OfflineI have heard the question: How do I get around the agent on an REO?
Banks want to get rid of their property as quickly as possible so they list the property with a real estate agent as quickly as possible. The only way to get a real estate agent out of the picture would be to get to the bank before they give the property to an agent.
When you see a property you have interest in that will soon be going to auction you can let the bank know that you will be willing to give them (the bank) an offer if it does become an REO. The bank can create an offer list for the property then if the bank takes the property back they can contact you for your offer.
The other way would be to get into good graces with the bank and have them send you properties they have not sent to Realtors.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hi Nstreet:
Near three months ago, I put an offer with a real estate agent who was a listing agent for a property ( short sale ) that time. After I signed a contract, the agent told me that he would negotiate with the bank and let me know the result. I contacted him a few times but so far he has not let me know any situation on the property. I myself found out currently this property is for shriff sale soon.
Why does the real estate agent not tell me the truth? I think due to the property is to be autioned, he has lost right of listing agent so he has no any power over the property but he still hope I stick with him. That is why he has not told me anything. Hope you could give your thought.
In this case,what is my options? whether I could directly contact bank or bank attorney to give them my offer or I have to bid on the property in courthouse?
Regards,
sue
You may have laws that cause the listing contract on a property to become void when a sheriffs sale is announced. This is something I would check on.
As far as working with agents, even your agent. I would put in my contact when purchasing that I have the right to negotiate with the bank. I find that most Realtors do not know how to negotiate short sales.
With this Realtor I would do what I could to find out if their contract is void. If it is I would contact the sellers / current owners of the property and work out a contract with them. Once I had that I would work the short sale with the bank.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
It usually takes going thru several agents before you find the right one or two to work with. You will see the importance of having agents who are knowledgeable about real estate and also who are investors themselves. having an investor/agent can be a big benefit to you.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
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