...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.
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
1319 W Bullard #4 -- Fresno CA -- 93711
© Randy "Lazarus" McAtee