Special offer

"Working from the heart" must return!

By
Real Estate Agent with Better Homes and Gardens The Masiello Group

I recently had to deal with a bank on a foreclosure sale and the red tape and duct tape and rules and restrictions imposed by that "seller" made my buyers' first home purchase a roller coaster event. 

Everyone knew ahead of time it could be rocky and that the risk is high when purchasing a foreclosure.  I know myself from when I purchased my first foreclosure in 2002.  However...in all fairness to my buyers, the "seller" took a very long time to respond and created such impossibly tight deadlines that my buyers were unable to meet, that we were unable to close on time. To make matters worse, the "sellers" wanted to impose late fees for not closing on time.

This is what happens when we deal with a third party who is not a living, breathing entitySomeone with a heart would understand that the buyers have shown due diligence and would take into consideration the effects imposed upon the buyers, the lender, the inspector, the appraiser, the title company from requesting such tight deadlines.  Meanwhile we try our best and it appears it is still not good enough because unfair fees are threatened upon the buyers.

I showed 9 properties last week to one set of buyers.  In the end, only one was not a short sale or foreclosure, though it was still a distressed seller.  I look forward to returning to a market where sellers are true owners and where the heart is involved in the transaction.

Today we are faced with challenges not normally faced in traditional real estate transactions.  We as agents strive to do our best but so many unexpected turns and twists arise.  My hope is that my buyers will not look at this experience as a sole reflection of my service commitment to them, but that they will look at the entire picture and realize that we did the best we could with each given scenario. I wish them well, they WILL get to closing and I know it in my heart. 

We're almost there!

Comments(4)

Anonymous
Bill Driscoll

I really appreciate and understand your feelings.  Bottom line, bank, lenders etc are using Realtors as a scapegoat for thier inability to dial with short sales and forclosure situations.  I specialize in short sales.  As I watch how the various lenders process these transactions the more frustrated and angry I become.  They are inconsistant within a single transaction. They take unreasonable lengths of time to approve and negotiate an offer then, once approved they wil not allow enough time for a normal transaction to close.  As Realtors we are all too quick to cut our commission to keep the deal together and the banks are well aware of that.  We were able to keep banks out of real estae brokerage, now they are striking back and we are paying the price in money, time and our image and integrity.  It is time we stand up to the banks as an industry and stop allowing them to push us and our customers and clients around.  Who's in control here, not us.

Jul 03, 2009 01:46 AM
#1
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

First time buyers and foreclosure in the same sentence...ewwww...not usually a good idea...they are not prepared no matter what you tell them for a "traditional" home purchase and a foreclosure is more ride than many should ever take...yicks !

Jul 03, 2009 02:20 AM
Stephanie Jacques
Better Homes and Gardens The Masiello Group - Keene, NH
Stephanie Jacques Kleine

Thanks for your comments. I prep my buyers as best I can so they can understand the process and risks. I think it helps them be strong along the way.

Jul 06, 2009 04:17 AM
Renae Bolton
Marketing 4 Realtors - Garfield Heights, OH
I'm your Professional Real Estate Marketing VA!

That is really sad, Stephanie.  I think that's the problem that has caused most businesses to be looked upon so poorly by consumers.  "Businesses" don't care.  But people do.  That's why it is so important to have a great agent on your side when buying or selling real estate.  To keep the "heart" in the transaction!

~Renae

Jul 07, 2009 05:28 AM