BEWARE! The Worst Lender EVER to deal on Short Sales Washington Mutual-WAMU
01-15-2008
Wamu is no different than a regular seller. Both of them are ignoring the reality that housing price dramatically goes down, by somebody feeding them wrong ideas.
Look at NAR website, we can find so many listings in San Gabriel valley, CA that still have price tags of housing peak. In a zip code, there are about 55 condos listed up to $400K. Per Ziprealty stats, there were maybe less than 2 condos sold in that zip code in Q42007 (there were more than ten times sold a year ago). Some are REOs with a price of mid-250k, but most sellers who have about the same unit in the complex are still asking near $380K that's even higher than its peak. I saw one condo going for a short sale. It is very funny that the listing agent is asking a price higher than what the seller paid for a year ago. Does the seller expect a bigger fool than him?
In the same neighborhood, some houses are asking even lower than those condos. Just tell me how can they sell their condos? I don't know how good advice they got from their listing agents. All I can say is that those condos definitely wont' move since their prices are about the same as its peak time, so artificially high and scary.
Can we stop blame Wamu while we, as real estate professionals, are doing the same sh*t trying to get a listing by giving sellers imagined price hike and unrealistic expectation. Let me ask you guys who did BPO for WAMU? Isn't it one of our fellow agents? Yes, he or she is able to get $20-50 for doing an "inflated" BPO to "survive." Its fine, eveybody deserves a living. But, oh, no. He or she in fact creates a hurdle to "sell" the property and "cut" income source for the profession.
If a lender is so anxious to sell and see no result or offer coming in, he is going to give an auctioner the property on auction block. That's exactly the situation Wells Fargo decided to let Hudson handle its three hundreds REOs in southern California next month. Hudson gets 5% buyer premium (p.s. Isn't it a regular commission for a REO?) and takes our income away. To whom shall we point our fingers if our fellow agents are pleasing a seller and "discouraging" buyers from presenting an offer? (p.s. I am one of them. Please see my recent experience at A Funny World (19): Can Agents Refuse Receiving Offers or Not?)
As I know, there are a lot of buyers who really want to buy. But there are just TWO things stop them from buying: unreal listing price and those listing agents who are playing very high attitudes. They "discourage" selling when they are saying: "don't give me an offer if your price is no more than.......", just as they used to do unto a buyer in the housing peak.
It is very clear that housing price has to be adjusted. Can we stop snow falling down? Let's the market function naturally. Why NAR has to deny the pricing trend in California? Can we make this market adjustment period shorter, smoother, and be realistic to get things going? There will be less pain if we can let nature heal itself.
I beg your pardon that my wishes are so unrealistic that won't come true, with the most popular mentality of our fellow agents. We really can't see the bottom until 2010 by the status quo. But how can we bring in the bread to our families if there is vurtually no market in the next 2 years?
Well, nobody cares about that. Anybody can say: "that is your, his, her or their problem, not mine." Nobody can do nothing about the system, right? But please tell me, collectively, isn't it OUR problem?
;)
;)
It has been a week sine I asked a listing agent to write up an offer to buy a REO on January 8. He made it so difficult that my offer is still NOT presented yet. There are more than 30 pages of documents required, let alone the possibility that the listing agent is not willing to supply my agent the specific Countrywide addendum.
Look how easy I placed my offer to Hudson in minutes. It is just as easy as a phone call away. All I do is just like three clicks on my computer. After my 2nd clicks, there is just ONE page contract stating the terms for the auction. No deposit check, no minimum bid set, no hassle.
Offer Submitted
Thank you for placing your bid here at Hudson and Marshall.
We have processed your request and will get in touch with you within two business days.
We have also sent an email to you as a confirmation that the request is processed. If you do not receive an email from us within 24 hours, please contact us.
How come website auctioneers made it SO EASY to have my HUNDREDS THOUSAND Dollars parted wth me while my fellow agents are making it SO HARD? Because we are specialists who know how to make simple stuffs complicated and they are not?
Don't blame me, folks. I have tried to give my money to you guys. But I am wondering whether you are in business.