Special offer

Banks Need to Step Up & Their Listing Agents Also!

By
Real Estate Agent with Allison James Estates & Homes 01079287

How many times have I represented a buyer on a sale with a Bank owned property and the first thing buyers have to sign is a Seller Disclosure stating "AS IS" no repairs! Before the buyer even does their inspection to find out what "AS IS" IS!!! Then when we do the inspections we find electrical outlets not functioning, some previous owner di it your selfer has installed a dishwasher with out a relief valve or neglected to pull premits and didn't know what they wre doing???

 

I think when a buyer does an inspection on the roof, home, mold etc and backs out of the deal because of faults found, the next buyer should have FULL DISCLOSURE! Because now the bank/list agent does know what as is "IS"! This is not happening, banks and their listing agents in trying to do good for the bank and to keep those listings coming are deceiving the buyers! Plain and simple, this is not brain surgery people.

 

What can buyers and their agents do?? Make the banks be accountable and the list agents! This is criminal! It is not FULL DISCLOSURE! Let the buyers know what they have to spend to bring the house up to livable condition, or if it has to deal with Health And Safty fix it or reduce the price! If a buyer drops out and you have the Home Inspection let the next buyer know. Too much smoke and mirrors happening with Bank Owned sales.

 

What can be done to stop this practice? You as Realtors stand up!

 

 

 

 

Posted by

Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

Comments(3)

Robert Smith
Preview Properties, PC - http://www.RealEstateMich.com - Brighton, MI
SRES, Search for Homes Brighton-Howell-SE Michigan

Tere, I have not had significant problems in negotiating price concessions with banks for major defects or hidden problems. The exception would be the extreme low priced homes that will only sell for cash to investors. I do agree that if the listing agent becomes aware of defects that they should disclose that to subsequest buyers, but that doesn't happen in my market.

Aug 04, 2011 04:28 AM
Ken Patterson
TPR Properties - Rocklin, CA
Roseville Real Estate, TOP Rocklin Realtor

Happens all the time!  The even pull listings from one agent and give them to another if "too much information may be available"...  You watch and see the REO's that fall out of contract more than once.  See if they don't go to another agent.  The interesting part is the agent that gets the property pulled is still getting assignments.  So, the reason a listing is pulled must not be that they are doing a terrible job.  More likely, it is that they know too much and have advised a asset manager of known issues.  Kind of like pulling themselves from the deal.  On top of that, now banks are pushing out super low commission rates on properties.  I think it is a shame that some very good agents are so desperate as to take these deals.  It is out of control.  Where is NAR?

Aug 04, 2011 04:35 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

Yes, there is a problem, so just give to another listing agent that will hide the problem? How can we make the bank be accountable?

Aug 04, 2011 04:42 AM