Many Real Estate agent are working with buyers trying to purchase foreclosed properties. They are challenging transactions and are becoming increasingly difficult. It seems the lenders have learned that when you price them competitively - they will sell. Not in weeks; but days!
That being said; there are those Foreclosure Listing Agents whom tend to walk a fine line between ethics and serving their clients.
While I have the utmost respect for many REO (Foreclosure) Agents; there are many who need to take a lesson in proper behavior, professionalism and ethics.
Here is a fun story. You tell me what you think:
Thursday the morning starts with a new; very well priced - foreclosure home. The showing instructions say: "Call Showing Service". So I call and make the appointment for that evening.
Mid-day the showing service calls and says; Several Agents have called to report the combo we have is incorrect. We have left messages with the Listing Agent and once it is resolved; we will call you back.
Day one: Unable to get into the property.
Friday morning I call the showing service and they say; "Still trying to get the correct combo". Here is what we have "_ _ _"; but we know its not right. I then call the listing agent directly. Voice Mail.
I decide to go to the property just to see whats going on. I see an agent trying to get in; can't and walk away. So I decide to take a look at the lockbox. I have an idea !
One look at the all too common lockbox and I decide to try one of two well-known default codes. TA DA ! The box opens.
I let my client know and we look at the property Friday afternoon and decide to prepare an offer. The agents assistant (I actually got a live person on the phone!); said they would submit offers to the bank Friday afternoon.
Day Two: The VAST Majority of agents can't get inside.
Well our offer is sent in and of course we hear nothing until I see in the MLS Monday right after lunch. "Under Contract".
Day Five: Under Contract
Now tell me; how does a bank-owned property go under contract at 1pm on Monday when you are not presenting contracts until Monday afternoon? In a normal sale; if you to meet your client at exactly noon; you could barely get the thing signed, returned to the buyer and placed under contract in an hour.
How does a Bank-Owned Property; with bank addendum's needing to be signed by the buyer and returned to the seller; get a ratified contract within minutes of the deadline?
I smell a RAT. Oh and by the way - the buyer is being represented by the Listing Agents office.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC
Recently I had a client who was buying a home. They came ready with a pre-approval letter and the willingness to buy a home seemingly within their price range. Once we found a home - we went through the offer; negotiated and formalized the contract.
When I asked to make sure everything was all set with the lender (because the lender wasn't returning MY calls); I was told - yes; but I think we want to switch into an FHA loan. OK?
NO - actually it's NOT OK. We have a contract for conventional financing and we need to ask the seller for addendum if we want to change the terms of the contract. My clients say; well we can get the loan, no problem, but the FHA is a much better deal for us.
Well the seller comes back and says "NO". The seller accepted the offer because while it wasn't full price; they felt good about the conventional loan.
Now the buyer decides to level with the agent and explain things. UH OH. "Houston, we've had a problem".
The buyer DID have an issue with financing, but didn't level with me in the beginning.
If you have hired a Buyer's Agent - they are working for YOU. They are protecting YOUR interests and fighting for YOU. But if we don't have all the information; then we can't do much to protect you. Always be honest and forthright with your agent. We know the contracts; the contingencies and the protections you have better than most.
Happy Home Buying...
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC
Dear Lazy Listing Agent,
I have a client in town for 2 days. We do not have time to waste looking at crappy homes. Since you only had time to take 4 pictures of this 4 bedroom, 3 level home; we have decided to not waste our time looking at your listing. I know you said it looks "amazing" - but we need to see some pictures before driving all over town.
Please tell your seller we wish them the best of luck and if they decide to hire an agent who can take more than 4 pictures of the house - I am sure it will sell. Unless of course it really is a crappy house inside. But I guess we will never know.
If your client does decide to hire a agent who will actually spend a buck and hire a photographer and do some nice flyers. Have them call me.
Thank you.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC
I have said it before and I will say it again. The Housing market in Metro Washington DC - is good.
Just this week; an out of town buyer was shocked when I told her that the 10 of the 14 homes she asked to see last week - were Under Contract. "Isn't it a Buyer's Market?"; she asked. "Not Really. Not in DC."
The truth is - the GOOD Homes are GOOD and they are selling. In many areas; within days or a couple of weeks. The BAD Homes - are still bad; and sit and sit.
A recent article; states that the Government Budget is helping the Washington area housing market. The Article basically states that demand for housing is growing quicker in Washington, than any other Major US city.
It sure helps when the Federal Government is the biggest employer in the DC Metro area; that coupled with the contractors and government support companies. Jobs and job growth is a sure fire way to help the Housing Market rebound.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC
Every year, many older adults sell their home and move into Retirement communities. These communities offer many facilities, including meal service, activities and
some medical assistance.
However, recent news has been breaking about many of these communities running out of money and going bankrupt. Erickson Retirement Communities; which runs several communities in the DC area; filed for bankruptcy a few weeks ago.
Another community, Ingleside, in NorthWest Washington; had to introduce large fees to cover the cost of increased expenses.
When picking out your Retirement Home; do your homework. Don't just look at the fancy facility, the groomed lawns and the list of activities. Look into their finances. Make sure you know what will happen to your large deposit and your monthly fee should the facility hit a ruff patch. Look at how their assets have increased or decreased with the recent downturn in the economy.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
 |
|
|
Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
