There is definitely one positive thing that has come out of the housing market being in the gutter, and that would be the fact that a lot of bad agents have been weeded out. The better news for you is that if you are in the market right now, chances are that you will be able to find a very knowledgeable agent to represent you. In the past agents typically did a lot of their work in an office setting, and these days they need to be out doing the legwork to satisfy their clients. But though there are now more few and far between, be sure to avoid less experienced realtors.
There are still people out there looking to make an extra buck, and are only part time agents. The clerk at the gas station may take on a client or two for some extra money. Even the utility worker can claim he is a full time agent, when he’s not. When this type of deception is going on, it is not beneficial for the buyer or seller at all.
Obviously, the market has changed quite drastically over the last few years, and business doesn’t operate the way it used to. Bank owned properties make up 10% of the inventory and 40% of all the sales in my home town. If you find yourself involved with a realtor that is not on the up and up when it comes to REO’s and short sales, you may find yourself in not so good of a situation.
I have an example from my last escrow to share with you. My clients put in an offer on a bank owned property listed by an office from out of our area. We did everything we were supposed to do and were just waiting for escrow to open. I have sold around 20 bank owned properties in the last year or so and there is almost always a delay in the bank opening escrow.
To make a long story short, after weeks of no response to my pressings, the bank finally admitted to me that they had accidentally filed the paperwork with the wrong office. And to add insult, they suggested that we could still be liable for the delay. I turned it all around, but some people are just gone terrible with details. I think I am getting too old for this business!
Had I not expected some sort of foolishness due to my previous experiences with REO’s, I may not have nipped this one in the bud. Novice realtors can cause a lot of financial hardships in tricky sales situations. Make sure that you find someone who has been around the block and knows what to look out for because their expertise my just save your deal or save you from losing a lot of money.
