Working Harder, Worrying More, Making Less....

By
Real Estate Broker/Owner with Lazarus Realty

...Pretty much sums up the real estate game for the majority of those I know in this industry.  Sure, there are some that are not sitting in the "shadow of death" --- like those handling REOs on the listing side, to whom the banks have given dozens, or in some cases HUNDREDS of listings. We had one agent here in town who had over 700 REOs listed at one time (Obama, where are you --- let's spread the wealth around).

Most Realtors© are experiencing TOO MUCH MONTH AT THE END OF THE MONEY and are working harder than ever for less.

I have companies contacting me requesting BPOs for $50.00 that I would have to travel 50 miles to do and would probably take me at least 3 hours plus gas.  I always refuse these but I KNOW THERE ARE OTHER AGENTS WHO ARE WILLING TO DO THEM.  I know what would happen if I ever did decide to do one of these: I would drive all the way out to the property only to find a locked gate and/or no access to get inside the house and the BPO would specify INTERIOR PICTURES REQUIRED. 

 

Then we have the banks and their azz hole ASSET MANAGERS that are a HUGE pain to deal with.  It's no wonder the banks are going broke: they are OUT OF TOUCH WITH MAIN STREET and those of us in this industry who are witnessing how they deal see first hand how TRULY STUPID these folks are.

 

Example:

I spoke with a Broker who had purchased a home for $325,000 in the early 2000s. She sold it near the peak of the market for $525,000.  Then she saw it go on the market as a short sale and offered $325,000 to buy it.  Her offer was rejected.  The home went into foreclosure and went onto the market as REO (bank owned property) at which time she purchased it for $225,000.

If you were to ask around in the industry you would hear stories like that from EVERYONE who is managing to survive this market.  I HATE DEALING WITH THE BANKS!  I HATE

THEIR SHITTY ADDENDUMS THAT PUT ALL THE BURDEN OF THE PURCHASE ON THE BUYERS (and their agents).  It angers me that asset managers will routinely NOT SIGN DISCLOSURES that are required by federal law.  THEY DONT GIVE A FLIP!

They oughta shoot all these high priced attorneys/asset managers who frame these lousy one-sided contract addendums for the bank and just have Ralph Nader hire some housewives to construct some reasonable conditions for purchase that would not put the average buyer's ass in a sling.

Thank God we can blog. What a catharsis

 

 

Lazarus Realty
Lazarus

Direct:
Fax:

559.301.1647
559.438.7475

1319 W Bullard #4 -- Fresno CA -- 93711

© Randy "Lazarus" McAtee

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Rainmaker
121,865
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

I think you need to take a vacation, i bet deals will fall on your lap without you thinking about it.

Feb 11, 2009 05:14 PM #1
Rainmaker
79,032
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California

You might be right sonny --- maybe Royal Carribean?

Feb 11, 2009 05:15 PM #2
Rainmaker
1,204,974
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Royal Carribean is as good as anything else out there!  Seriously, righteous vent!  They do need to pull their heads out of ...well you know where the sun doesn't shine and figure out what common sense is, then apply it to their jobs!

Feb 11, 2009 06:23 PM #3
Rainer
3,299
Darla Nixon
Latter & Blum INC REALTORS - Vieux Carre, LA
Helping you reach your real estate goals

Vacation..no way..you've hit the nail on the head.  As long as the bankers/asset managers are being paid their salary, why should it matter to them if they accept a reasonable offer or not? There is no consequence for them whatsoever.  I'm sure if they were commission vs salary they would be singing a different tune.

Feb 11, 2009 06:23 PM #4
Rainmaker
319,542
Goodbye Active Rain
Out of Real Estate

Work smarter, worry less and earn more!

Feb 14, 2009 05:43 AM #5
Rainmaker
79,032
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California
Feb 16, 2009 07:35 AM #6
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Rainmaker
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Randy "Lazarus" McAtee

Owner/Broker, Lazarus Realty, Fresno California
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