Bank Owned REO

Bank Owned REO

Today was the 3rd time that a leading Asset Management company sent us to our REO listing to confirm that Trash Service! And like the previous 2 times, there is NO trace of any work being done!  And since there is no one accountable in the food chain, these delays and costs are adding up! Asset Management company claims can NOT do anything since the task has been assigned to the pre-selected, pre-approved vendor by the bank who owns the Asset.  

And they are also NOT allowed to approve a new vendor to do this task since they fear the bank will NOT reimburse the charges.  So, this is a pure case of a the Tail Wagging the dog since if this was up to us we would have sold this property more than 3 weeks ago since the trash out would have been done in 2 days.  

But perhaps we have no one but ourselves to blame to allow the Banks and Asset Management companies to completely reduce us to gophers! This is akin to what the HMOs  have done to the delivery of the Health Care where the doctors and medical professional are hostage to the insurance companies and their middle men.     There are bounty of other examples on how the banks are holding the Real Estate industry hostage from controlling and dictating fees, commission to valuations.   One of the biggest challenges for Short Sales these days is the un-predictable valuations since Short Sale Listing Agents are unable to predict the value that a bank will assign to a property as part of a negotiations.   

As you are aware, banks use Broker Price Opinions (BPO), not formal appraisals to determine value.  And often times the Broker/Agent sent to complete a BPO order is not from the immediate area and they are unaware of the local market dynamics.   So, they typically over-price the property which creates challenges to marketing a Short Sale property.  

If you would like any help with your dysfunctional relationship with your bank or don’t want to talk to them anymore Contact Us since we speak their language.

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