Hello everyone. I'm a realtor from chicago, just starting to work with REO's and foreclosure listings. i have a multipart question for u all to help me out with. but first off, thank u so much for all your posts, they really taught me alot. Here's my problem:

About 5 weeks ago, i was working with some very qualified clients and pulled a foreclosure listing off mls, listed by a certain brokerage. I got my clients in to see the property, and they wanted to make an offer. we wrote up an attractive offer, and i submitted it to the listing office as specified in the instructions. After 3 weeks of my broker and i calling them and trying to find out if the offer was accepted/countered/rejected, i never got a response. Every time i call the listing office to confront their broker about this, they say someone will call me back. I've heard before that foreclosure offers are slow, but nothing like this. It came to a point where i went to their office to confront them, and they had no answers for me as to what is happening to my offer or if it was submitted. so i resubmitted, and still nothing. its been 5 weeks now and nothing but same the run-around. my clients are upset at me now, and its making me go bald lol. So my questions are the following.

1) i've looked up in public records the bank that owns and is selling the foreclosed property. is there any way i can go about proposing the offer straight to them and getting this offer to get accepted/rejected? if so, who should i talk to?

2) The listing office has an exclusive right to sell contract, and are getting 6%, giving 3% cc. I strongly feel they are in breach of contract with the bank by not submitting my offer and blowing off a ready-willing-and able buyer. Do listing agreements with banks work the same as with normal residential listings? in other words, can a bank cancel the listing agreement with the current listing office any time it wants, or do they sign for lets say 90 days? the reason i ask is because I have no problem with getting 3%..its a nice chunk but the listing office isn't doing crap here, and are potentially causing me to lose these clients for good. is there any way i can get my own listing agreement with the bank and get the full 6% since their current listing office is in breach, therefore grounds for cancelling their contract? i know this may sound like a wierd question, but i hate to see people in this business that do crap like this and still get paid pretty much doing nothing.

Basically my intensions here are to get in touch with the bank, tell them the situation, show them proof of what has been happening with their current listing office, get them to cancel their listing agreement with them, and have them pay me the full commission if they accept my offer. Trust me, i'm a very honest and respectful realtor. i respect all other agents and brokerages that i ever work with. but here in this case, i have no respect for this listing office, and i'll do what it takes to see that they don't earn a dime from this transaction. (I am also reporting this agency to the Association of realtors if u were wondering) So i'm hoping and praying that all of you more experienced agents can help me out here, and give me the best advice with what i should do in this situation. Thank you.

While the broker sounds like they may be failing their duties as REALTORS, if you interfere with their contract for representation, you will likely see yourself brought up on ethics charges as well! You cannot interfere with a contractual relationship.

If you are certain that the agent is not submitting the offer, then you could contact the bank and ask to speak to their "loss mitigation department" or "REO department" to get the offer submitted, but you may have to argue that the agent "abandoned" the client if you are brought to an ethics hearing.

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Aaron

Minneapolis Real Estate | Twin Cities Real Estate | Edina Realty Agent

Dealing with REO's can be frustrating. It's really up to your buyer. Is he willing to wait indefinetly for a reply? If so, set back and enjoy the ride. If not, cancel the contract and move him into something else.

If you feel your offer is not being submitted ask the listing broker if you can present your offer directly to the seller i.e. verbally (conference call with all parties), face to face, fax or email. Good luck!

does the bank own the house.. ? if it is not a completed forclosure the owner still has right to the home, contact the nbank and find the attorney of record.. look at the local court house to see the status o fthe date of recording. turn the broker of the office into the commissioner for neglection to accept an offer that was publizied.. send me email ill tell you more,