Most Multiple Listing Services (MLS) we all use across the country has a section only visible to Realtors for the listing agent to make comments about the property and in some instances you will see terms to present offers. With all the Real Estate Owned (REO) properties on the market at this time many agents and buyers are becoming frustrated with the Banks and the REO agents when trying to get offers accepted and many accusations have been made that things are not being done in a fair and ethical manner but some of the frustration can be overcome by simply reading the comments section on the MLS.
Recently I listed a REO property in Murrieta Ca. and Immediately the property was input into the MLS with instructions on presenting offers stating: When sending offers send only the 8 page Purchase Contract, Agency Disclosure, Pre-Qual Letter, Copy of Deposit Check at this time. The reason for this is in California by the time we add all the disclosures required to use it adds up to 30 plus pages and the banks will sign off on the state required disclosures with the accepted offer but they are not needed at the time the offer is presented. When the instructions are followed the initial offer will only be 12 pages including the cover page.
We received 5 offers on the property in Murrieta as it was priced to sell but the frustrating thing is 4 of the agents ignored the comments section and each sent in excess of 30 pages to us to sort thru so we could then upload the offers into the computer and send them to the bank. That is a total of 138 pages when all we needed was 12 pages with each offer for a total of 60 pages.
We all get frustrated in this market but sometimes it can be avoided by simple things like reading the agent comments section on the MLS.
Cameron, don't you just love tha stack of paper we have to complete here in our beautiful Golden State? I always hold the area/statutory disclosures until the offer is accepted. It is way to much paper that is not necessary at that point -- even though it is wise to have it completed.
There is other info in that space that is vital to showings, contacts, seller situation. I wish everyone would read it!
I agree that agents need to read the comments section, but it is really frustrating dealing with these REO's and many of the agents who handle them. It seems that many times state laws are ignored simply because it's a bank that is the seller.
Bob Mitchell
ValueList Real Estate Services, Inc.
30 pages on an offer??? WOW!
All the foreclosure folks are different and I assume agents don't read but assume they also would rather have too much rather than too little. I think some of them don't even know there IS an agent remark section. lol
... and every day it seems that &^%$ stack of papers keeps growing and growing and growing. It sure would be nice if folks followed directions but I just about gave up on that years ago. Folks don't read... some I not sure ever knew how to!
ELAINE, Save a tree in California? I send the offers the same way you do and I have the buyer sign all of it at the beginning and hold onto the rest untill it's accepted.
Cameron, It just amazes me that agents will submit an offer without ever having read the COMPLETE listing in the MLS. The info we place in the MLS is there for a reason. No matter how much I try to make other's jobs easier it only works if they read the comments. It's frustrating indeed!!!
BOB, It can be frustrating dealing with some agents and not just REO agents but when an offer comes in following the guidelines it makes it easier for everyone. As far as state laws the banks I work for have no problem signing state required disclosures but they are exempt from some of them.
Remember you are dealing with an institution and some agents do not understand how much work is required from the listing agents by the banks and in some cases for less commission than the selling agent.
JOAN, 30+ pages with all the disclosures and every year more are added so in sue happy California the trees are sacrificed to make paper.
BARBARA, You know what they say about Assuming. LOL
JESSE, Some things will never change and some people refuse to cooperate.
BROKER B, Preach on the choir is listening.
Cameron...that is the biggest pet peeve I have in this industry, agents that can't follow directions or ones that call instead of reading all the material so they know what to do.
WILLIAM, And then they get mad at you for pointing out the info is in the MLS.
I always read the comment section for instructions, and if I like the other agent, I follow them.