offer in. now we play the game…(REO)

[sdrealtor]

To follow up on what UR said it is not necessary to use the listing agent. Yes there are some shady REO realtors but the lions share of them go to a handful of top REO agents who go by the book. These agents are making high 6-figures and even 7 figures in this market. They have far too much to risk by slipping their own inferior buyers in. Risking that type of guaranteed income to make a couple extra grand would be stupid and they know that.

[SD Realtor]

I would also agree that it is not a necessity to use the listing agent however I will admit that I know of alot of people that have done it and some of them successfully. Now one of them got the short sale done and the day his loan funded he called me up and asked for an attorney. It seems that the sellers were not leaving the home. Even though the short sale completed, the loan funded, and escrow closed, they weren’t leaving. He asked for my help but I could not help him and I told him he needed to work with the his agent who was the listing agent. So in the end he ended up going through the 3 day notice to quit and had to evict with unlawful detainer and there was also the cost to continue renting his home.

Obviously this is not the norm and in most all cases you will be okay. To me, the best thing your own agent can bring you is an advocate, someone who is at your disposal and 100% looking out for your interest. For many people, they don’t need that and are okay on thier own.

Unfortunately there are those agents and brokerages who double end things and they are not fulfulling thier fidiciary obligation and screwing buyers.

[SD Realtor]

I would also agree that it is not a necessity to use the listing agent however I will admit that I know of alot of people that have done it and some of them successfully. Now one of them got the short sale done and the day his loan funded he called me up and asked for an attorney. It seems that the sellers were not leaving the home. Even though the short sale completed, the loan funded, and escrow closed, they weren’t leaving. He asked for my help but I could not help him and I told him he needed to work with the his agent who was the listing agent. So in the end he ended up going through the 3 day notice to quit and had to evict with unlawful detainer and there was also the cost to continue renting his home.

Obviously this is not the norm and in most all cases you will be okay. To me, the best thing your own agent can bring you is an advocate, someone who is at your disposal and 100% looking out for your interest. For many people, they don’t need that and are okay on thier own.

Unfortunately there are those agents and brokerages who double end things and they are not fulfulling thier fidiciary obligation and screwing buyers.

[SD Realtor]

I would also agree that it is not a necessity to use the listing agent however I will admit that I know of alot of people that have done it and some of them successfully. Now one of them got the short sale done and the day his loan funded he called me up and asked for an attorney. It seems that the sellers were not leaving the home. Even though the short sale completed, the loan funded, and escrow closed, they weren’t leaving. He asked for my help but I could not help him and I told him he needed to work with the his agent who was the listing agent. So in the end he ended up going through the 3 day notice to quit and had to evict with unlawful detainer and there was also the cost to continue renting his home.

Obviously this is not the norm and in most all cases you will be okay. To me, the best thing your own agent can bring you is an advocate, someone who is at your disposal and 100% looking out for your interest. For many people, they don’t need that and are okay on thier own.

Unfortunately there are those agents and brokerages who double end things and they are not fulfulling thier fidiciary obligation and screwing buyers.

[SD Realtor]

I would also agree that it is not a necessity to use the listing agent however I will admit that I know of alot of people that have done it and some of them successfully. Now one of them got the short sale done and the day his loan funded he called me up and asked for an attorney. It seems that the sellers were not leaving the home. Even though the short sale completed, the loan funded, and escrow closed, they weren’t leaving. He asked for my help but I could not help him and I told him he needed to work with the his agent who was the listing agent. So in the end he ended up going through the 3 day notice to quit and had to evict with unlawful detainer and there was also the cost to continue renting his home.

Obviously this is not the norm and in most all cases you will be okay. To me, the best thing your own agent can bring you is an advocate, someone who is at your disposal and 100% looking out for your interest. For many people, they don’t need that and are okay on thier own.

Unfortunately there are those agents and brokerages who double end things and they are not fulfulling thier fidiciary obligation and screwing buyers.

[SD Realtor]

I would also agree that it is not a necessity to use the listing agent however I will admit that I know of alot of people that have done it and some of them successfully. Now one of them got the short sale done and the day his loan funded he called me up and asked for an attorney. It seems that the sellers were not leaving the home. Even though the short sale completed, the loan funded, and escrow closed, they weren’t leaving. He asked for my help but I could not help him and I told him he needed to work with the his agent who was the listing agent. So in the end he ended up going through the 3 day notice to quit and had to evict with unlawful detainer and there was also the cost to continue renting his home.

Obviously this is not the norm and in most all cases you will be okay. To me, the best thing your own agent can bring you is an advocate, someone who is at your disposal and 100% looking out for your interest. For many people, they don’t need that and are okay on thier own.

Unfortunately there are those agents and brokerages who double end things and they are not fulfulling thier fidiciary obligation and screwing buyers.

[temeculaguy]

I agree Rt.66, with some caveats. I don’t know the OP’s level of sophistication, but most piggies know the game enough to pull off an REO unrepresented, however most people should not try it. Reo agents play by the book, some just have a secret book, it’s called having that unrepresented client shifted to their friend/associate/relative so it looks like an independant two sided deal. This only applies to first day listed REO’s and it is worth it to have a pro take a look see at your deal and paperwork for a set fee, but it needs to be set up in advance and done within minutes.

Waitinghawk reported similar experiences, but in my journey, especially with a few houses that got away, if you had a realtor, your offer never made it to the seller in those first few critical days, they stall them for the legal amount of time, 24 or 48 hours, they ignore the fax machine and get their pocket buyer in first, even if it’s a lower offer.

It may be risky, it may be illegal, it is definately unscrupulous. But I made about a dozen offers in 2008 and at least three times i personally stood in a driveway with the listing agent and was told that if I went with their associate, they would make sure my offer was the only one seen for a day or two and sometimes the bank just takes it if it is at or above list, they thwart the bidding war. One time I decided to do it but within ten minutes another buyer did the same thing with the listing agent, there were 10+ offers the first day but it was really just between me and the other pocket buyer, who bid more than I was willing to. I was glad i didn’t win (that house wasn’t right for me), i needed a long shower to make the icky feeling go away. In the end I still went unrepresented but went with a high volume, no games or cheating listing agent and felt better but it took work on my part and some luck. It also helped to be out shopping around this time of year, during the holidays. But it does happen, probably 25% of the time there’s a backdoor game going on.

In no way does my agreeing with rt.66 endorse any kind of permission for a fued between him and any realtors, I only participated because there were no insults hurled thus far, let’s keep it that way.

[temeculaguy]

I agree Rt.66, with some caveats. I don’t know the OP’s level of sophistication, but most piggies know the game enough to pull off an REO unrepresented, however most people should not try it. Reo agents play by the book, some just have a secret book, it’s called having that unrepresented client shifted to their friend/associate/relative so it looks like an independant two sided deal. This only applies to first day listed REO’s and it is worth it to have a pro take a look see at your deal and paperwork for a set fee, but it needs to be set up in advance and done within minutes.

Waitinghawk reported similar experiences, but in my journey, especially with a few houses that got away, if you had a realtor, your offer never made it to the seller in those first few critical days, they stall them for the legal amount of time, 24 or 48 hours, they ignore the fax machine and get their pocket buyer in first, even if it’s a lower offer.

It may be risky, it may be illegal, it is definately unscrupulous. But I made about a dozen offers in 2008 and at least three times i personally stood in a driveway with the listing agent and was told that if I went with their associate, they would make sure my offer was the only one seen for a day or two and sometimes the bank just takes it if it is at or above list, they thwart the bidding war. One time I decided to do it but within ten minutes another buyer did the same thing with the listing agent, there were 10+ offers the first day but it was really just between me and the other pocket buyer, who bid more than I was willing to. I was glad i didn’t win (that house wasn’t right for me), i needed a long shower to make the icky feeling go away. In the end I still went unrepresented but went with a high volume, no games or cheating listing agent and felt better but it took work on my part and some luck. It also helped to be out shopping around this time of year, during the holidays. But it does happen, probably 25% of the time there’s a backdoor game going on.

In no way does my agreeing with rt.66 endorse any kind of permission for a fued between him and any realtors, I only participated because there were no insults hurled thus far, let’s keep it that way.

[temeculaguy]

I agree Rt.66, with some caveats. I don’t know the OP’s level of sophistication, but most piggies know the game enough to pull off an REO unrepresented, however most people should not try it. Reo agents play by the book, some just have a secret book, it’s called having that unrepresented client shifted to their friend/associate/relative so it looks like an independant two sided deal. This only applies to first day listed REO’s and it is worth it to have a pro take a look see at your deal and paperwork for a set fee, but it needs to be set up in advance and done within minutes.

Waitinghawk reported similar experiences, but in my journey, especially with a few houses that got away, if you had a realtor, your offer never made it to the seller in those first few critical days, they stall them for the legal amount of time, 24 or 48 hours, they ignore the fax machine and get their pocket buyer in first, even if it’s a lower offer.

It may be risky, it may be illegal, it is definately unscrupulous. But I made about a dozen offers in 2008 and at least three times i personally stood in a driveway with the listing agent and was told that if I went with their associate, they would make sure my offer was the only one seen for a day or two and sometimes the bank just takes it if it is at or above list, they thwart the bidding war. One time I decided to do it but within ten minutes another buyer did the same thing with the listing agent, there were 10+ offers the first day but it was really just between me and the other pocket buyer, who bid more than I was willing to. I was glad i didn’t win (that house wasn’t right for me), i needed a long shower to make the icky feeling go away. In the end I still went unrepresented but went with a high volume, no games or cheating listing agent and felt better but it took work on my part and some luck. It also helped to be out shopping around this time of year, during the holidays. But it does happen, probably 25% of the time there’s a backdoor game going on.

In no way does my agreeing with rt.66 endorse any kind of permission for a fued between him and any realtors, I only participated because there were no insults hurled thus far, let’s keep it that way.

[temeculaguy]

I agree Rt.66, with some caveats. I don’t know the OP’s level of sophistication, but most piggies know the game enough to pull off an REO unrepresented, however most people should not try it. Reo agents play by the book, some just have a secret book, it’s called having that unrepresented client shifted to their friend/associate/relative so it looks like an independant two sided deal. This only applies to first day listed REO’s and it is worth it to have a pro take a look see at your deal and paperwork for a set fee, but it needs to be set up in advance and done within minutes.

Waitinghawk reported similar experiences, but in my journey, especially with a few houses that got away, if you had a realtor, your offer never made it to the seller in those first few critical days, they stall them for the legal amount of time, 24 or 48 hours, they ignore the fax machine and get their pocket buyer in first, even if it’s a lower offer.

It may be risky, it may be illegal, it is definately unscrupulous. But I made about a dozen offers in 2008 and at least three times i personally stood in a driveway with the listing agent and was told that if I went with their associate, they would make sure my offer was the only one seen for a day or two and sometimes the bank just takes it if it is at or above list, they thwart the bidding war. One time I decided to do it but within ten minutes another buyer did the same thing with the listing agent, there were 10+ offers the first day but it was really just between me and the other pocket buyer, who bid more than I was willing to. I was glad i didn’t win (that house wasn’t right for me), i needed a long shower to make the icky feeling go away. In the end I still went unrepresented but went with a high volume, no games or cheating listing agent and felt better but it took work on my part and some luck. It also helped to be out shopping around this time of year, during the holidays. But it does happen, probably 25% of the time there’s a backdoor game going on.

In no way does my agreeing with rt.66 endorse any kind of permission for a fued between him and any realtors, I only participated because there were no insults hurled thus far, let’s keep it that way.

[temeculaguy]

I agree Rt.66, with some caveats. I don’t know the OP’s level of sophistication, but most piggies know the game enough to pull off an REO unrepresented, however most people should not try it. Reo agents play by the book, some just have a secret book, it’s called having that unrepresented client shifted to their friend/associate/relative so it looks like an independant two sided deal. This only applies to first day listed REO’s and it is worth it to have a pro take a look see at your deal and paperwork for a set fee, but it needs to be set up in advance and done within minutes.

Waitinghawk reported similar experiences, but in my journey, especially with a few houses that got away, if you had a realtor, your offer never made it to the seller in those first few critical days, they stall them for the legal amount of time, 24 or 48 hours, they ignore the fax machine and get their pocket buyer in first, even if it’s a lower offer.

It may be risky, it may be illegal, it is definately unscrupulous. But I made about a dozen offers in 2008 and at least three times i personally stood in a driveway with the listing agent and was told that if I went with their associate, they would make sure my offer was the only one seen for a day or two and sometimes the bank just takes it if it is at or above list, they thwart the bidding war. One time I decided to do it but within ten minutes another buyer did the same thing with the listing agent, there were 10+ offers the first day but it was really just between me and the other pocket buyer, who bid more than I was willing to. I was glad i didn’t win (that house wasn’t right for me), i needed a long shower to make the icky feeling go away. In the end I still went unrepresented but went with a high volume, no games or cheating listing agent and felt better but it took work on my part and some luck. It also helped to be out shopping around this time of year, during the holidays. But it does happen, probably 25% of the time there’s a backdoor game going on.

In no way does my agreeing with rt.66 endorse any kind of permission for a fued between him and any realtors, I only participated because there were no insults hurled thus far, let’s keep it that way.

[bsrsharma]

One more supporter of Rt.66 strategy (who successfully bought a REO recently using that exact logic). Double dipping + high cash (to reduce uncertainty of closing) + few contingencies (+ government/public as the ultimate bag holder in many cases) can work wonders when greed is the basic lubricant. Just remember one other formula: you can reduce purchase price offer almost in proportion to cash you bring to table. Sometimes the proportion can be dramatic, like $ for $ i.e. $400,000 cash = $800,000 loan; A Bird in hand is truly worth two in a Bush for REOs!. That is why all cash offers always win out in the end.

[bsrsharma]

One more supporter of Rt.66 strategy (who successfully bought a REO recently using that exact logic). Double dipping + high cash (to reduce uncertainty of closing) + few contingencies (+ government/public as the ultimate bag holder in many cases) can work wonders when greed is the basic lubricant. Just remember one other formula: you can reduce purchase price offer almost in proportion to cash you bring to table. Sometimes the proportion can be dramatic, like $ for $ i.e. $400,000 cash = $800,000 loan; A Bird in hand is truly worth two in a Bush for REOs!. That is why all cash offers always win out in the end.

[bsrsharma]

One more supporter of Rt.66 strategy (who successfully bought a REO recently using that exact logic). Double dipping + high cash (to reduce uncertainty of closing) + few contingencies (+ government/public as the ultimate bag holder in many cases) can work wonders when greed is the basic lubricant. Just remember one other formula: you can reduce purchase price offer almost in proportion to cash you bring to table. Sometimes the proportion can be dramatic, like $ for $ i.e. $400,000 cash = $800,000 loan; A Bird in hand is truly worth two in a Bush for REOs!. That is why all cash offers always win out in the end.

[bsrsharma]

One more supporter of Rt.66 strategy (who successfully bought a REO recently using that exact logic). Double dipping + high cash (to reduce uncertainty of closing) + few contingencies (+ government/public as the ultimate bag holder in many cases) can work wonders when greed is the basic lubricant. Just remember one other formula: you can reduce purchase price offer almost in proportion to cash you bring to table. Sometimes the proportion can be dramatic, like $ for $ i.e. $400,000 cash = $800,000 loan; A Bird in hand is truly worth two in a Bush for REOs!. That is why all cash offers always win out in the end.

[Author]

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