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Matt Laricy's Blog

By Matt Laricy | Broker in Near North Side, Chi...

Foreclosure "experts" Grind my Gears

Why is it that these Foreclosure and Short Sale Agents act as though they are better than every other agent. Did they go to some sort of seminar that gave them this badge that says they are better than you? Did they get a doctors degree in this stuff? I represent buyers that make offers on these types of properties at least once a week. Every time you call these agents offices to get information or a fax number to fax a contract, its like your pulling teeth to get any information off them. I hate it when they call you up to ask for your highest and best offer because the bank will be making a decision tomorrow. But you don't hear back from these agents the next day or two like they promised. So you do what your supposed to do, you follow up and call the agent back to find out if you were the winning bid. What happens? You get an ear full from one of their "assistants." These people are usually extremely rude and ignorant to you. Now if there was only one of these "experts" that was like this, I would understand. But its not, its all of them. I had one deal were my client was the highest bidder and we got the house. Any time I had to get information off of them, they would only respond by emails, and it would take weeks to hear from them. Now, I understand that some of these agents get tons of these properties. And that they get plenty of offers on these places. But I don't feel that this gives you the right to be a complete you know what. What kind of way is this to do business? Foreclosures and short sales are today's hot items. Lets face it, everyone under the sun is going for these types. But this wont last forever (hopefully)  I am curious to see what these agents are going to do then, since they have zero public relation skills. I was always taught to treat others like you yourself would like to be treated, or "The Golden Rule."  Obviously these agents lost focus of this rule.


By Bryan Gates,  Wed Mar 4 2009, 14:56
Matt, you are so right. Welcome to my world of Florida real estate! Unfortunately though I believe for most foreclosure agents it's a numbers game. I recently closed a deal with an agent that specializes in foreclosures. It was not a total nightmare because I had become battle hardened and had some idea what to expect. In the end the transaction went through and on the HUD 1 I had a chance to see the comission. While I was getting 6% the listing agent only recieved 1%. This was his agreement with the bank who was feeding him all these properties. Now I can understand the reluctance on the parts of some foreclosure agents. As far as those agents specializing in short sales...that whole area of real estate is still a huge mess and it doesn't seem to be getting much better. At least here in Jacksonville.
By Hugo Torres,  Thu Mar 5 2009, 00:04
First and foremost, its never a good idea to generalize. Until one has walked in the shoes of someone who handles these deals on an every day basis, you never truly understand who intensive the process is.

With that being said, there are concerns that some of these agents are overwhelmed by the volume they are encountering and this causes the gridlock you may have been experiencing.

My opinion is to network with these agents who have the lion's share of the REO listings. Its funny how "knowing" someone can help grease the wheels. Even in a dense market place like Southern Caiifornia there is still only a handful of agents who are working these listings. We take the time to get to know them through networking. After that happens, you'll be surprised how much smoother some things can go.

Thank you for your post. I appreciate it and its a shame you and many others are encountering this. Le'ts not talk in absolutes though...there are a lot of great REALTORS out there doing some good work. Even on REOs and Short Sales.
By Bethany Rosinski,  Tue Mar 10 2009, 10:32
I specialize in foreclosures and have vowed never to be one of those rude agents that have no time to talk to other agents. However it does help to know them but thank you for strengthening my will to never become one of "those" agents
By Phil Anthropist,  Sat Jul 25 2009, 12:44
I'm with you on the Gear Grinding. It's the I am better than you REO expert mentality. Or my favorite right now is as you say the the "expert" who just started doing this last week.
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