I know a broker who has taken on over one hundred listings - all foreclosures.  My concern is this... he cannot possibly represent these sellers (banks) with the level of service each and every one of them deserves.

Yes, I know - they're banks, but they are also clients.  At least four agents in my office (myself included) have driven buyers to one of this agent's listings only to find that he did not put the required MLS lockbox on the property, but rather he used some other box with a note to 'call his office' for the code.  Upon calling the office, either there has been no answer or the wrong codes were given.  Additionally, there is no way to obtain information from him or his office about condo fees, association dues, etc.  This makes all of us look a bit foolish!

When I asked him about this, he asked me to move my license over to his brokerage and promised to give me 20 instant listings!  Frankly, I don't think it's ethical to take on more than one can handle.  He's a really nice guy and I sincerely wish the best for him, but I'm concerned about how this makes our industry look to banks and to individual clients.

Thoughts anyone?

We have one around here too.

Problem is that they been in this kind of biz for long time and banks have no clue what is happening around once listing is given to them.

I myself handled many REO properties around here but i am not doing even 1% what this guy is doing.

By not letting you in on time they are buyinmg some time for themselfs as banks will take first good offer which comes their way.

Lock box are common problems with them too,but then it is going to be least of your problem  once you submit offer to them . They always find way to get one higher than yours as they control it.

Banks either know or not but do not care as they are looking for offer,best and highest.

Ii will tell you on a secret as far as lock box and keys: Just take one key from any home they are selling and that key will open any of doors on homes they are selling..

I hope there are some Asset Managers out there who have feelings for you ,me and rest of REO world and send one or  two our way.

Just keep signing up with as many companies as possible ,and someday you might get some of those listings..

--------------------------------------------------------------
NY REO Properties Are My Specialty!

This to me is a bit funny, but I have come across the same thing.  Ethical ? Banks only hire those that have had experiense with the REOs and most are the same. No returned calls, etc.

 I don't know if this is or not ethical but I do believe that event though I do not represent the sellers or banks, when the the selling agent does not return calls after 2 days and I have a ready and willing buyer, I  feel that I have the best interest of my buyers and that to me makes it very ethical,  when I pick up the phone and call the seller direct and ask them to have their agent call me asap I need to submit an offer to them.    And guess what?    yea I get a call.

I would like some REO's and would like to have some of those banks know just how business is done right.  As far as having 100 REO listings it can be done, with a good team beind you and not hog everything  up yourself. Being too greedy some times works against you.