I called her and asked her to repeat was she wanted to do because I could not believe it, not only was she going to receive a commission for 3% of the purchase price, she wanted $2000 + an additional 6% for closing costs which came to a grand total of = $32,000+ back in her pocket. Yeah the bank was really going to go for that! What kills me is that this person has a license to be a Real Estate Agent and yet she is acting like a late night TV informercial host who says "You can buy properties in foreclosure for pennies on the dollar".
Lastly, and the kicker of it all after working and helping this agent with this deal on both sides she decides to withdraw her offer. Thank you, thank you for wasting my time, energy, and knowledge!
Don't get me wrong there are absolutely great deals in the foreclosure market today. What people fail to understand is that the banks have already lost on these propeties and they are selling below value in order to get these homes off their inventory. So if you are an agent with a license and are looking to score a good deal for your clients be sensible. The best thing you can do is speak with the listing agent, they will give you the ground rules and at times also help you and your client reach an agreement wth the bank. I have helped buyers agents often through the process with just honest communication the transactions work smoothly and everyone is happy.
Have a Listing Nightmare...share it with everyone on Activerain! Trust me you'll sleep better at night!