Failed REO

[RealtorKenneth]

I had an REO listing for IAS back at the beginning of the year and they only gave me 3 months. I had many showings for it but I couldn't get any offers.

When called for feedback every agent said it was because of the water damage in the basement, and some possible foundation issues.

They moved the listing along to another agent, and it is under pending right now as it has been for a few weeks, and they dropped the price several times around 20 thousand less than what I had originally listed it for.

I've sold REO listings before but this was my first listing with this company and I am a little disappointed because if I would have been offered more livable house it would have changed things.

On the expiration letter I got it said that this would not have a negative effect on my account or hurt any future opportunities for me getting listings...

I just hope that is true.

[REO4freedom]

I had a REO listing with ResCap and is needed some of work. We had offers but they fell through due to loan issues on the buyers part. The listing expired after 83 days. They re-assigned it, remodeled the interior and painted the exterior and it was in contract in within 10 days. I have not gotten another listing from them again. Oh well!

[REOagent]

I guess sometimes it pays to be the second agent on their list. Thats when they usually fix the property of drop the price.

[GEORGIAKW]

Did you do your own BPO on the property before you accepted the listing? If you thought the property was overpirced in an as-is condition you should have communicated that fact with the asset manager and supported it with documentation. You might have saved the sale for yourself.