“Out here in the field” I fight for my clients trying to get them into contract battling the all cash offers and bidding wars. Some real estate brokerages are developing a reputation for controlling the market unfairly. Such an example appeared today on MLS in the form of a Pleasant Hill listing sold short and under market. There was never an open house. And yet, the lender will be presented with a package for short sale approval requesting less than 100% principal pay-off in an inventory starved market. This is just plain wrong! Don’t you think the laws should be revised to require a minimum of 2 weekends of exposure or 10 days marketing for a property to be approved as a short sale when there is no inventory in a local market?
There should be rules for the bailout money to protect our native interests. If Congress required a minimum of 10 days exposure to the market on short sales & foreclosures, it would lessen the amount they underwrite in bail-outs and counter these self-serving practices. The lender should require a spreadsheet detailing the terms of the top 10 offers be presented with a short sale package and MLS printouts documenting that the property has been offered to the market for at least 10 days. Further, if they also require that these properties be offered exclusively to owner-occupants for the first 30 or 45 days on the market, it will grow the local economies more with the higher investment in the areas surrounding these homes. Owner-occupants tend to maintain their properties better. It will drive more economy through more loans being funded by through the local banks. And it will put Joe American who needs to obtain a loan to buy in a better position to compete in the California marketplace. Today’s real estate market is presently dominated by foreign all cash investors, who will be everyone’s landlord if we do not at least try to to do something about having our bail-out money benefit local residents.
The agents that double end properties selling properties underpriced without really offering them full market exposure are:
1. not serving their client in achieving the highest possible price,
2. fleecing the banks out of a fair market value
3. sullying the reputations of fellow realtors who would never do business in this unfair manner.
4. making it difficult for appraisers trying to sort through disparate values between normal comps and those undersold through self-serving practices
If a 10 day minimum marketing time was required to be documented, the listing agent (and brokerage) would have to open the property to competition giving everyone a fair shot at bidding or overbidding as is prevalent in today’s market. (I, for one, have a very qualified buyer who would have paid more than $399,900 for a Pleasant Hill property with a 1700 sq. ft. footprint, even if it was a fixer.) Please “Like” this proposal and ask your Congressional Representative to back these changes covered in the ” Congressional Commitment to Home Ownership” already submitted to Diana Feinstein and Representative Garamendi.
resultsorientedrealestate 