"I've Seen It All and I've Seen Too Much!"

By
Real Estate Agent with Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills SA5376460000

“I’ve Seen It All and I’ve Seen Too Much!          

(My favorite quote from “A League of Their Own.”)     As the market has shifted from a Buyers Market to a Sellers Market, so have real estate practices and behaviors. It used to be that as a Buyers Agent, our buyers could select their own title company, select their closing date, request repairs, and choose their lender.  These days that has changed entirely.

Typically, banks will select the title company, minimum required earnest money deposit, change the inspection period, and select your closing date.  But lately, it has become more common for the banks to require loan pre-qualification through their own bank.  Kind of ridiculous if you read through our Arizona Pre-Qualification form as it has boxes to check showing that all financials have been received, the interview has taken place, the application has been completed, and the form is signed by both the loan officer and the buyer.  But I digress…..

So yesterday, while setting up showings for my buyer, I threw up my hands and said, “That does it!”  This agent and seller have literally crossed the line on what they are asking.  Mind you this is a “normal” sale, not a foreclosure or short sale.  But wait for it…..  it’s one of those “flips.”  A flip being a foreclosure turned into an un-repaired glistening jewel, and in the sense that the seller has created his own rules by following the same strategy as the bank, minus the 13 page addendum; although some of them are creating their own addendums.

So what made this listing different from all the other requests we see for flips?  This seller has listed his preferred closing dates!  Never having seen this one, I just decided that does it!  I’m frustrated with the fact that the public has decided to act like the banks when selling foreclosures.  Are agents part of this strategy?  Are agents telling sellers they can behave this way?

The good news is that eventually, the market will normalize and hopefully this tactic will disappear!  Okay –my rant is over – thanks for listening!

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Topic:
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Rainmaker
563,794
Kathy Sheehan
Movement Mortgage 770-634-4021

I am sorry to say I have come across this "requirement" several times.  Ridiculous!

October 12, 2012 06:33 PM
Rainmaker
522,993
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
The Little REALTOR® That Could
Keller Williams Realty

Jan,

I think your blog post deserves to be featured. I'm sure others who have had similar experiences, or know more about this type of stuff will have a lot to say. I have suggested this post in hopes you get the attention you deserve to get us all some answers.

October 12, 2012 08:10 PM
Rainmaker
413,463
Jan Green
RE/MAX Excalibur Scottsdale Green REALTOR
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Jim - Yes, some agents believe they can write their own rules.  And they never disclose the work they've done when they flip their own homes either !

Sharon - very funny!  The docs tab has held some interesting documents lately!

Kathy - geez - thought this was unique.  Requesting a specific COE date is just ridiculous!

Patricia - thank you for your vote.  It would be interesting to gauge feedback on a specific COE date.  Have a great weekend!

October 13, 2012 08:39 AM
Ambassador
788,102
Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

These investors should know that everytime you make a silly demand the price goes down, that's why the banks sell for less.

October 14, 2012 07:44 AM
Rainmaker
413,463
Jan Green
RE/MAX Excalibur Scottsdale Green REALTOR
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Bob:  In this case it wasn't the banks, it was a real estate agent requesting a specific close of escrow date.  But banks do and will continue to make crazy demands of our borrowers to fill their coffers.  Thanks for commenting!

October 15, 2012 04:33 PM
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Rainmaker
413,463

Jan Green

RE/MAX Excalibur Scottsdale Green REALTOR
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Certified EcoBroker, Phoenix Green Chamber of Commerce, Volunteer for the US Green Building Council (USGBC), Arizona Chapter, Residential Green Building Committee, Energy Efficient Homes, REALTOR® for 10 years,RE/MAX, buyers and sellers, Scottsdale, Phoenix, Cave Creek, Carefree, Tempe, Arizona, home buyers and home sellers, Green Realtor, Networking group, Pinnacle One Group, relocation, relocating to Scottsdale, Green Certified Homes. http://www.linkedin.com/in/gotgreen Locations of visitors to this page