"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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Ambassador
1,410,105
Anna Banana Kruchten
Phoenix Property Shoppe - Phoenix, AZ
Phoenix Real Estate Agent, CRB, CRS 602-380-4886

Jan yes I've seen this type of request going on  by some flippers. What is more disturbing to me is that many are agents - and - there is no spds - but they've personally re-habbed the place.  So how do they NOT have any knowledge of the property. You know there's going to be a lawsuit or two on that one.  Crazy times have been going on for 5 years and let's hope they don't last to much longer.  

Hey - enjoy this gorgeous weather we're having.  And let's plan a lunch date to chat about all this fun real estate stuff!

October 12, 2012 03:51 PM #1
Rainmaker
647,298
June Piper-Brandon
Century 21 New Millenium - Baltimore, MD
Piecing Dreams One Home at a Time

Jan, I'm with you!!  I've seen it all, pretty much.  When did sellers think they can act like God when selling their properties? 

October 12, 2012 03:52 PM #2
Rainmaker
454,979
Jan Green
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills - Scottsdale, AZ
RE/MAX Excalibur Scottsdale REALTOR®, GREEN

Anna - yes it's getting old isn't it!  Having to explain this to buyers is even more frustrating as it makes us look bad, as if we're trying to lay one over on them.  Good idea.  Lunch would be fun!  You pick the location!

June - Ditto on that.  It's frustrating having to explain all this stuff, and agents are doing it!

October 12, 2012 04:06 PM #3
Rainmaker
420,611
Jim Patton
Century 21 M&M - 209-633-2839 - Turlock, CA
Realtor - Stanislaus & Merced county Realtor.

Jan - The banks have been writing their own rules for a while now and getting away with it.   I guess there are some agents now that think they can get away with writing their own rules too.   But like you said someone will end up getting sued for it then things will change, for a while anyway. 

October 12, 2012 04:50 PM #4
Rainmaker
329,854
Sharon Lord
Argent Décor - Phoenix, AZ
Argent Décor - AZ Vacation Home Furnishing Service

Jan - WOW.  Really...!?!?  That's a first - was it an excel spreadsheet under the "docs" tab in MLS...?  ;)

October 12, 2012 06:22 PM #5
Rainmaker
565,341
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

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

October 12, 2012 06:33 PM #6
Rainmaker
580,338
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
Keller Williams Realty - Flower Mound, TX
The Little REALTOR® That Could

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 #7
Rainmaker
454,979
Jan Green
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills - Scottsdale, AZ
RE/MAX Excalibur Scottsdale REALTOR®, GREEN

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 #8
Ambassador
900,503
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9663

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 #9
Rainmaker
454,979
Jan Green
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills - Scottsdale, AZ
RE/MAX Excalibur Scottsdale REALTOR®, GREEN

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 #10
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Rainmaker
454,979

Jan Green

RE/MAX Excalibur Scottsdale REALTOR®, GREEN
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