Originally posted 2009-09-27 03:43:53. Republished by Blog Post Promoter
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 part time housewife’s out there who do a deal or two a year for some extra money. The checker at the local Von’s still dabbles when an unsuspecting victim falls into the web. Even the meter reader for the electric company will try to pass as a full time professional realtor. They are not doing their clients any favors.
The market has undergone a massive upheaval and you can not do business the same way as five years ago. In Big Bear, bank owned properties make up 10% of the inventory and 40% of the sales. If your realtor is not proficient in dealing with REO’s, Short Sales, etc, you are asking for trouble.
Here is an example of a predicament one of my clients was recently involved in. The clients I had been working with made an offer in escrow with a bank that was out of our area. We held up our part and followed all instructions that we were supposed to, while waiting for the escrow to be opened. With the last 20 sales that I have worked on with bank owned properties, there has always been an issue opening the escrow.
So in this deal, I had been waiting patiently on the bank. Then I became impatient. Then I investigated. And it turns out that weeks later, they finally admitted to filing the escrow with the wrong office. Then they attempted to claim we would be liable for delay fees. What?! I smacked them around and got it handled, but they were in complete denial of their wrong-doing.
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.
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