Help..some REO Questions?
Ok..I am very new to this so hopefully somebody can clarify a few things for me. I am interested in purchasing (cash) for an reo property which is listed through an agent. The list price is 52.900, the property was trashed, no kitchen, no plumbling fixtures, Huge crackes/holes in cement, I could keep going but I wont. anyway property is assed at 43/ and 3 years ago a close relative sold it in mint condition for 47. I offered 18.000 cash agent gave me a target closing date said we should be able to close deal that week, then he never returned my call, When I called him back he said the bank flat out rejected offer didnt couter offer, and he would not give me the name of the bank he put offer through to he said it was confidential,I told him I wanted to see to because I hadnt actually seen it inside since my relative moved/I looked in windows when it was empty to see obvious damage, he would not come to the property to meet me , when I got there I called him and he gave me the combination to get in, then i got to see even more www.damage.I explained some comps in area that just sold for 25.000in better shape that were actually bigger ect/ So I made another offer for 20.000. which he was supposed to submit, a few days later he asked for proof of funds which he had not done with the 1st offer which leads me to belive he never submitted 1st offer. He claims the bank will sit on property for 3 years if necessary which will only make the condition worse. I contacted the divsion of wells fargo that handles reo's and I was told I had to deal with him but she did contact him and inform him of my concerns which did nothing. Does anyone have any suggestions on how I should handle this situation with this agent since I have tried unsucessfully to go around him. I dont know if he is working with someone else or not submitting offers he wont disclose any info about offer I did not even have to do it in writing he did a verbal offer because "he does not want to waste my time becuase the bank is just going to reject it anyway". really I know what shape this property was in 3 years ago and to see it now it is just a mess and so not anywhere worth paying 52.9 for. any responses would be greatly appreciated, thank you 
My Dear Sir, you are being shuffled and the reason can be many. The Broker hates you and your money. The Broker has another Client and you are just a no good person looking to get rich and make him look the fool.
I go to the Loss Mitigator and pour my problems on his back. Tell him you love the bank and are only trying to be helpful. You might look up the document that gave the bank title and that is usualy mailed to the banks place of business. that is where you will find the loss mitigator. I would take pictures and get lists of costs and also find your local Broker who does the Opinions of Property Value and have him do one as instructed. Bind all of these items into a pretty folder. Banks love pretty folders with pictures, graphs and weighty opinions from Brokers, Appraisers, Other Bankers and any other Pundit you may trip across. I take this document and place it on the desk of the Loss Mitigator. I may also sometimes give a copy to the Broker, but I hold on to it just let him look. No use supplying him with tools to help out another buyer.
Now is the moment to examine yourself. Are you presentable? Do people hate you on sight? Are you non conformist in any aspect? Do you way funny clothes when you visit your broker? Do you drive a Rolls? That really drives them crazy they hate you at once. Oh they will faun over you but deep down inside they hate you. Correct these items. You should speak nicely, hid your education. Try to adjust to the dialect of your broker. Whatever. I know you can do it.
Cheers Conforming Lucius.
Have you thought about getting yourself a realtor to deal with this realtor? Someone to look out for your best interest.
Yeah, I think Greg Maxwell is on the right track. The other thing that sometimes helps (but probably not if the bank is Wells Fargo is to go talk to the attny that handled the foreclosure. He has the ability to cut through the banks bureacracy better than you or the broker. Explain that you think you are being given the run-around by the broker and offer to toss him some legal work in the future if he can get you to the right people at the bank.
The great thing about getting yourself a buyers agent is that this other turkey has to pay for it via split commissions.
Hey,
I 100% understand your logic concerning your offer, but to go from $53k to $18k or $20k is a big drop in price. From the bank prospective, they have a number in a spreadsheet (at $53k) and you are offering less than 1/2 that number. They do not know the house or anything about it. They are just going to laugh.
How long has the house been on the market? I do NOT believe any bank will sit on it for 3 years, but if it has been on the market for less than 6 months, I would not expect that large a price drop.
Did you take pictures of the damage and provide estimates of the repairs with your offer? You have to get the bank to understand the problems with the house.