"I've Seen It All and I've Seen Too Much!"

Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

“I’ve Seen It All and I’ve Seen Too Much!          

(My favorite quote from “A League of Their Own.”)     As the market has shifted from a Buyers Market to a Sellers Market, so have real estate practices and behaviors. It used to be that as a Buyers Agent, our buyers could select their own title company, select their closing date, request repairs, and choose their lender.  These days that has changed entirely.

Typically, banks will select the title company, minimum required earnest money deposit, change the inspection period, and select your closing date.  But lately, it has become more common for the banks to require loan pre-qualification through their own bank.  Kind of ridiculous if you read through our Arizona Pre-Qualification form as it has boxes to check showing that all financials have been received, the interview has taken place, the application has been completed, and the form is signed by both the loan officer and the buyer.  But I digress…..

So yesterday, while setting up showings for my buyer, I threw up my hands and said, “That does it!”  This agent and seller have literally crossed the line on what they are asking.  Mind you this is a “normal” sale, not a foreclosure or short sale.  But wait for it…..  it’s one of those “flips.”  A flip being a foreclosure turned into an un-repaired glistening jewel, and in the sense that the seller has created his own rules by following the same strategy as the bank, minus the 13 page addendum; although some of them are creating their own addendums.

So what made this listing different from all the other requests we see for flips?  This seller has listed his preferred closing dates!  Never having seen this one, I just decided that does it!  I’m frustrated with the fact that the public has decided to act like the banks when selling foreclosures.  Are agents part of this strategy?  Are agents telling sellers they can behave this way?

The good news is that eventually, the market will normalize and hopefully this tactic will disappear!  Okay –my rant is over – thanks for listening!

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8388 E Hartford Dr., Suite 100

Scottsdale, AZ 85255                                                         

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Anna Banana Kruchten CRB, CRS, Broker
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Jan yes I've seen this type of request going on  by some flippers. What is more disturbing to me is that many are agents - and - there is no spds - but they've personally re-habbed the place.  So how do they NOT have any knowledge of the property. You know there's going to be a lawsuit or two on that one.  Crazy times have been going on for 5 years and let's hope they don't last to much longer.  

Hey - enjoy this gorgeous weather we're having.  And let's plan a lunch date to chat about all this fun real estate stuff!

Oct 12, 2012 08:51 AM #1
June Piper-Brandon
Remax New Beginnings - Baltimore, MD
Piecing Dreams One Home at a Time

Jan, I'm with you!!  I've seen it all, pretty much.  When did sellers think they can act like God when selling their properties? 

Oct 12, 2012 08:52 AM #2
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Anna - yes it's getting old isn't it!  Having to explain this to buyers is even more frustrating as it makes us look bad, as if we're trying to lay one over on them.  Good idea.  Lunch would be fun!  You pick the location!

June - Ditto on that.  It's frustrating having to explain all this stuff, and agents are doing it!

Oct 12, 2012 09:06 AM #3
Jim Patton
Century 21 M&M - 209-404-0816 - Turlock, CA
Realtor - Stanislaus & Merced county Realtor.

Jan - The banks have been writing their own rules for a while now and getting away with it.   I guess there are some agents now that think they can get away with writing their own rules too.   But like you said someone will end up getting sued for it then things will change, for a while anyway. 

Oct 12, 2012 09:50 AM #4
Sharon Lord
Maracay Homes - Peoria, AZ
New Home Advisor

Jan - WOW.  Really...!?!?  That's a first - was it an excel spreadsheet under the "docs" tab in MLS...?  ;)

Oct 12, 2012 11:22 AM #5
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

I am sorry to say I have come across this "requirement" several times.  Ridiculous!

Oct 12, 2012 11:33 AM #6
Patricia Feager
Selling Homes Changing Lives


I think your blog post deserves to be featured. I'm sure others who have had similar experiences, or know more about this type of stuff will have a lot to say. I have suggested this post in hopes you get the attention you deserve to get us all some answers.

Oct 12, 2012 01:10 PM #7
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Jim - Yes, some agents believe they can write their own rules.  And they never disclose the work they've done when they flip their own homes either !

Sharon - very funny!  The docs tab has held some interesting documents lately!

Kathy - geez - thought this was unique.  Requesting a specific COE date is just ridiculous!

Patricia - thank you for your vote.  It would be interesting to gauge feedback on a specific COE date.  Have a great weekend!

Oct 13, 2012 01:39 AM #8
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

These investors should know that everytime you make a silly demand the price goes down, that's why the banks sell for less.

Oct 14, 2012 12:44 AM #9
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Bob:  In this case it wasn't the banks, it was a real estate agent requesting a specific close of escrow date.  But banks do and will continue to make crazy demands of our borrowers to fill their coffers.  Thanks for commenting!

Oct 15, 2012 09:33 AM #10
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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