I’ve got an offer out on a 4 plex for a couple I’m working with.
It’s a pretty amazing REO (bank-owned) property in Miracle Mile. Knowing that the list price was a bit low for the area, we offered $115,000 ABOVE list for the property. We also jumped through a series of increasingly annoying hoops set up by the broker, including, inter alia, writing a letter setting out the comps for the property and guaranteeing that we’d make up in cash for any shortfall caused by the property’s failure to appraise.
It’s been around 10 days since we put the offer in and we haven’t heard a word from the broker, despite following up 3-4 times by phone and email.
I know that REO brokers are busy people, because they have loads of listings to service and offers to review / counter / etc. But some of them manage to do a great job of communicating throughout the process. And, of course, some of them (like this guy) are pretty lousy. And because they do a lot of volume, the bad ones can manage to alienate a lot of people over time.
I wonder if, over the long term, alienating a lot of other brokers is bad for business?