What is the flavor of the day....it seems to be "How We Do Business". I constantly see in my business, ethics and methods that are not on the highest level of the real estate industry. I recently had a short sale transaction where the agent told me that we were in first position and that the bank did not want to look at other offers. The agent said "you're good"!. Based on this comment we did not up the offer. This was on a Tuesday. The following Monday she calls to say the bank has accepted another offer. She does not return my calls asking for an explanation of what occurred that changed the situation. In my book this is NOT good business. REO's and short sale dominate the market and make it hard to navigate with a result of helping your buyer be successful.
We have lots of grey areas now in both REOs and Short Sales. Areas where the Listing Agent must choose to do good business. I believe we have unclear grey areas for abuse in these areas and I for one would like to CLEAN UP DODGE!
We should on the local level look for local Board approved procedures to communicate in REOs and Short Sales, clear and straight forward communication that helps the industry move forward. Agents MUST communicate clearly and according to guidelines as to what is fair and equitable to all parties. If we are ahead of state guidelines in a timeline, then we must look to local guidelines to protect the consumer. Doing good business is crucial in this market. Communicating and helping your seller get the best offer possible is so important.
I am Jeanean Gendron, your Redding and Shasta County Specialist. You can reach me at 530 276-7417. I answer my phone.
I have a few agents in our market that I would like to have some one review the activities they seem to think are the new standard of practice?
Highest and best does not necessary mean the purchase offer gets sent to the bank. What probably happened was another buyer promissed to pay money to the seller and listing agent if they used their low offer. Maybe the seller found a friend or relative to purchase the property from them. Also, any agent that submits multiple offers to the bank, just stay away from them as they are a waste of time.
Jeanean, I agree with you! I've been saying for awhile that there needs to be far more regulation and protocol implenting for short sales and foreclosure by the local Realtor boards. At this very moment, too many agents are learning via OJT (on the job training) which is complicating things.
Jeanean - When it comes to short-sales and REOs, what the industry is experiencing is a monumental "failure to communicate." I don't ever recall a time, when clients and their agents have been making decisions and working in such a vacuum of information. I find it totally alien to the professional standards we have known in the past.
Thanks all for coming in on this. I am weary of REOs and Agents that don't act responsibly on short sales. If we don't address it on a state basis, we sure should at the local level. Thanks all!