on an REO...
  
• Agents that whine the entire time about the Banks Process. We know it's ridiculous and we're stuck in it too. We at least know it's not going to change anytime soon. We want to keep our business. You want argue with the bank then go ahead my response... "Next offer..."
• Agents that complain we don't answer our phones. I call back EVERYONE within 1-3 hours, but occassionally I get a client of my own to go show houses, so forgive us if we don't disservice our clients to service yours...
• Agents that do Pre-Inspections without Authorization. Where do you get off believing you can break the law just because its a bank owned property?
• Agents constantly asking for the keys early so their buyers can start repairs. Quit asking becuase unless we're stupid it is NOT GOING TO HAPPEN!
• Agents that completely ignore our advice because they've bought 1 or 2 REO's in the past year. We sell dozens and you're going to insult our intelligence and complain about the stress of it all?
• Agents that complain about who the bank uses for Escrow & Title... Do you really think we get a choice?
• Agents that don't get their way and become raving lunatics. You know who you are... quit acting like a 4 year old that couldn't get the shiny new toy...
• One of my Favorites... Agents that make demands or they're going to walk... Then WALK! We get constant calls for back-up offers and then can't submit them becuase the bank is already negotiating the likely winning offer...
• My FAVORITE AGENTS... The ones that don't bother to call and ask me if there's an offer already in and accepted before showing and writing an offer. The NWMLS won't allow us to change status until we have Seller signatures which sometimes doesn't happen for 1-2 weeks until after the offers accepted. And those agents want to yell at me for my lack of informing them to have 1/2 a brain...

I could go on for days. Suprisingly enough after awhile it doesn't bother me and I begin to expect it which says something as to the behavior and frequency of it. I had the pleasure of dealing with one agent recently that actually printed off one of my blogs and discussed it with their client. They're response after Closing "This was the EASIEST REO purchase I've ever made." Half the Battle is mentally preparing your clients for the odds & ends of REO buying.

For Agents actually interested in nuances of an REO or some quick advice to hand clients:

Disclaimer: Obviously not every piece of advice or nuance will apply to each transaction or each state. I expect that the people actually reading these will have common sense and intelligence to know which ones will apply in their state or situation. If you’re in WA and have a question about anything involving REO's I invite you to e-mail me with your questions and I will try and answer them to the best of my ability. Unlike the undeserved brandeing of REO Agents I actually do give timely responses…

Did I hear Free Lunch? Who said buying a Foreclosure was easy?

Some Guidance For The Misdirected REO Buyer...

If you think this is all useless and doens't apply to you then please comment as to how you got here so I can do it again and hopefully break through someday, or at least comment so I can take mental note of your name in case I have a future transaction with you so I know what to expect... lol

Last known REO Agent Photo...