THESE REAL ESTATE AGENTS ARE NUCKING FUTS!
This year I received my first accepted offer on January 1st! What a great way to start the New Year! Yahoo! Right?
The borrower is a great guy, met him though my website and looking in a heavy REO saturated area. The property is owned by a real person who has been in the home for ten years. The buyers fico is lower, (below 600) and the deal is FHA, tough but doable, I have the DU approval ready to go.
When we get accepted the real estate agent, with whom I have never worked with, calls me right away asking about the appraisals and the comps in the area etc. He tells me we need a good appraiser as they need to understand the comps in the area. “No worries, it’s FHA, I can have one of my people go out and appraise the property.” I tell him and I order the appraisal.
I get a call this evening from the appraiser, “Where did they get that price… all homes that are selling in that range are twice as big???”
I tell the selling agent working with my client and he mentions an estate sale that is not on the MLS, similar property, $50K more. I tell the appraiser. She says “That is a transfer of title from the bank to Fannie Mae – the property foreclosed and Fannie had to take back the loan. Yes, title transfer but no one made an offer on the property.”
The selling agent tells me “Find another appraiser!”
“Fine, give me a name and a number” I reply.
“I only have a name” he says.
“Give it to me I will look her up right now” says I, the LittleFish.
I look her up via Google. Number disconnected. Not on the OREA site.
So then I Google his name and the first thing that pops up is not his LinkedIn page, nor his Facebook profile but an article from a newspaper that reads as follows…
“The victim, whose name has not been released, attacked {MY CLIENTS AGENT} with a pool cue, bashing {MY CLIENTS AGENT} over the head, police say. {MY CLIENTS AGENT} allegedly attacked with a knife, stabbing the victim multiple times.”
I have no idea if this is the same guy but his name is unique and if the property doesn’t appraise I am definitely worried for the appraiser!
Then I speak to the listing agent. He basically took the listing and listed high to cover payoff and the commission fees and seller credit. The selling agent put my buyer in the deal knowing the property wouldn’t appraise on an FHA deal with 3.5% down as he mentioned right away the value issues.
So these two yahoo agents are out there taking listings and writing offers that cannot close for WHAT!?!?!?!
Since we as Mortgage Pros have to deal with MDIA, HVCC, GFE 2010, and hundreds, yes literally hundreds, of other guideline changes etc. in the past 16 months why are real estate agents able to do whatever the hell they want without any consequences to them?
If an agent wants a pre approval letter why don’t they have to submit the request with 3 sales in the area – if declining market 2 within 1 mile – 1 within 90 days to show the deal will actually close?
Right?
Thanks for reading this I really needed to vent!
I will say that to say this – I owe many real estate agents a lot and they do a great job. I somehow feel like they are the minority however. Perhaps I am too and that’s the issue.
Garrick “LittleFish” Werdmuller
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The Buzzz Blog | The Buzzz | January 8, 2010
You have really great taste on catch article titles, even when you are not interested in this topic you push to read it
THESE REAL ESTATE AGENTS ARE NUCKING FUTS! – The-BUZZZ.com… Fits a #10 envelope perfectly. Helps your buyers and sellers with timely, much needed information.
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