What Buyers & Many Real Estate Agents Do Not Know about Distressed Property

The text below is from a job posting that was just blurted out over Twitter in my area. BofA has facilities here so it is most likely a position up there. I have bolded several items of interest so you can see what a mess this whole Short Sale - Foreclosure market is.

Keep in mind they are offering a pay scale of $17 - $18 per hour.

1. Managing a portfolio of approximately 400 loans from referral through to sale of property. I have talked about the volume that each individual is working with in other blogs, here it is in writing, 400 files - How many real estate agents manage 400 files with no team?
2. This is a full time position from 8am-5pm. Yep deal with 400 files and you only need to be in the office from 8:00 to 5:00
3. Would prefer someone with foreclosure and/or mortgage experience however it is not required as we are willing to train. Holy Cow! These are complex real estate issues - they are willing to train?
4. Work in a fast paced environment, quick learner, be able to multi-task and think outside the box. This is a major coporation, the words Fast Paced and Think outside the box aere not very coporate nor will the environment allow this.
5. Candidate must be detailed oriented and work independently. Again people, we are talking about the banking industry and a coporate environment - independently LOL!
6. Candidate will be working with attorney's Oh this is great, a trainee with an impossible work load now has to function with attorneys?

The point I want to make with all this is, that if you never understood why your offers aren't getting through, the multiple offers situation, why your short sales are taking forever, this is why. You can see that they train inexperienced people at ridiculously low pay scales and given workloads that are impossible, we are talking about 400 properties with multiple issues per property not including eviction issues, repair issues, individual market condition issues per property. Even to think that one person from eight morning till five at night can take this on and do a good job just hammers home what a mess the banking industry is in. This is not just the tip of the iceberg in the distressed market, this one position offered is the little speck at the top of the iceberg. i am thinking of sending an e-mail of this to my clients so they better understand what we're dealing with when going after distressed properties.