REO and Foreclosures- Seeing it all happen

By
Real Estate Agent

With years of exposure to a variety of REO properties, one would think that a real estate agent would have seen it all- but not so. I am sure most of you reading this who are realtors will agree with this point- just when you think you have seen or heard everything, something new comes along and surprises you.

I had an interesting thing happen to me this week that i am sure most realtors will be a little surprised out- but not by what happened, but rather by whom.

My partner Dawn and I sell foreclosures, short sales, regular listings- and work with buyers, investors, and banks- we are pretty much like every realtor out there- we are trying to make a living and stay busy.

As such, nothing irritates more than an unprofessional agent- we work hard to get our properties on the market for our asset management partners- cleaning them up, trashing them out, taking care of the pools and lawn, getting repairs done- not to mention the endless reports and paperwork we go through- and nothing is more exciting than getting an offer at the price that i recommend the bank list it at- it lets me know that I have judged the market right and that other agents feel confident enough to show our listings.

so what happened? We got an offer from a very excitable, very pushy agent. He called me 10 times as soon as we had the property listed. He wanted to see it right away- I had to send him pictures of both before AND after cleaning. He arranged to meet the HOA. He asked me to help him and meet his clients for a SECOND showing- which i did, because I wanted it sold. We got an offer that was low, but i went to bat for him and got the bank to meet him halfway. Yeah! We had an offer. but wait...

He had 5 days to get the inspection done- his buyers are purchasing on an As-Is with right to inspect. Day 5 comes along, and he says that his buyers are cancelling- they had the inspection, and detected a previous water leak- they were afraid there might be mold. ok. understood. it's a foreclosure. it sat for a long time. No telling what happened previously. But this didn't sit right. i went over that home top to bottom, and 99% of the time, I can detect things like a water leak- you just learn what to look for. Something was up. My partner asked him to, out of courtesy to us and the bank, provide a copy of the inspection- we wanted to let the bank know so that we could advise them properly and have the issue remedied. no problem, the agent stated. One day goes by. Then two, Three, and four. Finally, a week later, the truth comes out.

The realtor tells us that a family member of the buyer was a contractor, and that he had done the inspection, so there was no written report...  ok... i can live with that...

But my partner calls him a few hours later, unbeknownst to me, and gets a different answer- the buyers actually just wanted to cancel, they never did an inspection... JERK- so just tell me that, rather than make me look like a putz to the bank- do you know what it feels like to crawl back to your client and tell him you messed up and missed a major problem- and there really never was one!!!!

Oh, it gets better.. so I call him back a day later... now the TRUTH comes out- yep, he found a better deal down the street- not for his buyers, but for him. he wasn't happy with the 3% we were paying him, nope, he wanted the 5% that somebody else gave him- so HE told his buyers to cancel and go down the street...

i have every intention of writing a complaint letter to his broker... but, no, his day will come..

So agents, PLEASE be honest when dealing with a Foreclosure- don't make our jobs or lives anymore difficult. if you don't want the property, tell us- TRUST ME- there are plenty of people in line behind you to buy it!

Comments (15)

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Michael,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Nov 29, 2008 02:59 PM
Kevin Sandridge
Signature Home Funding - Winter Haven, FL
Winter Haven Mortgage Broker

Mike -  I just finished reading this post, and am typing with one hand as the other pulls my jawbone up off of the floor.  Jerk...  That's one word that comes to mind.  I can think of a few others (and am sure you've thought of them as well). 

As a mortgage broker who sometimes feels like I have to battle against the bad pr that got pushed through via "not so nice" brokers over the past few years who did in fact put a lot of folks in bad loans, I feel your pain.

Building a respectable professional business reputation takes time, and it can be a real pain to find that you're being maligned by one of your own.

On another note - I wanted to take a minute to welcome you to Active Rain.  There are quite a few Florida folks here, and it's great to have you aboard! 

I'm very excited about this community - basically because folks seem so willing to help out, provide industry insight, and share their good news and experiences!

When I started out on Active Rain, I felt a little overwhelmed.  I hope the following points and suggested sites will help bring you into the mix!  Just my way of saying that I'm glad you're here.

-------------------------------------------------------------------------------------------

One:  Be sure to include a good amount of information on your profile page.  Check out the profiles on other Realtor's sites here on Active Rain who are listed as "Featured" or "Tops" in their area (look for high point totals).  You'll find that this will seriously boost your presence on ActiveRain - via the added points. 

Two: I urge you to keep blogging on this site!  You will be AMAZED at the awesome feedback you receive very soon after they hit the network!  I use Google Reader to subscribe to blogs that provide me with ideas about what I'd like to comment on - both industry wise and just for fun!  Check it out I am more than willing to step you through the site and to help you get a few more blog posts generated if you wish - as a way of adding some value and paying forward some good networking vibes!  :)

Three: Be sure to add in a good number of posts about what you think and consider pertinent regarding your area of expertise!  You'll notice that many if not all of the Featured posting bloggers here on AR do this.

Lastly, I do quite a lot of work via social networks, email campaigns, and relationship building.  If I can ever be of any assistance, don't hesitate to ask.

Here are a few great sites to visit (some of my favorites).  If you like the information they provide, be sure to let them know I sent you!

  • Bloodhoung Blog - Greg Swann, Bloodhound Realty (They also offer a FREE RE Blog Service!) Note: These guys are way, way, way ahead of the curve.  Hold on tight.  It's gonna be a wild ride!

  • Real Estate Tomato - site maintained by Jim Cronin.  A must see for new Real Estate Bloggers!

  • Seth Godin's Blog - The Reigning Permission Marketing Guru.  Check out his latest book, Tribes!

  • The Real Estate Zebra - Daniel Rothamel is a one of a kind inspiration in the Real Estate Blogging arena.  Do yourself a favor and check out his site.

  • Jeff Turner's Main Page - Jeff is always on top of what's happening in the world of social networking and media!  Absolutely make this page a part of your learning experience!

  • The Florida Mortgage Blogger - Ok - so I had to plug my own site!  Check it out.  Would love to have you on as a subscriber! 

Looking forward to what you'll share with us all here on Active Rain!  :)

Blessings,

Kevin Sandridge

Winter Haven, FL


 

Nov 29, 2008 04:35 PM
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes

Hi and welcome to active|rain. There are thousands of tips, tools, and tricks of the trade here. Be sure to check them out. Best of luck and see you around.

Nov 29, 2008 07:07 PM
Everard Korthals
---Preferred Lifestyle Advisors--- - Lancaster, PA
Mountain Realty

Welcome to Active Rain. This is a great place to learn and share with others. IF ever you were to have any questions then feel free to contact us and we'll try to help. Please take a look at our blog for links to valuable information in our sidebar that you can use to navigate this extensive network. Subscribing to our blog is also a great way to read our blog straight from your home pages. We also suggest taking a look at the Active Rain Wikipedia group for resources that may be valuable to you. We hope you have a great day in the Rain! All The Best-

Sincerely, Active Castellum

Nov 29, 2008 11:53 PM
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Great Start to AR -- Be careful it can become addictive -- Good Luck JE

Nov 29, 2008 11:58 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
I wish we could all say that was an isolated incident, but I think most of us have seen things like this happen even on a regular listing. I've even had to go to court once on just such a situation. Welcome to the rain and look forward to some of the happier stories from you.
Nov 30, 2008 12:29 AM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Nov 30, 2008 01:05 AM
Sandy Childs
Keller Williams Realty - Spartanburg, SC
Realtor - Spartanburg, SC

Congratulations on joining Active Rain. This is a great professional networking site. Hope you enjoy this site as much as I do.

Nov 30, 2008 04:49 AM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good Luck.

Nov 30, 2008 06:27 AM
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Congrats on your first post - Welcome to ActiveRain!!

DM

Nov 30, 2008 06:34 AM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Michael....Welcome to ActiveRain.  This is a great community to network with others as well a great place to learn from other's experiences and knowledge.  I've enjoyed it; I hope you enjoy it as well.  Congrats on your first post.

Sergio Rebollo Jr.
Exit Prime Realty
Coral Gables, FL  33134
305-582-4062

Miami Short Sale Specialist - Profile

Nov 30, 2008 06:46 AM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon! 

Nov 30, 2008 02:01 PM
Marcy Fedalei
Keller Williams Realty - Spartanburg, SC

Great start on ActiveRain! Welcome and thanks for sharing your thoughts and ideas.

Nov 30, 2008 02:21 PM
David Painter
Keller Williams Realty - Spartanburg, SC

Good to have you on Active Rain.  This is a good site for gathering information and interesting to see what others are blogging about.

Nov 30, 2008 03:05 PM
Bill Kennedy
Keller Williams Greenville Upstate - Greenville, SC
Homes For Sale Greenville SC

Welcome to Active Rain! This is a great website for building your business, as well as learning from others.  Pat yourself on the back, because you made a GREAT choice in joining the blogosphere!

Write often, and write whatever comes to mind.  Blogs about personal topics and non-real estate items are often the best.  It helps your readers to bond with you, and ends up bringing you a lot of business!

Good luck with your future blogging.  If you'd like more info on points in Active Rain, I wrote a blog about it (click here). Feel free to ask me any questions if you need a hand!

Dec 01, 2008 01:07 PM