Foreclosure broker shady business??

Question

Russell Brazil · Answer

Are you following the submission instructions in the MLS? Many REO's have an online system to submit offers that go directly to the asset manager making the decision, and the REO agent, is acting as more of a property manager.

Nick C. · Answer

Have you looked back and researched what the properties you offered on sold for? If they sold for less than you offered and that brokerage shows up as the buying and selling agent then you may have a legitimate beef.

If the properties sold for more than what you offered, this is just a case of below average customer service, not shady business practices.

Jonathan Taylor Smith · Answer

Not sure about Texas, but here in North Carolina that sort of thing would get serious attention if reported to the Real Estate Commission. But if you are an agent yourself, I'd have a face to face conversation or two before going that "Nuclear" route.

Rick Pozos · Answer

@Bethany Rankin Since he is on here, you might send him a personal message and ask the questions that you want answered. Over the years I know that I have submitted offers on properties to that office and my agent rarely got an answer. There may be something fishy. Or it may be that they only take the offers and talk with the winner of the bid. Everybody else gets the cold shoulder because there are 50 people submitting offers. I can only imagine if there are even 10 offers and they have 30 or 40 properties that month. I probably would not answer everyone's call.

Autumn Rankin · Answer

@Russell Brazil  Did I say Illegal?  You must have missed the part of several years of the same issues with the same office and different agents.  Including buying homes for me to personally live in , not under the business.

I asked for ADVICE IN HOW TO HANDLE IT.  I could have just gone to TREC but instead tried to get PROFESSIONAL advice.

Maybe i should call and leave another message?

I also call out people for awesomeness.

Tanya Lechner · Answer

@Bethany Rankin, what is the name of the company? I’ve worked with some agents who are set in their ways and never respond which is unfortunate but doesn’t always mean shady. If they have a lot of REO inventory, it means they pay less attention to the buyers unfortunately.

If you are confident something shady is happening, you can file a complaint with TREC. https://www.trec.texas.gov/public/how-file-complai...

It has to be written - TREC will follow up with them and it will stay on their record. Let me know if you have any other questions!

Greg H. · Answer

This happens often with brokers that get a lot of reo inventory that is not HUD or FNMA as they have systems in place.  The brokers try to sell everything in house so they can double dip

I pulled out of Las Vegas in 2009-10 after doing a few flips as this was very prevalent.  At that time, any good listing came on the market as pending

Jay Hinrichs · Answer

I have not seen these in many years it sure was the way it was done during the crisis though.. I tried a few times and it was uber frustrating i just never went there again.. and being an agent representing a buyer it was painful.. your buyer is e mailing you everyday wanting updates.. listing agent wont communicate becasue they are swamped and have nothing new.. it was very unproductive way to sell inventory.. but we had to remember this was a crisis and banks simply / and servicing or asset managers simply did not have the man power to deal with it all..

Just in Oregon Wells Fargo loss mitt department in 05 ish had less than 15 people in it by 2010 over 400...

Autumn Rankin · Answer

@Rick Pozos THank you Rick, I certainly will.

@Nick C. THank you Nick for your input, i'll def look them up.

Foreclosure broker shady business??

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