Bad Realtor, Bad Deal

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.

In the recent years that the market has taken a dive, it has also taken a toll on realty activity in general. In my area alone, bank owned properties are 10% of their inventory and 40% of their sales. If you find yourself dealing with a realtor that hasn’t a clue what to do in the case of a bank owned or short sale property, you more than likely will not have a successful closing.

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.

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.

Author S. Blagow is an experienced Big Bear, CA foreclosures realtor and well-trained in resort area realty. He is in fact one of the most respected Big Bear, CA houses realtors in his service area.