All REO agents strive to close their sales in the most seamless manner possible, but sometimes even the best efforts can’t save a REO deal, where everything that can go wrong does. This month, we reached out to some REO veterans for their REO agents horror stories and listened in awe as they described how they handled some of the trickiest jobs around.
“One of my toughest REO sales was a rural property consisting of two acres and a land-locked house. Tax records show it was built in 2004, but it was actually built in the 80’s! The house was structurally unsound and needed to be torn down so it was priced at lot value. When it hit the market all buyers saw was two acres of land, a house built in 2004 (wrong!), and a $20,000 price tag and they came out of the woodwork! Since the property was land locked I put in Agent Remarks and Public Remarks that the property was not viewable, put yellow tape on the cattle bridge going to the property, and neighbors even put up temporary fencing. With all of this, buyers—and even agents—still trespassed. One of the neighbors was also a County Deputy Sherriff and made them leave. Some buyers got so angry they contacted the bank (the seller) and said that I was not doing my job correctly. Incredible! However, all’s well that ends well as one of the neighbors I contacted early on submitted a cash offer and the property was sold!”
“When listing a two family in Brooklyn my first challenge was keeping the property locked with investors running around with bolt cutters. I finally got an offer that was being considered from another broker. When I went to do my inspection, I drove up to see people taking pictures and then I noticed that the building was no longer boarded. I got out of my car and saw the guys from the block removing the boards—by this time I am completely out of my mind! Then I see the broker that made the offer and she says she authorized what was taking place and she was paying them and not to worry because she was selling the property that was causing me a headache. I cannot tell you what I said but it involved the police, my broker at the time, my asset manager, words that cannot be printed, and wrinkles in my face. I could not believe that she hired the very people that we were trying to keep out to open the building. I got the building closed but the broker did not make that sale.”
Tell your REO Horror Story in the comment section below.