Agent FAQS: How do the banks do business?

Can I sell the property before you list it?

Just so you understand, none of the banks accept bids on properties until they are listed for sale in the local MLS by a real estate agent.  The bank has to actually set a list price for the property, and the new listing must show up in the MLS system before the bank will accept an offer.  So that means that the bank won't accept offers on any of the homes until the home appears in the MLS and is listed for sale.  Some banks wait until the property has been listed in the MLS for 14 days before they will entertain offers.

How much will the bank list property for?

We actually don't know what price the bank will list the property for until they tell us.  Sometimes the list price comes in significantly higher or much lower than we anticipated.  Since the bank usually orders at least two appraisals on most REO properties, the price may actually change up or down during the first week as well.

How much will the bank accept for the property?

Well, the bank almost never takes an offer that is more than 10% below list price during the first month, so don't expect to get a half price bid accepted on the second day the home is listed.  The bank obviously wants to sell the REO property, but they will not give it away.  Over time, the bank position on an acceptable sale price may change. 

How long until to bank responds to my offer?

Most of the time, we can get an answer from the bank the same day, occasionally, if the banks web portals are down or if the bank contact is out of the office for an extended period, it may take a week or more.  If the sale involves an auction company, or if the bank is in a negative proceeds position, you could be looking at two to three weeks for the appropriate parties to sign off or authorize the sale.

Our promise to agents...

Because we realize the time and effort you put in to showing or properties and getting a buyer on paper.  Once you submit an offer to us, our team goes to work immediately to get your offer over to the bank and get you a response.  In fact, we have a full time team member dedicated solely to assisting co-op agents. If you run into any difficulties showing one of our properties or writing an offer, contact Ann Lako at 313-277-6453 ext 312.  No other team works as hard as we do to cooperate on a sale.

I'll stake my reputation on that.