"My Buyer wants this property and seeing they live next to Mrs. "High up Real Estate commissioner" I hope we will not have any trouble getting into this home where they will be placing an offer today" stated Mrs. Buyer Agent and company owner during a phone call I received yesterday.
New Bank Owned Listings that are priced to sell sure bring out the worst in some agents wth a seemingly large supply of buyers versuses a low inventory of homes for sale.
With Bank Owned Listings, the Listing Agent is often held hostage to work at the Bank or Asset Managements pace. Just slower than slow is a good description in some cases. The time table of a Bank Owned Listing goes something like this. The foreclosure auction takes place. The home is given to an asset management company from the bank to manage and sell. The Listing is assigned to a Local and approved agent, in this case me. Within 24 hours I have to visit the home. I find the home vacant, abandoned and unsecured. I take pictures and report my findings. NOW with banks who allow the agent to take care of preservation tasks... the locks would be changed within an hour and 2 estimates to clean out the house, cut the grass and clean the yard would be completed. Becuase the bank demands a "National preservation" company we wait near 2 months for locks to be changed and another month on that for the trash out to take place". During the long wait I go through my investor list and get them in to preview the home, inspect anything, get estimates and get their offers ready. It is part of my pre-marketing plan.
In this case the home is finally reported to be cleaned (their standards not mine) and is appraised. Without any advance notice the home is priced and is ordered to be in MLS within 24 hours. The problem, the fleas residing in the house say it is not time to show the house yet. With 100's if not 1000's of bites on my legs I input the listing as required but add a note that showings are on hold until the fleas are sprayed. It results in fits of child care proportion.
While the fits of a few continue it is easier to have the house sprayed, check the results, air it out and open up showings where a flood of offers is expected. This brings us to current time where Mrs. Agent makes the now infamous call to yours truely.
Coming up with onle 1 conclusion or moral of the story is hard in this case. Banks should trust the agents more and allow them to do what is right and what is needed. These national preservation companies are hindering the ability to sell these REO homes with extensive waits and often poor quaility work. The buyer agents of the world need to know how the Bank Owned Home world works. Patience and the ability to listen is key to success. Some are so set in their ways that trying to push around others, bullying and threats may have worked on the playground when they were kids, but wont work in Real Estate.
Please check back for part 2 of this which is happening as I type this and outcome is yet determined as I can report on offers coming in and what Mrs Buyer Agent says about that... Dont miss it....
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If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
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Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.
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