FAQs

Agent FAQS: How do the banks do business?

Can I sell the property before you list it?

Banks DO NOT accept bids on properties until they are listed for sale in the local MLS by a real estate agent. The bank has to actually set a list price for the property after a careful price review that is considered after the Listing Agent (LA) prepares a BPO that at times confirmed with a 2nd Opinion BPO that is usually completed by an independent agent and/or an Appraiser. After the marketing package is approved by the bank, the LA inputs the listing in MLS. Banks would then review the activity and offers submitted and might decide to keep the property longer on the market to give it more exposure and or request highest and best from all agents who submitted offers.

How much will the bank list property for?

We actually don’t know what price the bank will list the property for until they tell us. Sometimes the list price comes in significantly higher or much lower than we anticipated. Since the bank usually orders at least two appraisals on most REO properties, the price may actually change up or down during the first week as well.

How much will the bank accept for the property?

Banks are attempting to minimize a loss that is already been incurred as the result of the foreclosure. Banks will usually price the subject property competitively to allow it to compete with other REOs that might be in the vicinity of subject property. Therefore, most properties are great bargains to start with and banks desire to get what they deemed to be an acceptable offer. The acceptable offer amounts to Banks are not shared with any of my team members and we will not advise you of such a request due to the duty and ethics that we owe our clients. We will only ask that you put a competitive offer and let us assist you with getting your client’s desired property under contract as soon as possible.

How long until to bank responds to my offer?

Banks would normally respond to LA as soon as they are able to. At times, the Asset Managers could be busy responding to others offers that had been submitted to them by various agents from around the country. Therefore, we would like you to know that our mutual clients will respond as soon as they are able to. Please you are more than welcome to inquire about your offer, but we ask that you at least wait approximately 3 days before doing so. We understand that at times, your client could be calling you every hour to check on the offer, but politely advise your client that you will be sure to notify you via the email that you provided to us at the time of sublimation of your offer.

TO MY FELLOW AGENTS;

I want to thank you for showing my client’s property and submitting an offer on it. Your time and efforts are appreciated. We will not disregard your offer. We will be diligent in providing you with any assistance that you might need and I hope that you find working with us a pleasurable experience. Our clients hired us due to their expectations that we exceed their expectations and we are attempting to exceed yours as well. Please provide us with any serious concerns that you might have to allow us to provide you with the desirable expectations that we are attempting to achieve.