How Are Foreclosures being Promoted by the REO Listing Agent?

How Are Foreclosures being Promoted by the REO Listing Agent?


With minimal foreclosures in the North Kingstown, South Kingstown, Charlestown and Narragansett RI towns, the


The devil is in the Details

hunkering down for the scavenger hunt for these foreclosed homes is on for the buyers.  It is amazing that some of these bank REO listing agents do not have a clue of their inventory of their foreclosed homes.  In fact, if I were a betting gal, I do not think that the REO listing agent has set foot on these properties.


What’s going wrong here – well let me count the ways?
– Put living square footage on the MLS list that must have been for the other home you were listing today
– Winterization property is not in effect even though you were told it is.
– No mold addendum.  Well you better get one quick because it is brewing in the attic right now.
– Cesspool so noted.  Guess what – I brought my septic man and pulled the department of environmental management records on line and there is a twenty year old septic in place.
– Town tax assessment listed on MLS for $60,000 more than the town says it has on record.


Now the intention of the Bank is to sell this property but I am not sure that is the goal of the REO listing agent.  This is not to ‘besmearch’ the agents who do a good job… but come on get the information right so I can sell this property for you.  Or is the intention here to promote a foreclosure with wrong information so YOU the REO listing agent gets the buyer and seller into a contract?!


I can’t even go on how the offer went with this cash buyer because the bank is going by incorrect information on this one of many of their REO files.  It did not go well. This is no waterfront home in these communities either. Who is helping and who is hurting the movement of foreclosed homes here for my Washington County community? I am on to the next one with my buyer to see if we get the bank with the listing agent to has it together (okay, so am I in dream land).


How are Foreclosures being Promoted by the REO Listing Agent?


So for the homeowner who is reading this post and is struggling with their mortgage and does not want to end up in foreclosure…call me today at 401-529-7849.  There is a short sale process that can get you out from under your home in certain circumstances.

Ginny Lacey Gorman is your go to agent for homes for sale in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of local information and businesses well. She’s the RI agent with the Sparkly Red Shoes.

Waterfront, oceanfront and coastal RI homes for sale are her specialty but all of RI is her backyard.   When you are in need of a good professional for your buying and selling needs find an internet savvy marketer who sells RI houses in this real estate market and call Ginny at 401.529.7849.



  1. Barbara Todaro says

    Hi Ginny….there are so many foreclosed properties on the active market that banks can’t oversee the way agents are handling those properties. Some are doing a very poor job. Buyer agents need to do all of the research to verify the information that has been provided. Much of that information is not accurate. Buyers would be doing themselves a big favor by calling you to represent them in their purchase.