more bad behavior

[Anonymous]

Hi Piggs)

Not new to the site. Love the Piggs. I am more of a stalker/researcher than a blogger so here goes my first Piggs Post!!! The information that I have received from this site has kept my retired mom as well as numerous others from making huge mistakes. So, I am reciprocating with some valuable info straight from the horse’s (oops, meant agent’s) mouth. We went to Vista to look at some homes and found an amazing foreclosed home for $300,000 (and I mean amazing). Called the listing agent to request an appt to see the home. It was already sold. This is the 10th or 11th time that this has occurred on brand new listings (not even listed for 1 day). I explained my frustration and even stated that my mother has a cash offer if the deal falls out of escrow. Here is the deal; she states that she would be happy to e-mail listings, some which are not even listed yet. They are the buyer’s and seller’s agent for these homes that are sold. I am sure that they are provided with all information via Realty Trac. Once they already have the deal, even though it is not listed, they ask that it not be shown but list it to seem as though they are following the required criteria of listing the property.

This tactic reminds me of when I worked for Ole Miss in the law dept. We had to hire another attorney to complete our legal team (no, I am not a lawyer, but an accountant). A friend of the Directors had already been chosen for the position. I was required to create the HR listing and followed all the criteria required by the state and the university although we had already chosen the candidate. It was all for show. It made me sick because I had put in for state positions before only to be told that I was the more educated, experienced, and qualified person but they promoted from within and decided on an internal candidate. I knew that the HR listing was all for legal purposes and for show.

Well, the agents/brokers are not all that different as far as covering there butts and making sure their i’s are dotted and t’s are crossed. Although it may seem unethical, they can state that they did follow the rules although the house is already in escrow.

I think that this is a marketing tool that many brokers and agents are using to remain productive very little effort.

So here is what I was thinking;
I was thinking that as a buyer, I could get the same info as them via Realty Trac listings (they all show up on Yahoo Real Estate searches). I don’t need the pictures, just the addresses and amounts owed (hate short sales). I can then go to an agent/broker and say I am interested in this property although it is not listed yet. No agent/broker is going to turn down a potential sale. Then let them do the legwork.

Someone in another post stated that a cash offer may entice the agent/broker to push the deal through. My mom has cash and we have tried this stratedgy. It does not work. Agents and brokers don’t care because regardless of what deal they get, they are going to get a commission based on sales price. Brokers and agents think the higher the better (regarless of how liquid a buyer) while the buyer is thinking that by having cash that they will get a price break because of their liquidity and not having to go through the whole escrow eligibility process. The banks, for the most part, don’t care because they are still thinking about the interest on loans that they write as incoming revenues over and above the sales price. Over a loan period of 20 or 30 years, a $300,000 house is not really a $300,000 house. I am sure all of you understand this. To get around that I have discussed another stratedgy with my mom. I have told her to put the minimum down and allow the escrow to go through the bank. Once it goes through and she has possession, ask for the payoff and pay it off in cash. There is nothing that the bank can do and the agent/broker just sees her as a qualified buyer that is going to sign a loan. Because banks have been so reliant on the interest from home loans for so long, they don’t consider a cash offer as a good thing. I apologize for the lengthiness of my comment, but just wanted to share my experience as it relates to the issue and how I am trying to turn the tables by thinking outside the box and using realtor stratedgies to my own benefit. If they can sell listings that are not even listed on MLS, we can research those listings also and request to purchase those properties. It is kind of like beating them to the sale. It sure beats pulling up to a new listing to find out that it is in escrow. Thanks Piggs for encouraging me and so many others to think outside the box and to stay informed with real measurable facts and stats instead of being influenced by the band wagon. I hope that someone finds my post helpful.

[Casca]

Vaughn, the process by which the outcome is already a certainty, but must appear to outsiders as a competitive event, is known as a beauty contest.

[Casca]

Vaughn, the process by which the outcome is already a certainty, but must appear to outsiders as a competitive event, is known as a beauty contest.

[Casca]

Vaughn, the process by which the outcome is already a certainty, but must appear to outsiders as a competitive event, is known as a beauty contest.

[Casca]

Vaughn, the process by which the outcome is already a certainty, but must appear to outsiders as a competitive event, is known as a beauty contest.

[Casca]

Vaughn, the process by which the outcome is already a certainty, but must appear to outsiders as a competitive event, is known as a beauty contest.

[briansd1]

Vaughn, interesting post.

I personally don’t think that the bank employees look at the big picture.

There are entrenched interests in each part of large organizations and it all depends on the compensation schemes.

In the past, the brokers and underwriters who issued loans didn’t care if those loans turned bad because they would already have pocketed their commissions.

Institutional self-preservation is very different from individual self-preservation and enrichment. When the compensation packages are at odds, you can be sure that individual self-enrichment will win out.

For example, my company processes a lot of credit card transactions and we pay lots of fees for that. But my account manager doesn’t care because his department doesn’t get any of that. His job is to open new accounts, and do loans.

When dealing with people, try to discover what’s in it for them. The more commissions they get to work with you, the more accommodating they will be.

[briansd1]

Vaughn, interesting post.

I personally don’t think that the bank employees look at the big picture.

There are entrenched interests in each part of large organizations and it all depends on the compensation schemes.

In the past, the brokers and underwriters who issued loans didn’t care if those loans turned bad because they would already have pocketed their commissions.

Institutional self-preservation is very different from individual self-preservation and enrichment. When the compensation packages are at odds, you can be sure that individual self-enrichment will win out.

For example, my company processes a lot of credit card transactions and we pay lots of fees for that. But my account manager doesn’t care because his department doesn’t get any of that. His job is to open new accounts, and do loans.

When dealing with people, try to discover what’s in it for them. The more commissions they get to work with you, the more accommodating they will be.

[briansd1]

Vaughn, interesting post.

I personally don’t think that the bank employees look at the big picture.

There are entrenched interests in each part of large organizations and it all depends on the compensation schemes.

In the past, the brokers and underwriters who issued loans didn’t care if those loans turned bad because they would already have pocketed their commissions.

Institutional self-preservation is very different from individual self-preservation and enrichment. When the compensation packages are at odds, you can be sure that individual self-enrichment will win out.

For example, my company processes a lot of credit card transactions and we pay lots of fees for that. But my account manager doesn’t care because his department doesn’t get any of that. His job is to open new accounts, and do loans.

When dealing with people, try to discover what’s in it for them. The more commissions they get to work with you, the more accommodating they will be.

[briansd1]

Vaughn, interesting post.

I personally don’t think that the bank employees look at the big picture.

There are entrenched interests in each part of large organizations and it all depends on the compensation schemes.

In the past, the brokers and underwriters who issued loans didn’t care if those loans turned bad because they would already have pocketed their commissions.

Institutional self-preservation is very different from individual self-preservation and enrichment. When the compensation packages are at odds, you can be sure that individual self-enrichment will win out.

For example, my company processes a lot of credit card transactions and we pay lots of fees for that. But my account manager doesn’t care because his department doesn’t get any of that. His job is to open new accounts, and do loans.

When dealing with people, try to discover what’s in it for them. The more commissions they get to work with you, the more accommodating they will be.

[briansd1]

Vaughn, interesting post.

I personally don’t think that the bank employees look at the big picture.

There are entrenched interests in each part of large organizations and it all depends on the compensation schemes.

In the past, the brokers and underwriters who issued loans didn’t care if those loans turned bad because they would already have pocketed their commissions.

Institutional self-preservation is very different from individual self-preservation and enrichment. When the compensation packages are at odds, you can be sure that individual self-enrichment will win out.

For example, my company processes a lot of credit card transactions and we pay lots of fees for that. But my account manager doesn’t care because his department doesn’t get any of that. His job is to open new accounts, and do loans.

When dealing with people, try to discover what’s in it for them. The more commissions they get to work with you, the more accommodating they will be.

[Anonymous]

Hi briansd1,

Thanks for the enlightenment. I guess that explains why the agent is representing the buyer and seller and sending stuff not listed yet.

Thanks for the info)

[Anonymous]

Hi briansd1,

Thanks for the enlightenment. I guess that explains why the agent is representing the buyer and seller and sending stuff not listed yet.

Thanks for the info)

[Anonymous]

Hi briansd1,

Thanks for the enlightenment. I guess that explains why the agent is representing the buyer and seller and sending stuff not listed yet.

Thanks for the info)

[Anonymous]

Hi briansd1,

Thanks for the enlightenment. I guess that explains why the agent is representing the buyer and seller and sending stuff not listed yet.

Thanks for the info)

[Author]

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