I pull up to the curb with the clients in tow. The real estate sign is hanging by one fastener and papers are scattered all over the yard. Overgrown weeds fill the sidewalk cracks and around the bushes. At the security door, cobwebs greet us and I unlock the screen and then the door, as the handle rattles in my hand, I swing the door open. The wave of rancid smelling, weeks old food, fill our noses as we step into the front room. Our eyes view trash, clothing, broken furniture, toys and other items left behind, strewn all over in every room. Large crayon marks and stains on the walls and carpets meet our gaze. The home is a short sale, in foreclosure or already bank owned but that isn't the entire problem.
Where is the agent? All the agent has done is list the house on the MLS (Multiple Listing Service) and put a sign out front. However, nothing further has been done by the "professional" agent. The sign is hanging crooked or lying on the ground, the door has not been opened, or the house checked on for weeks. Why are so many homes in this condition, even after being listed by a professional agent?
The volume of bank owned properties are unique to the banking and real estate industry and has been for the past few years due to the economic downturn. However, basic rules for listing and selling homes still apply no matter what the economic climate - if you want to sell the property in a reasonable amount of time. Professional Realtors® SHOULD know this and act accordingly even when dealing with banks and short sale clients. When they do not, they "cheat" their clients and do a disservice to the real estate profession and professionals who follow our strict code of ethics.
One of the most common refrains from listing agents - "the bank won't spend money to clean the place up." Then why take the listing if you aren't ready to take the responsibility and make the property presentable? Someone once said, you never get a second chance to make a great first impression. The actual home described above makes such a negative impression on prospective buyers, it won't sell for months, no matter how low the price is on the property.
In this market, banks are blamed for slow moving properties, closings, but what about the agent? A professional Realtor® doesn't get paid until the home escrow closes so why would an agent take the listing and do nothing? This is a listing mystery and one that needs to be solved for the good of the market, financial institutions, and buyers.
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