After just completing what the listing agent called ‘the most difficult transaction’ she’d ever undertaken as a seasoned REO agent, I have a few tips for those who have the stomach to venture into purchasing a distressed property of any kind.
First, your own agent has to be someone who has the work ethic and persistence to stay ‘on it’, even if the lender is not responding. Second, the listing agent should be experienced not just in REOs, but in working with the particular lender(s) and servicers who are involved. If they are not, you should be prepared for a long, frustrating, and possibly fruitless process.
Google the lenders and servicing companies (mine were Ocwen, Altisource and Premium Title) and see what kind of ‘reviews’ come up on real estate sites. What I found was very telling.
Third, if you find yourself in a position where you are not getting responses from a lender or title company associated with the lender, pull out all the stops in filling out forms to file a formal complaint. In my case, that’s what got them moving.