Buying a Westland foreclosure or Metro Detroit foreclosure

When buying a Westland foreclosure or Metro Detroit foreclosure sometimes the process can be very frustrating.  Why you say?  The reason is REO agents.  REO agents are the agents that list foreclosures.  They operate totally different than most real estate agents.

Some of the problems originate with dealing with a bank.  You have to realize that banks only operate between 9 and 5 Monday and Friday.  So nothing happens during the off hours and days.  It’s not like usual real estate negotiations that sometimes happen on the weekends or late at night.  Bank negotiations take longer usually.

But the one of the biggest issues many buyers have is that they look at homes only to find out they are sold.  So many Metro Detroit home buyers get extremely frustrated by this.

This is what happens when you send your Metro Detroit real estate agent the homes.

  1. Your agent calls to set up the listing.
  2. Your agent tries to ask the foreclosure listing agent if the property is still available
  3. The agent either doesn’t take the call, or doesn’t return your call
  4. The front desk doesn’t know
  5. So your agent sets up the showings
  6. You go out and love the house
  7. You fill out the paperwork
  8. Only to find out from your agent that the house is now sold

WHAT????? You say.  Why was your agent so lazy, so dumb?  Why did they waste your time?

They didn’t do it on purpose.  You see there is a lag time between when a listing agent gets the offer and a bank accepts it.  I have had an offer in on a foreclosure for 4 days now.  If somebody looks at the house today or tomorrow, the bank may accept our offer tomorrow.  Then those buyers that just looked at the house will be disappointed. They might even be slightly upset with their agent.

You see the house was available when the agent called to set up the showing.  The bank had not made a decision, or the listing agent had not posted that it was sold yet.  So don’t be mad at your agent, it was the bank’s or listing agents fault.  It’s just part of looking at foreclosures.

Like I said before most foreclosure listing agents aren’t readily available.  They usually are really busy and don’t take calls or return calls quickly.  Our best line of communication is with their assistants and many times they only respond to emails.

So if this happens to you with me….I’m not trying to waste our time.  My goal is to find you a house but sometimes getting a definite answer whether the house is still available is tough.

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My thought of the day from Budda is:

However many holy words you read, however many you speak, what good will they do you if you do not act on upon them?