Home > Blogs > Susan Goulding > Tracy & Mountain House CA Real Estate Information You Can Use. Susan Goulding, Broker/Owner

Why do you do that? GRIPES - PET PEEVES

By Susan Goulding

Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605

January 23, 2008 03:26 PM

AURGHH I'm so tired of Realtors pricing their new on the market short sales so far under market that their is no way a bank will take the offer. Twice this week, my buyer has called me --- "Susan this is our perfect home....." Realistic price...... $500,000 priced first day on the market $350,000. Do you really think the bank will take this offer --- this is the question I've asked over and over again to agents. I get the same answer every time..... I know they probably won't take it, but I'm getting calls, offers and buyers from the price. Is there integrity here?

Oh yeah, while we are on this subject --- MLS entry - our MLS has a spot to mark Short Sale-- more and more agents are not marking this as the type of listing, instead it is buried somewhere else. I'm not afraid to show or make offers on Short Sales, but I really want to know what I'm dealing with so that I can prepare my clients.

Help me, help you sell your home and keep our professions' integrity intact.

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ARDELL DellaLoggia

Better Properties Seattle - Kirkland, WA

I just closed one where I had the buyer client and the bank took $90,000 or so less than what was owed them on the 2nd mortgage of $120,000. If the seller will take the unsecured debt, and not ask to be forgiven of the debt, they usually close. The lender hopes to later attach that obligation to something else they own in the future. But if the seller refuses to close unless the debt is forgiven...another story. So find out which the seller expects.

Jan 23, 2008 03:30 PM

Adam Brett

The Adam and Eric Group - Fullerton, CA

The Adam and Eric Group, Fullerton's Finest

I am in complete agreement. I have reported this multiple times to our MLS and they are starting to fine agents who do not say it is a short sale in a searchable field. In my opinion it is fraud to list the home at a ridiculous price which has no possibility of acceptance by the bank.

Jan 23, 2008 03:31 PM

Brian Wentz

Keller Williams Greater Des Moines - Des Moines, IA

Realtor - Des Moines Iowa Real Estate

Susan ~ I agree- we even have some REO's here in our market that do not tell you until an offer is made. I think it is a material fact, personally, that bears disclosing.

Jan 23, 2008 03:31 PM

Mary Warren

Las Vegas, NV

If agents aren't marking these in the MLS as 'short sales' I would start reporting them to the 'powers that be'. Maybe that will help put a stop to it!

Jan 23, 2008 03:33 PM

Karen Monsour

Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Sent you and email...I still have a Short Sale waiting to hear from early October...thank heaven's it's a friend...I think you have made a great point.! There are so many agent's who lie...amazing that they passed the security test. There are so many shady agents....amazing they are still here...makes me sick, especially when there are those of us honest people working to make a living and trying to honestly help people! JMO

Jan 23, 2008 03:48 PM

Robert Huntsinger

Empire Realty - Upland, CA

Empire Realty Upland, CA - Full Service at a Discount

I have seen many homes priced well below the present market, I guess they are pricing them at the price they will be at by the time the bank gets back to them.

Take care!

RJH

Jan 23, 2008 03:51 PM

Susan Goulding

Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA

Northern CA - Tracy & Mountain House Real Estate

Ardell -- good for you -- yes Short Sales can close, and it doesn't appear to be as much an issue of how much is owed - but what a GOOD comp is - what's selling, what does the BPO say, etc

Adam -- it is FRAUD and it is VERY difficult to explain this to clients who are just excited to buy a home.

Brian - I do think it HAS to be disclosed. I guess we need to police ourselves and start reporting these agents.

Mary - you're right - I'm going to start keeping track and then reporting them. Personally I'm tired of agents who choose not to follow the rules.

Karen-- do you have to take a security test in Florida? Not here in CA -- I guess it's just another breed of agents that won't last -- but they are stll preying on innocent people who need advise and help - not an agent who gives them false hopes.

Robert -- ok -- maybe - but the banks are getting quicker - and even in our delicing market - we're not talking $200K in 3 months.

Jan 23, 2008 03:58 PM

Karen Monsour

Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Yes, everyone is finger printed and they check everyone out as if they were wanted criminals...then again...there are a few that slip through the cracks...they'll get caught, b/c those of us who are honest are not going to put up with the crap! Yes, I said "CRAP!"

Jan 23, 2008 04:06 PM

Susan Goulding

Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA

Northern CA - Tracy & Mountain House Real Estate

Karen - we do get fingerprinted -- but that only catches you if you've been caught! There is a thought that airports might start asking for your RE License since more people in CA have that than their Driver's License- - just kidding -- and thier dropping like flies -- YEAH _- the good ones are hangin in there - it's the quick buck people that are getting out.

Jan 24, 2008 01:45 AM

Christina ONeal

At Home Real Estate Group - Ripon, CA

Realtor - Ripon California

Hi Susan, I had a client yesterday that is pretty upset by agents listing a price on the MLS for a price that they know the bank will never take. To my client, they feel like it is mis-advertising or false advertising & they feel it should be illegal. It can be frustrating.

Jan 28, 2008 04:13 AM

Anonymous

Josh Timmons

I wholeheartedly agree with the "short sale" and "bank-owned" tags. We need to move quickly to get such info disclosed.

Many of my buyers are specifically requesting lists that DO NOT INCLUDE these properties, because they have quickly learned that many of the shorts and REOs are actually impossible to buy, at any price.

As for market value, to me it means something different. It's what buyers will pay. So I have no problem with things being listed at whatever price. Prices are falling. "Market value" was $500k at peak, $450 in Aug. '06, $350 in Aug. '07, what is it now? Who knows? The buyers know.

Jan 29, 2008 04:46 AM

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