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REO offer rules – don’t bug the Listing Agent

by sfishome on April 26, 2009

I lift this “comment” from “JimtheRealtor’s” blog in San Diego. It apparently is verbatim instructions from a Listing Agent sent to all interested properties in his REO listings. It just goes to show how hot the low-end foreclosure market is in areas outside of San Francisco like San Diego.

Enjoy:
“Thank you for your many emails, phone calls and dropped off and faxed offers. Thanks for your patience as you have filled up my email and phone services. The agents receiving your calls thank you for your courteous manners as well.

We have received 12 offers thus far. The majority are cash offers well over the 200’s. FYI- After working with this client for over 7 years, This client prefers cash and quick closes and large, non refundable earnest deposits, CLEAN OFFERS!!!. (This is a hint, I don’t make the rules).

EMAIL ALL OFFERS IN ONE EMAIL, RIGHT SIDE UP, (yes, I have gotted them side ways, upside down and the best, is 20+ emails one page for every email). If you are not learned on scanning please go to Kinkos).

ALL offers MUST include copy of the earnest deposit check, PROOF of funds, 8 page Purchase Contract and 2 page buyer advisory, Agency and WPA if seller paid termite work is being requested.

Please submit your buyers highest and best offer as the seller will not counter, only the 2 highest offers will be submitted (per seller instruction), one for acceptance and 2nd for a back up offer. CLEAN OFFERS ONLY. Bank owned are TDS and Statewide exempt. Submit only emailed offers (this email to all inquiries, this does not meant to suggest you did not email your offer). YOU MUST VISIT THE PROPERTY BEFORE SUBMITTING AN OFFER, REALLY!!!

SOLD AS IS- seller has no knowledge on ANYTHING, if you need to talk to me or have questions concerning this property, it is not the right property for your client. NO FHA OR VA OFFERS, because the MLS says so!!!!!

If I pissed you off, please feel to do what you must, I work for the seller and not you.

This email is intended to save me, agents and your clients from the frustration and time it takes to submit an offer on something they most likely will not be purchasing.

Thank You,”

Ahh – that is good stuff. Despite getting upset myself with an REO agent here in SF when I wanted to submit an offer and he wasn’t cooperative, I now get it. We have so few REO’s, but thanks to San Diego I now know what to do here in SF the next time a Buyer client of mine wants to submit an offer on an REO. Email it in sit tight. And don’t send it faxed sideways one page at a time. Lesson learned 🙂

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