But how do we notify the banks?
I read an article where a realtor worked to find out about a boarded up house in a very nice neighborhood. It had been neglected for months and many people were “interested” in purchasing.
What she found out in her investigation was alarming; the husband/wife realty team who had been given this REO months earlier had a total of 500 REO’s to handle and couldn’t handle the volume!
My question is, do banks check or follow through with any of this? Do they have a department of “foreclosure follow-up”? I doubt it.
What a shame. I’m also constantly amazed by some of the realtors who get REO’s. We have tried working with many who have made the process from our end, cash buyers, a nightmare.
What I know for sure is this;
banks could sell more REO’s if someone on their end was accountable and paying attention.
Shouldn’t brokers let the banks know if they have more than they can handle? Isn’t their responsibility to service the needs of the client, in this case, the bank? Do banks even check how many listings their “preferred” agent is handling?
And many REO listings are given to agents who aren’t even in the same county as the property and don’t, therefore, know the neighborhoods and the comps.
Isn’t anyone at the bank paying attention? Isn’t anyone responsible for this fairly significant event? How do we find out? Whom do we contact about this?
There are many of us able and willing buyers out here with cash in our pockets who are frustrated at the process.
Is anyone listening??
Apparently most banks outsource REO’s to Asset Management Companies who in turn hire local agents to do the work. These companies collect a referral fee from the listing agent.
Because the work is outsourced, the bank has no idea how many properties individual agents have at any time. AMCs may know how many assets they’ve assigned to individual agents but brokers can, and do, sign up with multiple AMCs.
Of course, the real point here is lack of service. Sometimes a realtor may have only 2 listings and not be handling them while someone with hundreds may have a knock out staff and be keeping up.
I’m just sayin’ that someone at the bank needs to know, pay attention and be accountable. And it would be nice if we buyers had somewhere to voice our complaints. Houses may be the asset but it’s still a service industry. With so many properties on the market, someone at the bank needs to care about the process.
This points out once again that banks were not, historically, in the housing business, they were in the lending business. However, now that they are deeper and deeper into the housing business, they need to pay attention to the details.