IS IT ALL ABOUT THE MONEY WITH SOME AGENTS???

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634 VA/ 643686 MD

 

        Well let me just say that I am not just a Realtor®, I am also a Bankruptcy Consultant and I am really upset about what I have been seeing from other agents in my area. 

 

        Let me just give you one example and this is not the first time I have come across this, this is the third in the last 2 months:

 

        A couple, husband and wife, came to my office to discuss bankruptcy options due to  Husband was out of work for 7 months, behind on their payment and facing foreclosure. 

 

        Before seeing me they met with a Realtor® to see about possibly selling their home as they thought maybe they had some equity and at this time they are having such a hard time trying to make up for the missed payments and keep up with the current payments due. 

 

        They have a condo in the area.  They owe about $180K on the property.

 

      A Realtor® told them that their home was worth $180K in this market and that they would have to short-sale or bring some money to the table if they were to put it on the market as commissions, closing costs, etc. would come into play.

 

        Well after I reviewed the situation, the last condo’s there sold at $260K last month, 3 of them and there are also 2 that have contracts with listing amounts of $270K and 268K.  Popular condo complex in a great location.

 

OUTCOME: 

 
        I put them in a Chapter 13 with the 7 months of arrearage in a plan that they can afford and they are going to try to stay in the home as they did not want to move to begin with.  When they are ready to sell I don’t think they will be calling the previous agent.

 

Was someone trying to just list and sell this property quickly????

 

 

 

Posted by

FOR ALL YOUR REAL ESTATE NEEDS

 

STELLA BARBOUR

NoVa Brokers LLC

1483 Chain Bridge Road Suite 103

McLean, Virginia 22101

571-814-3002 OFFICE

703-999-6104 CELL

571-281-2866 FAX

www.novabrokersllc.com

stellabarbour@yahoo.com

Licensed in Virginia & Maryland

 http://www.novabrokersllc.com/

 

 

 

Comments (25)

Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Ryan - thanks for visiting my post and your comments.  I do try my best to help others the best I can.
Oct 27, 2007 02:10 PM
Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ
Stella, I'm surprised that you haven't recognized the number of unprofessional agent with less than honest business practices and lack of caring for the client. That is why Realtors rank so low on honesty and integrity studies. It is very sad.
Oct 28, 2007 03:52 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Gaylen - thanks for visiting my post and I am surprised when I come across this type of behavior because it makes the rest of us look bad
Oct 28, 2007 11:04 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

 Stella,

Good for you, girl!  And welcome to Active Rain!  You're a great addition to this wonderful community.

Much Success,
Mike in Tucson

Oct 29, 2007 02:51 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Mike - thanks for visiting my post and your comment.  Thanks also for the welcome.
Oct 29, 2007 02:56 PM
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS

Stella,

 

Geat job! It sounds like the other agent did not look at market value to appraise the property. He or she probably just pulled out a number that sounded good.  

Oct 29, 2007 04:39 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Matthew - I think that is what happened.  He chose a number that would sell the home a little too quick.  It would have left the seller bringing money to the table that was not needed.
Oct 30, 2007 12:49 AM
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC
Hi Stella,
Some agents do not do their homework--it is very important to Sellers to make sure they choose a competent and professional agent.  
Oct 30, 2007 01:13 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Cynthia - I know what you mean.  I have come across some agents that look and act very competent and professional but I have seen some things done by them that I don't understand why they did what they did.  I am glad I was able to save them, for now.
Oct 30, 2007 01:25 AM
J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

So did they file a complaint... why not?

Doesn't do much good to complain here... take actioin within your Assn... or the State. If you fail to do so you are just encouraging future violations.

Oct 30, 2007 02:38 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Perrin - I don't think filing a complaint will work since the agent could say that they gave their opinion of what the home is worth.  It is still up to the homeowner to make the decision.  I don't see an actual violation here, but potential is more the key word.  So filing a complaint would be a waste of time with this one and instead I concentrated my time on the actual problem the homeowner had which was more important to me.  Thanks for your comment.
Oct 30, 2007 03:03 AM
Dan Forbes
Bradenton, FL

It appears that your expertise might be a help to many.

Thanks for coomenting on my post: Mortgage Fraud #3: The Phantom Buyer

Oct 30, 2007 08:33 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Dan - Thanks for the compliment.  You are welcome on me commenting on your blog.  Interesting topic for me.
Oct 30, 2007 01:02 PM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate
I just couln't believe this....well I guess I can, but I don't want to....I get really ticked off when I see people taking advantage of others :(
Oct 30, 2007 01:12 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Kathy - thanks for the comment.  I feel the same way.
Oct 30, 2007 01:13 PM
Robert Monk
100% Realty, Inc. - Santa Rosa Beach, FL
Florida Real Estate
Good for you, Stella.  We (Realtors) often get a bad reputation as a group, because the public thinks we're all focused on just money.  Those of us who manage to eat everyday, especially in this market, have some other source of income.  Not everybody is just after the money.
Nov 01, 2007 04:53 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Robert - Thanks for your comment.  You are right. 
Nov 01, 2007 04:57 AM
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Stella: I can't imagine why an agent would suggest a short sale when the market value appears much higher. I don't think it's a case of wanting to make a fast buck because nothing about short sales equates to a fast buck. They are time consuming and the commission is generally greatly reduced, so the agent is likely to be losing money by suggesting a short sale. Perhaps the agent was inexperienced or doesn't know how to read comparable sales? It would make far more sense, from a strictly financial viewpoint, to list a home worth $280,000 at $275,000, say, and receive a full commission on a higher sales price.

On the other hand, maybe there was something wrong with the condition of this property that makes it worth less than comparable sales?

Have you asked a couple other agents for an opinion of value?

sig

Nov 01, 2007 05:25 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Hey Elizabeth - I looked at the property myself and looked at some in the development.  Theirs is in great shape and would show well.  I check the when the agent was licensed and their activity on the MLS and they have been active for over 5 years and have done well over 100 deals.  So I am not sure what the issues were with the agent.  I just can't think of anything else that would explain such a low listing price.  I don't know.  I have come across this before and maybe it is something I am missing, but I think they could easily get $250K for their home if they were to sell.  I did all the homework and something just doesn't seem right about it.  I could call the agent myself, but I decided it wasn't worth the time and since I took care of the clients anyway I would just let it go.
Nov 01, 2007 07:21 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Jamie - that might be it.  They are only thinking short sales right now.
Nov 03, 2007 02:15 PM