Changes to our policies and procedures have been explored over the past few months in an effort to help with the challenges that surround bank owned properties. In early May, we met with brokers and agents that specialize in listing and selling bank owned properties with the goal of identifying challenges and potential solutions.

We are still working to complete this project however I wanted to share some of the valuable feedback that we have gathered thus far.

Listing Bank Owned Real Estate

• Challenge: Lack of communication with asset managers and sellers.
• Potential Solution: Request a 24 hour reply and make all correspondences accessible online.
• Challenge: Theft of lockboxes, keys and signs.
• Potential Solution: The listing agent should be notified immediately that keys are missing. Additionally, listing agents should change the access codes frequently.
• Challenge: Illegible offers submitted (missing or unclear address, agent name, etc).
• Potential Solution: Submit offers electronically instead of faxing.

Selling Bank Owned Real Estate

• Challenge: Listing agent/office does not always contact the showing agent to cancel an appointment if an offer has been accepted on a property they have scheduled to show.
• Potential Solution: Develop a feature in Realcomp Online^® that will generate an alert for scheduled properties that have an off market status.
• Challenge: Commissions can be reduced at closing and disputes must be handled afterward with the Board of REALTORS^®.
• Potential Solution: The listing agent should be responsible for paying the commission amount listed in the MLS. Any changes must be agreed to prior to closing.
• Challenge: More education is needed.
• Potential Solutions: Create more classes focusing on foreclosures and short sales.

These are just a few of the items that were explored at the first meeting. We will be coming together again in the next few weeks to look at Realcomp’s role in implementing these improvements.

Please, let me know if you feel we are on the right track. I can be reached by phone at 248-699-9120 or by email.