One West and Buyer's Agents

All One West agents represent the Seller either as Seller's agent or subagent of the Seller.  Our office policy does not allow for any agency other than Seller's agency.  Buyers that require representation must employ agents who do not have their Realtor's license held by One West.

Cooperating with all licensees is very important to the success of One West.  Over 35% of One West listings are sold by selling agents not affiliated with One West.  Without their assistance One West would not be able to provide our corporate clients with the REO services they require.

We understand that the expectations of our corporate clients may seem unusual to agents who are not accustomed to selling REO properties.  This section is intended to provide an overview of the REO purchase process for all agents representing potential buyers of any One West listing.

Buying Corporate-Owned Properties

Each of our corporate client REO departments are responsible for the sale of several thousand properties each year.  The volume of their responsibility requires that listing agents comply with their corporate directives.

Please call our office when you have a buyer who is interested in a One West listing.  We will gladly discuss with you the expectations of the corporate client who has assigned the listing.

Closing Dates Are Critical

Closing on or before the date agreed upon when the contract is accepted is very important.  Corporate asset managers expect each close to occur as scheduled.

Often after a sales contract is accepted other agents or interested buyers contact One West.  If your buyer does not close on the date agreed upon the seller may not agree to extending the closing date and will move forward with another buyer.

When sellers agree to extend the closing date they often require a per diem.

Timing and Method of Payment

There are many individuals in the market place eager to purchase foreclosed/REO properties.  Many potential buyers carefully watch the Coming Soon section of our Listings page, which we update daily, and are prepared to make an offer within a few hours of the property being listed.

Corporations are not willing to take their assets off the market unless they are confident the buyer will be able to perform.  Therefore, it is important that when presenting an offer that calls for financing the agent deliver a financing pre-qualification letter, and for "Cash As Is" or "Not Contingent Upon Financing" offers to be accompanied by a verification-of-funds-to-close letter.

Timing is so important in the buying process.  We encourage agents and buyers to check the One West Active and Coming Soon listings pages daily.  When buyers see an address in the Coming Soon list that they think would meet their requirements, they should drive by the property and have the agent pull the comps, etc., so as to be ready to make an offer as soon as we have an active listing.

Agents: please remember that properties marketed "As Is" seldom qualify for loans that require inspections.

Integrity

 As the buyer's agent, it is in your best interest to make sure your buyers commit only to what they can perform.  Often over-anxious buyers make commitments they are unable to meet. 

Listing agents and the corporate asset managers rely on the integrity of selling agents.  Your individual credibility can often be your best tool when negotiating a purchase.

Suggestions for the Purchase Process

Read the Buyer's Guide.  It contains additional helpful information.

Don't take the negotiations personally.

Never forget that the listing agent is working for the selling corporation and makes every effort to bring the corporate asset manager an offer that best meets the requirements of the selling corporation.

Keep a positive attitude.  It is a business transaction and nothing more.

Each month many REO properties are purchased and sold.  Even the experienced selling agents who know the process from time to time will experience frustration and disappointment.  Don't give up if your first attempt is unsuccessful.  Find another property and try again.

One West Needs Your Assistance

The One West Staff is committed to providing our corporate clients with the best possible service.  To make that possible, we need the assistance of informed and experienced selling agents.  

We hope this section was of assistance to you as a selling agent.  If there are topics about which you'd like more information, please see our REO FAQ's page, or email Barry@onewest.com.