Just like any other profession, there are several uninformed, unethical agents out there. I however, would like to make a case for those of us who work our butts off to serve our clients. I am constantly watching the market and updating my community at http://www.facebook.com/ConejoRealEstate with what is going on in the Conejo Valley. Just last week I posted an REO in Oak Park, CA which had a price reduction of $51k. Although none of my clients were looking in this area, the house did sell in 5 days after having been sitting on the market for 5 months. Obviously, I am not the only one that thought this was a great deal and had any of my client ended up buying, I think a $51k savings definitely deserves some credit. All I'm saying is that there are some of us out here who do take our jobs seriously and I think deserve some slack.
There are Good Agents Out There...
By Conejo Valley Agent Follow Sun, 25 Jul 2010, 11:03pm 1,417 views 34 comments
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E-man says
Do realwhores set the prices of REO's?
Conejo Valley Agent says
Wow. You're, like, so awesome & stuff. Are you trolling here because you want to help each & every one of us to see that you're a glowing example of a good realwhore - or are you here to siphon some of the patnet readers to your facebook page?
Your $51k reduction example would have been more impressive if...
Conejo Valley Agent says
...it made any sense.
Did it sell because of your post? Did you have anything to do with the price reduction? Did any of your clients buy it? How is it "obvious that you aren't the only one that thought it was a great deal?"
I'm yet to see how you are deserving of some slack...
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E-man says
The Wife changes her mind more often than a schizophrenic. Despite nothing but crap in our price range she now thinks it might be better to get out if we can, rent, pay off our credit cards and save for a house as the market continues to deteriorate. On the one hand I really like the house we have and would like to keep it, on the other hand, there isn't an easy way out of our current money situation in the near future. Without the house it will take 18 months to be free and clear of Credit card bills, with the house probably somewhere around 5 years, and I need to replace my car sometime soon within the next few years.
I'll just keep my fingers crossed that no one is going to pay list price for the house.
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From what I can tell, the lenders, banks, and RE agents are perpetuating "extend and pretend" to forestall a day of reckoning, in hopes that the government or a rebounding economy will bail them out of their huge distressed shadow inventory. However, this is becoming increasingly unlikely, and I think it is in their own best interests to be the first to sell-off, and sell-off big, before a larger collapse hits. The key is to be the "biggest loser" in terms of unloading non-performing assets. I think some people in the banks know this, and are postponing the sell-off only until the end of the fiscal year so their bonuses will not get thrashed. Once the bonuses are decided, the dogs will be unleashed for a race to unload all the properties ahead of the price-crash avalanche. Then, they can sail off into the sunset with their last big payday, or if they were relatively successful, stay on and take credit for their prescience.
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Patrick, can this entire thread be deleted? Basically the original post is a spam advertisement for this Realwhore™'s Facebook page so that it can tell everyone, "It's a great time to buy!" I mean really, how much more transparent can it be than this. It's just another Realwhore™ trying to get more business by promoting itself on a real estate blog.
Begone with you Con-a-ho Valley Agent! Go back to the abyss that has been prepared for you!
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Both simchaland and little elliemae live in the gutter. Practically every comment is dirt. Their comments reflect the dirt from within.
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elliemae says
Wrong. I've never been vulgar with anyone in here, unlike you and some of your "friends."
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simchaland says
Jazz? I had a horrible spirogyra experience that scarred me for life. I was stuck in a van driving cross-country with only spirogyra to sustain us for 10 hours. It was in college... but I've never recovered. On this, and I'm sure many other subjects, with you I disagree. However, I do possess the ability to recognize our differences and still think you have value.
I won't attack you constantly, accusing you of all sorts of stuff and assume to know how you feel and what you believe.
:)
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A lot of people assume that realtors have a crystal ball and can predict what's going to happen. We are just like everybody else and have no idea what the future holds. What we can do, is give opinions (just like anyone else) that are based on what we are seeing. As with layman, 100 different realtors will have 100 different opinions about the same thing. As a buyer or seller, your job is to interview as many realtors as possible and find the one who's opinions you trust. Still no guarantee that they will be right but at least you're relying on someone who is following the market daily and seeing first hand what is going on out in the streets. Hey, if realtors all knew what was going to happen next do you think we'd still need to be working for a living?
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Sorry, no slack here. Real Estate agents are covered under agency law, which means they have a legal and ethical responsibility to look after the best interests of their clients regardless of their own personal benefit.
However I have NEVER in my life met a real estate agent who didn't put "doing the deal" and thus earning the commission above EVERY other consideration. Because of my profession, I have literally hundreds of examples involving bankruptcy clients being led into contracts that were destructive to the client but profitable to the agent. I have NEVER seen an example of an agent looking out for the best interests of the buyer if those interests ran contrary to making the sale.
Therefore I have concluded that the entire industry is a fraud and most of the claims agents make are pure crap. I personally use real estate agents because I'm not qualified to complete a transaction without screwing it up, however beyond paperwork and access to MLS they are totally worthless to me.
My favorite example is a deal I made in 2008. I got an offer accepted for $325,000 + $8000 for closing. I instructed my agent to modify the offer to $317,000 + $0 for closing so my property taxes would be lower. My "agent" had a shit-fit and gave me a speech about keeping enough cash around because he stood to lose $240 on his commission. What a jerk.
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I'd have to disagree with Iwog. There are good agents out there, believe it or not. One REO agent with Intero told me in Feb. 2010, not to buy. He said wait until after the Nov. election. Another agent with Coldwell Banker also told me recently to wait until the winter of 2011.
A couple of other agents I've been working with ALWAYS don't have opinions one way or another. They always say it's up to me. Their job is to get me the price that I'm willing to pay. No pressure.
The friend agent that I used to use. His slogan is "NOW is a great time to buy." I fired his ass. He recently brought me an REO deal. I told him to cut his asking price buy 25% and we got a deal. Basically I want early 2009 price. Never heard from him again :o)
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I'll agree that in any field, there are some outstanding professionals who go above and beyond, some dirt-bags that would sell their mothers cow for a hill of magic beans, while the majority are somewhere in between.
The real estate agents finds him or herself in a changing industry that is also undergoing a massive deleveraging.
By changing I am referring to the fact that information that historically was only readily accessible to Realtor in years past (price history, sales history, comps, ect.) is now becoming part of the electronic public record as more and more counties and localities enter the digital age. For my county, with only a street name (not even a full address) I can usually find the section block and lot, tax history, owner history, sale history, etc. on a property in about 15 minutes.
It has gotten to the point that more and more I find myself with MORE information than my agent when I go to see a property. Other than getting me in the door, and writing up an offer on his letterhead - what service has he provided? Not as much as ten years ago - when public records and information were harder to come by.
Also, it has always amazed me that, for a field that helps many make the biggest purchase of their lives, a relatively minimal amount of education is required. Don't get me wrong - I know that becoming a broker of your own firm takes time and experience and there are continuing ed requirements. But to get your basic license to become an entry level sales person - generally 48 hours of course work are needed. Compared to other license professions, the barrier to entry into the field is surprisingly low.
Just my two cents.
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elliemae says
I believe they do. They would do a comparable analysis, which also known as a BPO (Broker Price Opinion), give it to the asset manager, then they would determine the asking price.
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Well said EastCoastBubbleBoy.
I took me a while to seek out these good agents if you will. For me, I don't care how much commission (s)he makes as long as (s)he gets me a good deal, well below market value. Basically, I want auction/trustee sales prices.
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TechGromit says
How did the talk with your agent go? I hope it went well. Tough it out man, sounds like it's a bad time to be selling in your neck of the woods. Very nice lot size you got there. My goal is to own one of those homes with a nice size lot in the Bay Area one of these days :o)
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@ TechGromit,
Your situation is not very dire in my opinion. Your situation is one of the easiest problems I've seen when it comes to creative financing for a while.
If I were in your shoes, this is what I would do. Ask to borrow $50k from your or her parents, uncles, relatives or some RETIREES that you know. Pay them an annual 6% interest rate on the money, which is $3,000/year or $250/month, with a balloon payment at the end of the 5 year term. Secure this $50k loan as a 2nd loan on your house (similar to a HELOC). Use this $50k to pay off your credit card debts. Let’s say you’re currently service $750/month on credit card(s). This should free up $500/month or $6k/year. Retirees would love this deal since the bank ain’t pay them shit on their money now.
Let’s say at the end of 5 year term loan, you don’t have the $50k to pay off and home value has not appreciated. I would offer to renew the $50k loan at 8% annual interest, which is $4k/year or $333/month. I believe this is doable, and should give your property plenty of time to appreciate or your and her salaries to catch up.
If you were in the San Francisco Bay Area, I would help you in a heart beat. I just don’t part my money from where I live. However, I would structure it a little differently, but it would give you the same result. You may want to advertise on Craigslist about your situation. Maybe some creative RE investor can help you out. Of course, you’re probably uncomfortable with the idea. Run it by your RE agent and see whether or not he could help you out. Personally, I think selling is a bad decision since you lose too much of your money.
Let me know if this strategy suits you, or you need more creative ideas.
Best of luck.
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E-man says
I agree with you, your right, my situation isn't very dire. We are both still employed and will likely remain that way. The main cause my current financial headache is my wife. I showed her the numbers before we purchased the house, told her how tight things would be for while, but there something with women and numbers that don't add up. So after we brought the house and reality of not having money to eat out as often or shop as much, she sees the reality of the situation. Marriage was the worst financial decision I ever made. Before I was married I had a little house with a $750 a month mortgage (including taxes and insurance), zero credit card debt and a modest savings. After marriage, despite earning 3 times combined salary, we have a $2,800 mortgage, 30k in Credit card / loan debt and almost no saving to speak of. I even stopped putting into my 401k trying to get caught up. She father was all gong-ho on the stock market before, well he got wiped out, he's even in worse financial shape then us. Now she finally sees that debt is a bad thing and is a lot more careful with money, I only wish she didn't have to get hit by a bus to know that walking in front of speeding bus is bad.
I'm not in such a dire situation where I have to ask my parents for a loan. I never have before and don't plan on starting. I'm slowly gaining ground, in 5 years we will be in pretty good shape, that is if I don't kill my wife first :).
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Good Agents? Sure there are.......
I had one Realtor who told me that she likes helping people and that is the reason she is a Realtor. What a load of crap.
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Bankers and brokers also like to "help" people.
Next time you run into any of these good Samaritans. run like hell.