We have a listing in Marina Grande on the Halifax in Daytona Beach Area. It is a short sale. 2 bdr/2 baths unit on the 14th floor was bought in 2007 for $490K. The 25-story tower with 243 units in one and 486 condos in 2 out of 4 built.
It’s been in the works for a long time and had its ups and downs. Already 2 BPOs and one appraisal have been done, case opened, closed, reopened… On Friday comes a phone call. The guy needs to do BPO and is asking about access to the property.
No, no keys whatsoever. I have to be there and let him in. It is a policy thing. I want to know who I deal with and what is their level of competency or lack thereof. As usual I ask the guy how familiar he is with the area and the property. And for one minute I believe that he is familiar.
But then he asked me in which of the 4 towers is the unit. I guess he wanted to show that he knows the area, but the problem with those 4 Towers was that the developer built only 2 out of planned 4, so I immediately knew that he had no clue about Marina Grande on the Halifax. He sees a listing in MLS where agents used the developer's picture of 4 towers created by the computer.
I hesitated between refusing letting him do the BPO, and sending away, but we have already twice had the BPO done by a local guy, and both times he was tremendously off, and he told me that it was because he had to follow the instructions to the letter, and if he did, these were the numbers.
We argued with the Lender both times, and ended up with an appraisal, which came 40% of what the BPOs were. Way more in line with the real values in Marina Grande on the Halifax.
On Saturday I meet the guy in the garage, and ask him for his business card. He is from Palm Coast. Not really far, he could have some knowledge, though not specific, but he didn’t.
I told him that I did not even want to let him do the job, and I could argue with the Lender that he was not familiar with Daytona Beach area, but all I needed was a decent BPO in line with values.
I hope he did not screw up. I still do not understand why he took the job in Marina Grande on the Halifax. I asked him whether he had access to our MLS, and he laughed at me. He said he had access to every MLS in Florida.
I was speechless. He paid big bucks to have access to every MLS (if he did not exaggerate) in Florida. What, did he take jobs in Miami? It should cost more in gas…
I guess having access to different MLSs made him a guru of local real estate. Of course, being a guru cost money. You poay, and you become a guru...
How much does it cost to become an instant guru?