Going directly to the REO listing agent -- another question

I'm assuming that when you cold call a listing agent, they aren't going to give you the lockbox code, so you will be making your initial offer sight unseen. So if you need to back out during the inspection period due to some severe issue, will that listing agent refuse to deal with you in the future?

Jake Kucheck

Residential Real Estate Agent · Newport Beach, California

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Oct 14 '11, 04:03 PM

Sounds like there's some reason that you don't think the listing agent will view you as a ready willing and able buyer. If that's the case, then that's the reason they would refuse to deal with you in the future. Not because during your due diligence period you found something beyond the scope of your ability to repair.

Bienes Raices

· Orlando, Florida

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Oct 14 '11, 04:41 PM

^ No, I don't think that. I thought that the listing agents were so busy and overwhelmed that they might view someone who backed out during inspection as a flake and scratch them off their list. (I don't back out unless there's a major problem, but this has happened a few times with my buyer's agent).

Curt Davis

Wholesaler · Memphis, Tennessee

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Oct 14 '11, 05:12 PM

If your referring to a bank owned REO you should do all your homework first before making an offer so when you make it you dont have to back out. Good luck

Curt Davis, buyMemphisnow.com
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James Martin

Real Estate Agent · Memphis, Tennessee

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Oct 14 '11, 05:23 PM

You can contact a selling agent to set up a showing to view the property before you make an offer.

J Scott

Real Estate Investor · Atlanta, Georgia

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Oct 15 '11, 08:21 AM

You'll still need the listing agent to let you and your inspector into the property after it's under contract. If the agent spends a good bit of time with you and you back out, you can expect that to influence his/her decision to want to deal with you in the future, especially if the properties they are marketing are popular and they have other buyers.

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
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Bienes Raices

· Orlando, Florida

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Oct 15 '11, 11:00 AM

OK, thanks for the feedback. I'm going to do as much due diligence as possible before I attempt to make any offers throught the listing agent.

Mark D.

· Glendale, California

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Oct 16 '11, 04:20 PM

Try contacting an agent in the same office as the REO listing agent or broker. Often times the listing agents have enough listings and so the other hungry agents in the office bring the buyers. Many of these agents would love to work with you because they want to list the property for you post rehab.

Ed Beck

Residential Real Estate Agent · Springfield, New Jersey

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Oct 19 '11, 08:34 AM

Make an appointment to view the property and bring proof of funds and a check with you. If the property suits you, then make the offer at the site. If there is an inspection issue, then there is an inspection issue, it is what it is, you have the right to back out per the contract. An experienced agent should know deals fall through based on inspections all the time. The key to an REO broker is the proof of funds. If I've seen your proof of funds, which I have because you submitted it with your offer. If you back out, the agent is left with a ready, willing and able buyer who has proved he has the funds and is CURRENTLY looking for an REO to purchase. Cross you off my list? I think not.

Bienes Raices

· Orlando, Florida

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Oct 19 '11, 08:56 AM

Originally posted by Ed Beck

Make an appointment to view the property and bring proof of funds and a check with you. If the property suits you, then make the offer at the site. If there is an inspection issue, then there is an inspection issue, it is what it is, you have the right to back out per the contract. An experienced agent should know deals fall through based on inspections all the time. The key to an REO broker is the proof of funds. If I've seen your proof of funds, which I have because you submitted it with your offer. If you back out, the agent is left with a ready, willing and able buyer who has proved he has the funds and is CURRENTLY looking for an REO to purchase. Cross you off my list? I think not.

Thanks, that is a great idea Ed. I feel like I need to show them that I'm serious and that I won't waste their time.