How to Buy a Bank-Owned Home

[DavisHusbandsVids]

So true

[melissameers1]

cool

[OnlineForeclosureTV]

- I had this problem with every Fannie Mae house! Every offer was not high enough...the addendum is so long!

I think the banks think the houses are worth gold...keep looking and make more offers, use the inspection clause if you need to get out of the contract - if your first choice house accepts your offer...SingleMomBuysHome com

[hbloch1]

Funny Video Must See!

YouTube:

Looking For Schmucks

[CoolsJeff]

Awesome...too funny, probably because I just bight a house, and what a pain in the butt is was.

[OrlandoJonS]

That's Great!

[SterlingChaseRealty]

This video is on the money!

[us2insanmarcos]

I'm a buyer's agent and this pretty much summarizes the attitude of many REO agents. It takes days if not a week to get a return call, they never even acknowledge that they received your offer. It's a joke.

[thehotmama145]

how true - totally and sadly true - it is!

[unlockwii1]

buy and get discounts coupon and free shipping

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[BankOwnedProperty]

oh this isn't my normal youtube ID...I forgot I even set this up..hah..yes I do work in the business obviously.

[BankOwnedProperty]

Some people just base their offer on the list price, and not on market research. If it is priced $40K too high then putting an offer in 20K below, you are overpaying by $20K, if it is priced $40K too low, then putting an offer in $20K above list, you are getting a deal. Also if a property is not move in ready, then it'll likely sell for cash, or rehab loan only, because it won't qualify for financing.

[BankOwnedProperty]

funny, but not totally true..sometimes properties will be underpriced, sometimes overpriced, key is to work with a buyer's agent that is on your side and can do the proper market research to give you a good idea of what it will actually take to win the offer.  You are competing with others who do that, so if you don't do that you will likely lose, possibly overpay.

[Benatalpha]

I love this video, this a very good characture of the all cash investing world.

I would challenge this agent to make another one this good, maybe with a "green" rehabber...

[jotacril]

can robots make love?

the answer is here:

watch?v=sKrai1dQmgw

[mytube2u]

In the last 6 months I have put in about 18 offers on bank owned homes, I have offered the banks there asking price, and everyone of them came back saying a offer came in before me, some of the homes have been on the market for over a year, some 15 days, and others 180 days, I think the banks are just playing,

[moviefan7X5]

@mytube2u Same here...lol

[MizzezJaxon]

Poor guy.

[sandic6]

Same here

[Jets0111]

This is a self-serving video which does have a basis in fact for most agents, The truth is that a few people have learned the system and know how to play it. These peole then are perceived as ones who makes the lenders' jobs easier, so they get calls on more deals. Buyers need to find CDPE certified agents who are trained to go through the process. Too many properties are being listed by agents claiming to be "specialists" and they do not even know who the lender is!

[UNG8INSIDEWATCH]

This is the truth, I know this agent. He has made millions in the last year and a half. He is a machine processing cash only offers from a list of investors as long as the Rio Grande. I know another who has 1.2 billion in investor money (2 investors) with orders to buy hundreds of homes in bulk if possible. The listing prices are just plain ink. In fact in So.Cal they have dropped that rouge since there are no homes available to real people who really want a home. I am in a related business.

[firefighter4261]

LOL bid 20000 over on 4 homes and they all sold cash to investors!

[avosky]

Buyers who think they can simply get their offer accepted by offering the full price listed on MLS is stuck in 2008. Sadly, many buyers think it's a buyer's market when the market is not in their favor at all! Work with a buyer's agent who is willing to work hard for you is definitely the key!

[ronbellrealtor]

It is an absolute mess how these homes can be sold with no regard to ethics or the laws. Why on earth the banks dump 100s of listings on overworked agents who just stumbled upon them because they did some BPOs for them is beyond me. The irony is that us taxpayers bailed these banks out that are not diversifying and driving down prices and the tax base.

[tophercub]

I'd start naming names and pointing fingers. But that would be a violation of my REALTOR Code of Ethics. Most short sales prices are being thrown out there just to see if they'd stick. I saw a property listed on the MLS for $1 and called the agent on it. He said that the price was only to spark interest.

[monicabeach]

Way too ttrue life. Scary and sad.

[scooter61508]

Sounds like the majority of REO properties in the greater Phoenix area. Yesterday I visited a listing on the first day and the line of prospective buyers with agent was in place when I arrived and there were others waiting as we exited. Then my buyer suggested he would be willing to make an offer at 20% under list!!!

[L0WPR0]

ha<ha any one trying to buy a home in these times knows how tru this video is FHA,VA good luck and what the hell every REO u need to cross qual....highest and best!!!! get the hell out of here with that sh!t

[Luxusfrau]

This is so true! Great video! Now I can laugh about it, because I just closed on a bank-owned property. That's exactly how the procedure is. Scary!!!

[sutoritoenzeru]

This is so true from stories my sister tells me from the REO office she works in.

[shweamel]

Well its not just REO's. Im seeing multiple offers on all my short sales here in CA.

[talli2009]

Ha ha! This is soooo true in the Atlanta area especially the "arrogant" part. Has anybody sent this to freddie and Fannie?

[surrealistorg]

I am a Realtor in the State of Arizona. Sadly, this rings true for me and most of the other agents I have talked to lately.

[TTaco4321]

I hope this is not true, I just found a REO..lol

[hperry69]

This video is so so funny and true here in the LA area

[loanbarron]

This was so smart...and unfortunately not too far off from the truth....crazy times.

[santrackjuggalo]

Wow how true, out here in Fontana we called another agent and they had 74 offers, thats crazy. lol funny as hell though.

[Oceanpacifica1968]

VERY true... so true it really is scary. (And these stupid banks want bailouts!)

[msilverman939]

Another Great Video Kris!

[sdzlynch]

So sad but true!

[sueshome1]

WOW, This is awesome and it is SO TRUE!!!

[wendelltu]

Check out the reply video called How to list a bank owned home

[sadielongbeach]

this is so dead on it's scary...

[sfmike144]

Fabulous!

I've always thought while dialing out of my area code I may as well be dialing off the planet for an answer to a property down the street...

This was brilliant and captures much of the frustration we've all experienced in REO's and Shortie's. (Short Sales.)

[aubreekerrouch]

That is so funny. I am sending this all of my REO agent friends. And buyer agent friends. It's not always like this, but good gosh, tell me who it hasn't happened to?

[egginanest]

"You've been rejected like a bad kidney"

ROTFLMAO

For those Realtors out there who haven't figured this mess out yet, you need to watch "Burning Down the House". Find it.

[mattiekaylyn]

Tommbstone,

I couldn't have said it any better! Let me guess... you work hard, apply sales skills, control your client & guide them properly as to how much to offer, follow-up & schmooze appropriately, CLOSE YOUR DEALS PROFESSIONALLY & ON TIME. Gee, who would want to work with you? :-) We can only hope that these whinny, lazy turds get flushed out of the business.

[UNG8INSIDEWATCH]

You arrogant, snide, b---ch. You are obviously one of the preffered agents who has (somehow worked? gag!) her way into the good graces of an asset manager or six. I know so many diligent good agents who work thier a-s off and get nowhere while things like you have an inside track and get everything through. Don't get on here acting like you're superior, you're an as-. Sorry for the cursing everyone but this is the blue robot in the flesh. All of us who are in lending know what she is. Sickening

[sandic6]

I Agree

[tommbstone]

Why don't you lazy agents stop crying and learn how to submit offers on your REO's

I have no problems getting mine accepted, or response from the listing agent or his staff. Stop acting like your entitled to get your's accepted and learn the process,who the escrow coordinators are or the negation person who submits your offer to the bank. Learn from the REO staff so you have the upper edge. Don't submit BS offers hoping to lock it under contract! REO agents are wise and will black ball you.

[tjmagee]

This is so true. Hilarious!

[barbecue1mia]

This is sad but true i keep hoping that reo's improve in the way they handle the homes & offers they get. Their is a family behind each offer we submit to them.

[jessthehorse]

The government, the bank bail out and the obscene disinformation coming from the DRE is reprehensible. The reality is they are sqeezing appraisers and brokers out of the market and manipulating what is left of a market. This is one Obama now - the time to make reform demands of thise co**suckers who keep handing out more of our great grandchildren's money in bonuses than they earn, was BEFORE they got the fuggin money. May Obama, GEITHNER and our entire banking system ROT IN HELL!

[cowgill2]

As an REO agent, this blew my mind away at how true to REO life this is. I think this person should make another video show casing how bad buyers can be. I have had buyers agents threaten me by saying they are 'tossing the offer in the trash right now!' because they could not find the Metrolist lock box, that was on the front door nob.....

[mattiekaylyn]

PS to "TheOCNative" below

Service levels for REO agents today consist of supplying the asset management firms with pointless reports within strict timelines - any monkey can do that. Banks hire agents to... believe it or not, SELL the properties for the highest price possible thereby mitigating the loss (gee, what a concept). That requires service & applied sales skills. Look in the mirror and see if you actually qualify to do the job before commenting like another entitled moron.

[mattiekaylyn]

This is so right on the money regarding how REO agents are today! I was a listing REO for 10 years in the 90's, sold plenty of properties & can tell you that if you treated buyers & other agents like this, you would have been fired pure & simple. Servicing the buyers & agents was demanded as well as possessing that four letter word... skill. I speak to many "mega" REO agents today and the quality & experience level is absolutely shocking! Many are clueless. It's another decade in real estate.

[Jgodd13]

Haha, do you really want to know how list prices are derived? They come from values based off of Indian Analsyts who review the market analysis/appraisal and determine some sort of arbitrary value, they can't even tell a good BPO from a bad BPO and don't investigate large discrepancies in values. But hey, it saves the servicer money to use Indian's in determining values and marketing REO properties, even though 1 bad value could potentially cost the investor tens if not hundreds of thousands$

[marimelon75]

This video is an amazing and sad reflection of what is happening to first time buyers. We have recently went through the same process and had to deal with the seller's arrogance and rudeness. We were very naive and polite and they could not care less. I hope they don't complaint when the market changes again and they are out of jobs.

[qmiler88]

FHA is the New SubPrime Lender. Responsible Tax payers like myself will once again bail out tens of thousands of irresponsible borrowrs with defaulted FHA loans. Mark my words and watch what happens in the next 2 years. The government will do whatever it takes to keep prices artificially high. Banks control inventory and only trust dead investors are getting the real deals. First time buyers are getting caught up in the bidding wars that force a home price above what it really is worth....

[Grimey090]

Ha. This sums up my day to day conversations with reo agents in Vegas very well.

[sswanjam]

having said all this, I know many very good REO agents who work hard to provide excellent feedback and service to the real estate community and to the general public. However, banks have not been very good at choosing good representatives.

[CentralOhioHomes]

Nice work! Buyers (and uneducated buyers agents) can get frustrated, since they don't understand the process that is involved.

On the other side, buyers and "regular" agents haven't had to field call after call of buyers and "investors" that will call and ask if the bank will take 50% of the list price after the home has been on the market for 2 days... "But I just went to an real estate seminar last weekend, and the speaker said that the banks are giving homes away right now..."

[sped40lan]

I can't believe I just wasted 3:29 of my life this way. Realtors really are Retards. Get a job, leeches of productive society!

[FlippingHomes]

Dude, that's just freaking hilarious! And so, so true for today's market!

...jp

[lajoyfa]

Wow! This is such an exact articulation of our market right now!

[Nanzie1959]

LoL... If this isn't the most accurate account of the way things are nowadays, LMAO! I've got to send this link to my FHA buyers, hahaha!

[yamilaayad]

Right on target, In the San Diego Area this is the new obstacle for first time home buyers. As a Mortgage Broker , we have over 120 families approved for an FHA loan,offers are disregarded and sometimes ignored! Cash buyers are kings and we are in the process of creating neighborhoods full of renters . Assett Managers are creating "Pottersville" !!

Yamila M. Ayad , Mtg Broker,Mission Home Loans

[TheFazBomb]

REOs that go on the MLS with pending status need to be reported to your local association. In Fresno we have 5 days from list date to publish a property on the MLS...find out your local guidelines and report, report, report!

[StarMakersJM]

Property are sold even before the agent put them on the MLS. Some of the REO property goes on the MLS with PENDING status. WHO ARE WE KIDDING?

[alozano57]

Pretty good, truthfull video. the problem in my area at southern California is similar to this story plus the time is expiring for the $ 8,000 from IRS.

Alvaro Lozano Realtor®, please go to my website, same full name. Thanks

[dreamloan]

Why I have been working with short sales and advise my buyers to wait them out. legally once a seller in a short sale accept (signs a buyers offer) the MLS requires the status to go to backup or pending, most agents leave them Active the full duration.

[glfg13]

No multiple offers because they are overpriced?

[alexismcgee]

this is so right on!

[charmagnechapp]

This video is the abosolute truth! The first time home buyers cannot get the help they need to purchase an affordable home. The listings are sold to investors that have cash. The rich get richer and the poor get poorer! There should be something done about this scam, but when they figure it out the foreclosures will be sold and the first time home buyer is without a home!

[Starwar1970]

I can't talk to bank. Reality estate don't care about me but collected all offer from people.

Wow! Reality estate did not help me to get house for three times.

[maziebird]

I've been very actively searching in the East Bay Area (SF Bay Area) for 5 months (using an agent), have looked at over 100 houses and put in many offers. This video is spot on. Houses are selling for 25% over asking price and are receiving 50+ offers. At least this provided some humor to the situation!

[vickycurran]

This is great!

[obramona]

I work for one of the biggest bank owned companies (but we do have a very nice receptionist who answers every single call) and it does get a little crazy! I am working with several buyers who have those exact same experiences while trying to puchase entry level homes. It is a TOUGH market out there for all those first time FHA/VA buyers. All we can do is keep trying our best! This video was absolutely hilarious-and oh so sadly full of the truth of this market!

[golfnutt555]

OMG, I'm pretty sure I did a deal with that agent just a few months ago. She looked much better on her business card from 1992! Time has not been good to her!

[kbbuslaw]

I'm a buyer of a foreclosure and my experience was not quite this bad, but it's a great video.

[somerset1971]

This is funny and oh soooo true! I'm on the other side though now as an REO Realtor with over 50 listings, half are REO properties. When we get 12 offers or more on the same house its absolutely overwhelming but the hoops that the banks make these poor buyers go through is unbelievable. I hope this video doesn't give the banks anymore ideas for new addenda!

[jovigirl1970]

It's not the Realtors that come up with these rules but the banks that have all the ridiculous addendums and if you don't use the one they want you to then yes, you are screwed. Unfortunately the agents are caught in the middle and are the ones that get yelled at. I wish we could do something about the banks. They must not really want to sell so badly.

[perfessorsudderd]

Ha! Like the animation, too! What did you use?

[welovespace1]

How about getting a buyer's agent and quiet wasting your time driving around calling on signs. There are lot's of agents out there that would like work. Not listing agents fault you fail to go through correct steps. Thats what buyers agents are for, to show you the way.

[Migslayer101]

LOL MULE TRAIN

[gqnkill]

TOO FUNNY! That little robot is me right now, trying to buy a home. Everything you said is true....sad....and hilarious.

[bench43]

You guys all just need a great buyer's agent.

[jazzfancier]

Great Video! To think we as taxpayers have had to support these stinkin' 'professionals' and the real estate industry and its various tentacles. And it still goes on, with our bailout money!! Outrageous. I can laugh, not being in the market for a home. I feel so sorry for people going through this.

[skatexandxannoy]

It is only funny because it is true!!!! Hey YOU Banks... are you watching... this is what is really happening.... Hellooo... does anyone care... is anyone out there???... They must be busy, busy, busy..

[shawnskor]

So true! Love it

[mpgtoyou]

Really funny and so close to the truth. mpg

[Rerecros9]

I can't believe you recorded my last phone conversation.

[nik9111]

So funny with a definite ring of truth. Even more difficult is trying to buy a foreclosure through HUD-they are totally non-human.

[L0WPR0]

CASH,CONVENTIONAL,FHA,VA thats the order! I know im that robot (the one still putting N offer)

@(^_^)@

[deanlong951]

funny

[hazbutler]

kennedy wilson

[deanlong951]

funny and true to form

[MsBOMBDOG1]

Wow... Going on a year now that I have been looking for a house and 22 offers later, I still don't have a house! I can totally relate to this video!

[TheRealtorKevin]

I actually closed a short sale recently for a VA buyer and managed to do it in only five months. This video is causing me to have flashbacks already.

[2187azpp]

This is hilarious. Sad but so true. Exactly how I am feeling. I can't count how many offers I have written in this past week for my FHA Bueyrs.

[PDimacali]

Busting a gut, but crying instead of laughing. The truth hurts! I'm a buyer's agent, and have written so many offers on behalf of my buyers. And we have run into all these challenges, including the "wet" signatures.

[peenzajan]

VA Buyers are even lower on the totem pole...the only chance they have to buy a home today is go to new construction.

[C21agent1]

deg007 , fyi this you tube vidio represents (some)REO listing agents not buyers agents,

As a buyers agent I feel your pain, as I work extreamly hard and then get treated by the REO listing agent like this poor buyer in the vidio.

[OnceAJumbuck]

Oh how I can relate to this - if it wasn't so true and so honest I would share this with my FHA clients! Being the buyers agent in this market dealing with these types of 'sellers agents' is horrid! It's actually hard for me to laugh at this because it is so true! Game over!

[chaylatenee]

As a buyers agent this was the perfect way to end a Friday! After quite a few rejected offers and dozens of non returned phone calls. This was hilarious!

[MarieFlaherty]

The best - Great representation of how a buyer really feels when submitting an offer to an REO agent -BUSY, BUSY, BUSY!!!

[hrcentury21]

This is so true!!!!!!!!!!!

[453NBW]

This is one of my all time favorite videos. I can't express how appropriate it is to our daily real estate negotiations. Super!

[24EDrummer]

Enough! I just peed my pants...Hilarious! Brilliant! Not totally true but pretty damn close! Gotta go change my underwear...

Havnt laughed that hard in YEARS!

[deg007]

You arrogant Realtors, and you know who you are, this is YOU. You really suck. People don't like you, and talk about you behind your back. You are controlling and hollow in your soul, and use real estate as a petty power play. Sad. Grow up, and learn courtesy.

[TheOCNative]

There are definitely those Realtors among our ranks who need to learn courtesy (and I'll include myself in this group at times), just as there are those in the general public in the same position. Given your anger and comments, you might want to look in the mirror.

[378ironworker]

Lol..... sad but true... made my day

JSNWRIGHT2 Thats whats up :-) ur soo right

[buxtahooty]

UFB...and totally accurate (I'm the blue robot).

[kf4118]

As a real estate agent, I have to say I laughed through the entire thing. Very funny, and very true, unfortunately.

[JUSTCALLJULIE]

THAT IS AWESOME!

[DeezMoments]

As a recent buyer of an REO, I definitely feel the robotic buyers pain!

[lvhomesales]

LMFAO ! Sad to say we(agents) are all guilty of this in one form or the other. With in the jokes, lies the truth. Funny though none the less.

[mbelmer]

Thanks for the laugh. True and funny!

[TheGuardianAgent]

I would laugh it weren't so true.

[hopegeyer]

OMG

[jsnwright2]

How true it is! If you are in in the real estate biz and can't laugh at this, find a new career. This is a breath of fresh air

[zipwest]

Well done Kris. Tell Brad to post on IN!

[OCRealEstateVoice]

OMG! Hilarious and right on target. Will post on my blog with a link to you! Amazing and so well done!!!

[micheler96]

OMG!!! No Joke. =0) This is funny, but I know that this is how things happen. I love it. Maybe every FHA/VA Buyer needs to see this to get their expectations more in line w/ reality? Enjoy

[ToddPicconi]

Thanks for the laugh!!

[2patrick3]

Awesome !

[NoBalogne]

wow

[LauraRubinchuk]

This is really funny. Good job!! To buy an REO, you must keep somewhat of a sense of humor :)

[randybragdon]

It's amazing.... share with all your RE friends..."We hate Veterans too"...

[cwstetson]

THIS IS THE TRUEST TRUEST absolutely sadest and accurate REO SHORT SALE satire EVER! IF YOU ARE A BUYER OR AN AGENT in the current market, you know this was written and created by a frustrated person who has actually TRIED to buy a home before the governments first time home buyer credit due date expires in 5 minutes. CRUD, I would be laughing if I weren't crying so hard!