Why your choice of a buyer's agent matters when buying a foreclosure

I came up with this topic today after speaking with a listing agent for an REO (bank owned property), the offer was placed a week ago and still has not been executed by the Seller although I got an email approval.  I had to inform my client that the Seller is still able to entertain other offers until we have an actual executed (Seller signed) copy in our possession.  I have worked with several REO's, foreclosures and short sales so I am aware of a lot of the issues that come up however I will never cease to be amazed by new issues.  Anyway, after the email approval I got another email later that day with MORE stipulations from the Bank.  Not the Seller mind you, the Bank that is actually OVERSEEING the transaction for the other Bank.  Most real estate agents are rolling their eyes now and nodding their head...

Now I have prepared my Buyers for this however they are rightly ruffled a bit.  I called the Listing agent and talked to her a bit (this is nice because alot of the REO listing agents will not communicate via telephone) and she reassured me. 

She said "we have received two other offers since your offer was received HOWEVER the offers are a mess, do not meet the parameters that banks typically accept and the agents are not easily accessible so we are going forward with your Buyer's offer.  You have gotten the paperwork right, have been accessible and seem to have a good understanding of working with foreclosures and this is working in your favor".  So you can see that it does matter if your agent has a clue what they are doing.  How do you know?  Well ask your agent some questions, interview him or her I mean this is likely the largest personal purchase you will make in your lifetime!  Designations can be good but keep in mind a doctorate in Real Estate does not insure that the agent actually has any real world experience.  Heck a brand new agent may be good IF they have an experienced Broker that will help however you must ask them questions to know.

Off to do some real estate "stuff", hope you have a wonderful day!