| A significant portion of my company's transaction | | | | anything illegal about that. But isn't the REO broker at |
| volume in the first quarter of 2007 was investment | | | | an unfair advantage point being that they are the ones |
| properties, i.e. bank foreclosures and HUD homes. I | | | | receiving and presenting all offers? |
| must say that I have had day and night experiences | | | | On the other hand I have been dealing with HUD |
| dealing with those two types of properties. On the one | | | | Homes as well. Completely different story. We place |
| hand, dealing with the bank foreclosures was | | | | bids through a system called and we win some we |
| challenging to say the least. Not the properties | | | | lose some, but at least you get an answer the |
| themselves as much as the process. For starters, you | | | | Monday after the bidding ends and you can even |
| have to struggle just to get a hold of the REO brokers, | | | | search the offer results and figure out why you did or |
| so you can get a status on the contract you put in. | | | | didn't get the property. Most importantly, the broker |
| Sometimes, they would tell you that your offer had not | | | | representing HUD still got their commission all the same. |
| gotten accepted and you would get the very strong | | | | I would venture to say that I would be willing to |
| sensation that the offer had never even been | | | | contribute a small fraction of my commission in a deal |
| presented. And lastly came the motherload of them all: | | | | to the company providing the bank foreclosures |
| we placed a bid on a property that had $5k BTSA | | | | platform (like BidSelect) just to make the transaction |
| and low and behold, the property was purchased by a | | | | run smother and most importantly, fairer. |
| client of the selling REO broker. Not that there's | | | | |