Why do banks sometimes list foreclosed houses with fly-by-night realty companies?
June 15th, 2011 | by admin |Most of the foreclosed (bank-owned) homes in Metro Detroit are listed with major chain realty companies (Century 21, Remax, Remerica, etc.). But some are listed with fly-by-night outfits that no one has ever heard of, and people at these offices can be extremely difficult to get a hold of (don’t answer calls, don’t return messages, etc), and have incompetent agents who couldn’t care less.
How can these outfits stay in business if they don’t seem to know the first thing about running one?
I have the same complaint! I will not even bother offering, there is no way that agent will close on the deal.
I am guessing the bank does not want to sell at this point in time and listing this way makes it appear like they are and they need that appearance for their insurance claim.
2 Responses to “Why do banks sometimes list foreclosed houses with fly-by-night realty companies?”
By Landlord on Jun 15, 2011 | Reply
I have the same complaint! I will not even bother offering, there is no way that agent will close on the deal.
I am guessing the bank does not want to sell at this point in time and listing this way makes it appear like they are and they need that appearance for their insurance claim.
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By loanmasterone on Jun 15, 2011 | Reply
Most lenders do list with the major real estate companies as they have the necessary staff and expertise to sell the lender owned property in a timely manner.
Are you sure these are listings by this real estate office and not Multiple Listing Service (MLS) copies? Some agents take a look at the MLS after which they advertise several properties as their listings. Some companies do the same.
You need not contact the listing agent to find out about a property listed in the MLS. You may contact any real estate agent that has MLS access. They would be able to contact the listing agent about a time to see the property or request information of the property. Of course most would want you to be pre-approved/qualified and sign a contract for their services. This might be a turn off for some individuals for some reason.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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