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Bel Air, MD REO Market Report?

Is there a rule that I don't know about regarding marketing REOs? inquiring minds want to know

The dreaded 'no photo available' icon seen on many REOs. I have not seen one REO marketed with a virtual tour.

I have yet to see more than 1 photo on an REO in the MLS.

Many REOs have no picture in the MLS at all.

Many REOs have little more in the comments field than "bank-owned" or something to that effect.

I can't remember the last time I saw a complete listing in the MLS. Many REOs have no rooms at all and/or no heating/air systems if you rely on the info (or lack thereof) provided in the MLS by the listing agent.

Is this some unwritten rule of marketing REOs that I know nothing about? If so, please school me.

Perhaps the listing agents of these foreclosed properties feel that there is no need to spend marketing dollars, time, or effort since they know they're going to get the listing regardless. They appear pretty confident in the gravy deal they have in place with the banks' asset managers.

Maybe the bank spells out very clearly in their paperwork to the listing agent that there will be absolutely no more than 1 photo used in marketing of the property (and preferably no photos at all...)?

Could it be that it's extremely difficult to take a photo of a listing you haven't ever physically set foot in. Interesting factoid: none of the listing agents of the REOs my buyers bought this year had ever even seen the properties in person.

I understand that buying a bank-owned/REO/Foreclosure properties is strictly an AS IS-WHERE IS type of deal, but, dang...

I'm just wondering why the listing agents don't seem to be concerned with doing whatever is needed to actually SELL the listing?

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Lanette Branch, RE/MAX 1st Advantage Realty - Bel Air

Posted by Lanette Branch, - Bel Air, MD REALTOR on 10/05/2008 05:14 PM

Comments (3)

REO in the Home Buying Channel

belair market, harford county, lanette branch, homes belair, 21014, 21015, buy in belair, bank owned, sell in belair, reo, foreclosure

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3 Comments on Bel Air, MD REO Market Report?

You can find REO's with multiple photos in my area. Usually they are the cream of the crop REO's and not the trashed ones that are prevalent in the market.

10/05/2008 07:14 PM

by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World)

This IS a problem. I think the listing agents need to insist on getting paid more $ for listing and selling these properties and then treat them like any other listing. I know the ones I've listed the bank made me pay out the $ for utilities, cleaning, lawn, pool care, etc (eventually reimbursed) but then they wanted to give me 2% and for me to give them back 20-30% of that - it is CRAZY. I am a fan of multiple photos and true information so mine included that but when I look back - its like "was that worth the pay day?" Not so much.....

10/05/2008 07:16 PM

by Cape Coral Real Estate Broker | Susan Milner | Florida-Future-Realty.com (Florida Future Realty, Inc.)

I questioned a lister about no photos and he answered that there was nothing WORTH taking photos of. I said, "Do you want people to drive to it just to be surprised at how bad it is?" Show it in photos and then we can decide whether to go. Strange thinking!

10/05/2008 08:15 PM

by Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage)

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