[Effective Demand]

[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]

You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.

You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

[Effective Demand]

[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]

You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.

You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

[Effective Demand]

[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]

You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.

You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

[Effective Demand]

[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]

You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.

You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

[Effective Demand]

[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]

You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.

You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

[Effective Demand]

[quote=questy]
It isn’t very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.[/quote]

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

[Effective Demand]

[quote=questy]
It isn’t very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.[/quote]

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

[Effective Demand]

[quote=questy]
It isn’t very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.[/quote]

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

[Effective Demand]

[quote=questy]
It isn’t very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.[/quote]

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

[Effective Demand]

[quote=questy]
It isn’t very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.[/quote]

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

[Effective Demand]

[quote=questy]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother![/quote]

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I’m not in San Diego and YMMV.

[Effective Demand]

[quote=questy]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother![/quote]

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I’m not in San Diego and YMMV.

[Effective Demand]

[quote=questy]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother![/quote]

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I’m not in San Diego and YMMV.

[Effective Demand]

[quote=questy]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother![/quote]

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I’m not in San Diego and YMMV.

[Effective Demand]

[quote=questy]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother![/quote]

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I’m not in San Diego and YMMV.

[Author]

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