I'm in Riverside, California looking at picking up an REO property. It seems like I am doing all the work to finding a property and I email the agent the MLS # of the properties I am interested in.

It seems that he is showing me the property before determining the status of the property and already 3 properties I really liked are off the market two days after my viewing with no potential room to place an offer. Am I just spinning my wheels with this person.

I have not signed anything with this agent noir do I plan on buying anything he has shown me so far, can there be any repercussions down the line?

Also, with the REO status here in our area is high, is it possible the listing agent's are holding onto the property before listing them in MLS to get full commission ?  

Is there anything wrong with me just contacting the listing agent on my own and if I like the property that they can be my selling agent on the property?

There could be many reasons for the properties coming off the market so quickly.  I think the reason you are having to do much of the work yourself is the fact that you have not signed an exclusive agency agreement.  You have shown no commitment to the realtor, so he is not putting you high on his priority list.  I would guess he would work much harder for you if he knew that he had a signed agreement with you.

The realtor never asked me to sign anything, I'm sure I would of if he asked...

In that case, you nay want to find someone who is interested working on your behalf.

Better be careful about buying an REO at this time unless you're just looking for a house you like and want to live in for a while.

Pretty much looking at staying there for at least 6-8 years

Before giving up on your current realtor...talk to him and find out why he is not sending you information on the current homes for sale.  If he can not give you a reasonable explanation as to what is going on then I would suggest to you to find a new realtor. 

You may want to talk to some friends, family or co-workers to find out if they have any suggestions on a good real estate agent.

kwik:

'm in Riverside, California looking at picking up an REO property. It seems like I am doing all the work to finding a property and I email the agent the MLS # of the properties I am interested in.

Pretty standard practice by Realtors right now, they want to make sure that you have cruised by the property first, then see the inside after you have determined that you like the home.

kwik:

It seems that he is showing me the property before determining the status of the property and already 3 properties I really liked are off the market two days after my viewing with no potential room to place an offer. Am I just spinning my wheels with this person.

Probably put you on a Drip System to send you the properties that fit the parameters that you established when you first started looking, right? With REO's here in Nor Cal, we are seeing alot of the going Active Pending (Short Sales), or Active only when they have an offer on them.... makes it hard for you to get in line.  If there is any way, concentrate on  seller handled listings in an REO heavy community, that would be the best option - although it might be unrealistic.

kwik:

can there be any repercussions down the line?

kwik:

Also, with the REO status here in our area is high, is it possible the listing agent's are holding onto the property before listing them in MLS to get full commission ?  Is there anything wrong with me just contacting the listing agent on my own and if I like the property that they can be my selling agent on the property?

It is possible, but not probable.  The agents that are listing REOs just want to sell them, and clear them off their books. Trust me, they have plenty to deal with in the listing portion of the contract, I am not sure if they need to worry too much about "double dipping" by trying to find buyers.... you never know.  You CAN ask them to represent you in a dual agency capacity (Seller and Buyers agent), but I would ask this question: who's best interest do they have in mind at that point?  I definitely dont want a prosecutor doing my defense too if I am on trial, why would I want an agent that does both sides of the sale?  You dont pay the agent as a buyer, I would recommend finding someone that you trust (!!!) and that listens to what you are asking for (!!) and then helps you to find it and gets the best deal possible for ya.  Realtors today - and loan officers - really earn their money, since there is alot that is happening in the market on a daily basis; someone that works their butt off for you is who I would recommend.  If you need an agent or two in the Riverside area, I know a couple, would be happy to have them call ya and you could see how you feel. 

Wish you all the best, hope this helps!

Since you are not in obligated to this Realtor through an agreement, you have free reign to ask any other RE agent to assist you with your search. Though I don't specialize in sales cureently, I'd be happy to give you the information for another RE agent in the area who can help you with your REO search if needed.

I suggest approaching your agent with the idea of signing the contract, and asking him if this will allow him to dedicate more time to you. If he is not able to meet your needs, the next best bet is to find another representative.

Either way, best of luck with your search!

I am an investor buyers agent in the metro Atlanta, GA market. I know from personal experience that many REO's are left as active listings until all of the paperwork has been signed by both the buyer and the bank (seller). This means that many active listings are actually in the process of having offers negotiated even though the are still technically available. Have your agent ask the listing agent if the property has any offers on it already that are not yet binding. This is why most of these properties go under contract so quickly from your point of view. Sometimes, they will negotiate an offer with a buyer for days or weeks before showing the listing as under contract. It does get very annoying. I have seen this happen dozens of times this year. Most agents who do not deal with investors may not be aware this is happening.

There are way too many agents who want to work with  you and will help you achieve your goals. My opinion is to go on to the next. When you interview the next agent ask to make sure they will do what you have expectations of them doing. If they have you sign a contract be sure to put in the contract what you expect from them so if they don't meet your expectations you can move on.