[SD Realtor]

Just to clarify

DOM – Days on market is not anything a listing agent controls. When you enter a listing and the listing is active the clock ticks. Agents cannot stop the clock.

The “manipulation” you are speaking of is when properties appear new again due to being cancelled or expired.

****
As egregious as this may seem it is not even worthy of being called manipulation. Any agent can look at the listing history and see when tricks like this have occurred.
****

************************************************
Photo Deception – Yes if a home has 4 crappy rooms and 1 nice room why would anyone want to take pictures of the 4 crappy rooms? Most listing agents give the sellers a list of what should be done prior to taking pictures of the home. Guess how much of that work is usually done by sellers?

So how many people out there have gone to listings where the pictures were better then the homes?

***Lots of hands raised****

Now, how many of you feel you were victimized and manipulated, that you bought that home because the pictures were just so damn good that you could not pass on the home?

Now how many of you feel that if there were some other medium besides the MLS, and that this other medium allowed pictures to be posted, that the exact same thing would happen?

Maybe we should have the picture police come and audit every home on the market. You get fined if your pictures are not correct.

*********

Listing Status Deception –

There is not really such a thing. In the case that CAR brought up, there was nothing deceptive. The listing was contingent before it hit the MLS. I am not saying the example of what happened with the transaction was right or not right. I have had a listing pending before it hit the MLS before. I have had sellers who already had buyers they wanted to sell the home to. It goes on the MLS and is Active for a few seconds and then it is Pending. Why is this a crime and tell me what has been manipulated here? In fact, if you have a listing that is contingent or under contract, you can get in trouble if you leave it as Active.

************************************

If you wanna be bent be bent about the right things okay?

Common problems include innaccurate size description of the home. People include square footage that should be or should at least contain comments that parts of the square footage is for unpermitted work. Homes that are listed as Active and are really not active anymore.

The process is not great and can stand improvement yet I look around and see plenty of people (even bearish piggs) buying homes. Despite the claims that every short sale is rigged, that all the reos don’t work unless you do it yourself and go to the listing agent, despite claims that child support and deadbeat dads will cause your escrow to go south… despite all these claims of fraud and double ending and backdoor dealings…. somehow plenty of people still seem to be getting deals done.

Does bad stuff happen? Yes. You wanna let it jade you that is fine, nobody is forcing a gun to your head, don’t participate in the game.

[SD Realtor]

Just to clarify

DOM – Days on market is not anything a listing agent controls. When you enter a listing and the listing is active the clock ticks. Agents cannot stop the clock.

The “manipulation” you are speaking of is when properties appear new again due to being cancelled or expired.

****
As egregious as this may seem it is not even worthy of being called manipulation. Any agent can look at the listing history and see when tricks like this have occurred.
****

************************************************
Photo Deception – Yes if a home has 4 crappy rooms and 1 nice room why would anyone want to take pictures of the 4 crappy rooms? Most listing agents give the sellers a list of what should be done prior to taking pictures of the home. Guess how much of that work is usually done by sellers?

So how many people out there have gone to listings where the pictures were better then the homes?

***Lots of hands raised****

Now, how many of you feel you were victimized and manipulated, that you bought that home because the pictures were just so damn good that you could not pass on the home?

Now how many of you feel that if there were some other medium besides the MLS, and that this other medium allowed pictures to be posted, that the exact same thing would happen?

Maybe we should have the picture police come and audit every home on the market. You get fined if your pictures are not correct.

*********

Listing Status Deception –

There is not really such a thing. In the case that CAR brought up, there was nothing deceptive. The listing was contingent before it hit the MLS. I am not saying the example of what happened with the transaction was right or not right. I have had a listing pending before it hit the MLS before. I have had sellers who already had buyers they wanted to sell the home to. It goes on the MLS and is Active for a few seconds and then it is Pending. Why is this a crime and tell me what has been manipulated here? In fact, if you have a listing that is contingent or under contract, you can get in trouble if you leave it as Active.

************************************

If you wanna be bent be bent about the right things okay?

Common problems include innaccurate size description of the home. People include square footage that should be or should at least contain comments that parts of the square footage is for unpermitted work. Homes that are listed as Active and are really not active anymore.

The process is not great and can stand improvement yet I look around and see plenty of people (even bearish piggs) buying homes. Despite the claims that every short sale is rigged, that all the reos don’t work unless you do it yourself and go to the listing agent, despite claims that child support and deadbeat dads will cause your escrow to go south… despite all these claims of fraud and double ending and backdoor dealings…. somehow plenty of people still seem to be getting deals done.

Does bad stuff happen? Yes. You wanna let it jade you that is fine, nobody is forcing a gun to your head, don’t participate in the game.

[SD Realtor]

Just to clarify

DOM – Days on market is not anything a listing agent controls. When you enter a listing and the listing is active the clock ticks. Agents cannot stop the clock.

The “manipulation” you are speaking of is when properties appear new again due to being cancelled or expired.

****
As egregious as this may seem it is not even worthy of being called manipulation. Any agent can look at the listing history and see when tricks like this have occurred.
****

************************************************
Photo Deception – Yes if a home has 4 crappy rooms and 1 nice room why would anyone want to take pictures of the 4 crappy rooms? Most listing agents give the sellers a list of what should be done prior to taking pictures of the home. Guess how much of that work is usually done by sellers?

So how many people out there have gone to listings where the pictures were better then the homes?

***Lots of hands raised****

Now, how many of you feel you were victimized and manipulated, that you bought that home because the pictures were just so damn good that you could not pass on the home?

Now how many of you feel that if there were some other medium besides the MLS, and that this other medium allowed pictures to be posted, that the exact same thing would happen?

Maybe we should have the picture police come and audit every home on the market. You get fined if your pictures are not correct.

*********

Listing Status Deception –

There is not really such a thing. In the case that CAR brought up, there was nothing deceptive. The listing was contingent before it hit the MLS. I am not saying the example of what happened with the transaction was right or not right. I have had a listing pending before it hit the MLS before. I have had sellers who already had buyers they wanted to sell the home to. It goes on the MLS and is Active for a few seconds and then it is Pending. Why is this a crime and tell me what has been manipulated here? In fact, if you have a listing that is contingent or under contract, you can get in trouble if you leave it as Active.

************************************

If you wanna be bent be bent about the right things okay?

Common problems include innaccurate size description of the home. People include square footage that should be or should at least contain comments that parts of the square footage is for unpermitted work. Homes that are listed as Active and are really not active anymore.

The process is not great and can stand improvement yet I look around and see plenty of people (even bearish piggs) buying homes. Despite the claims that every short sale is rigged, that all the reos don’t work unless you do it yourself and go to the listing agent, despite claims that child support and deadbeat dads will cause your escrow to go south… despite all these claims of fraud and double ending and backdoor dealings…. somehow plenty of people still seem to be getting deals done.

Does bad stuff happen? Yes. You wanna let it jade you that is fine, nobody is forcing a gun to your head, don’t participate in the game.

[SD Realtor]

Just to clarify

DOM – Days on market is not anything a listing agent controls. When you enter a listing and the listing is active the clock ticks. Agents cannot stop the clock.

The “manipulation” you are speaking of is when properties appear new again due to being cancelled or expired.

****
As egregious as this may seem it is not even worthy of being called manipulation. Any agent can look at the listing history and see when tricks like this have occurred.
****

************************************************
Photo Deception – Yes if a home has 4 crappy rooms and 1 nice room why would anyone want to take pictures of the 4 crappy rooms? Most listing agents give the sellers a list of what should be done prior to taking pictures of the home. Guess how much of that work is usually done by sellers?

So how many people out there have gone to listings where the pictures were better then the homes?

***Lots of hands raised****

Now, how many of you feel you were victimized and manipulated, that you bought that home because the pictures were just so damn good that you could not pass on the home?

Now how many of you feel that if there were some other medium besides the MLS, and that this other medium allowed pictures to be posted, that the exact same thing would happen?

Maybe we should have the picture police come and audit every home on the market. You get fined if your pictures are not correct.

*********

Listing Status Deception –

There is not really such a thing. In the case that CAR brought up, there was nothing deceptive. The listing was contingent before it hit the MLS. I am not saying the example of what happened with the transaction was right or not right. I have had a listing pending before it hit the MLS before. I have had sellers who already had buyers they wanted to sell the home to. It goes on the MLS and is Active for a few seconds and then it is Pending. Why is this a crime and tell me what has been manipulated here? In fact, if you have a listing that is contingent or under contract, you can get in trouble if you leave it as Active.

************************************

If you wanna be bent be bent about the right things okay?

Common problems include innaccurate size description of the home. People include square footage that should be or should at least contain comments that parts of the square footage is for unpermitted work. Homes that are listed as Active and are really not active anymore.

The process is not great and can stand improvement yet I look around and see plenty of people (even bearish piggs) buying homes. Despite the claims that every short sale is rigged, that all the reos don’t work unless you do it yourself and go to the listing agent, despite claims that child support and deadbeat dads will cause your escrow to go south… despite all these claims of fraud and double ending and backdoor dealings…. somehow plenty of people still seem to be getting deals done.

Does bad stuff happen? Yes. You wanna let it jade you that is fine, nobody is forcing a gun to your head, don’t participate in the game.

[SD Realtor]

Make sure you know the age of the popcorn ceiling. Depending on when it was put in, you may see a variance in cost due to asbestos.

[SD Realtor]

Make sure you know the age of the popcorn ceiling. Depending on when it was put in, you may see a variance in cost due to asbestos.

[SD Realtor]

Make sure you know the age of the popcorn ceiling. Depending on when it was put in, you may see a variance in cost due to asbestos.

[SD Realtor]

Make sure you know the age of the popcorn ceiling. Depending on when it was put in, you may see a variance in cost due to asbestos.

[SD Realtor]

Make sure you know the age of the popcorn ceiling. Depending on when it was put in, you may see a variance in cost due to asbestos.

[SD Realtor]

I would agree with you UCG. One of the issues I see with downtown inventory is that (to me) there was heavy speculative purchases made. Couple that sort of buyer with severe carrying costs dictated by high HOA and you have a nice supply of foreclosures moving forward. You still dont come close to cash flowing with downtown condos when you factor in price/hoa/property taxes.

[SD Realtor]

I would agree with you UCG. One of the issues I see with downtown inventory is that (to me) there was heavy speculative purchases made. Couple that sort of buyer with severe carrying costs dictated by high HOA and you have a nice supply of foreclosures moving forward. You still dont come close to cash flowing with downtown condos when you factor in price/hoa/property taxes.

[SD Realtor]

I would agree with you UCG. One of the issues I see with downtown inventory is that (to me) there was heavy speculative purchases made. Couple that sort of buyer with severe carrying costs dictated by high HOA and you have a nice supply of foreclosures moving forward. You still dont come close to cash flowing with downtown condos when you factor in price/hoa/property taxes.

[SD Realtor]

I would agree with you UCG. One of the issues I see with downtown inventory is that (to me) there was heavy speculative purchases made. Couple that sort of buyer with severe carrying costs dictated by high HOA and you have a nice supply of foreclosures moving forward. You still dont come close to cash flowing with downtown condos when you factor in price/hoa/property taxes.

[SD Realtor]

I would agree with you UCG. One of the issues I see with downtown inventory is that (to me) there was heavy speculative purchases made. Couple that sort of buyer with severe carrying costs dictated by high HOA and you have a nice supply of foreclosures moving forward. You still dont come close to cash flowing with downtown condos when you factor in price/hoa/property taxes.

[SD Realtor]

Dooh what you are thinking is simply making an unsolicited offer.

Everyday lots and lots of sharks pour over the public recordings to find new homeowners who are in default. They then approach these homeowners with plenty of exotic schemes from loan mods or workouts, to representation in one form or another to sell the home, as well as having investors ready for ABC transactions. An ABC transaction is pretty much a middle deal. An investor will buy a short sale while at the same time flipping it. So a distressed homeowner has a 700k loan and has to sell the home short. He short sells it but to some investor who will pay 500k for it and then at the same time keeps it active on the MLS and collects other offers for say 550k. The bank approves the 500k deal, that closes and at the same time the investor sells it for another 50k gain.

There are the common double ended deals as well which are simply cases of agents being greedy and shielding or holding back offers.

It all kind of sucks. There is nothing preventing you from trying to find someone in distress and work out a deal with them. It is simply alot of time and effort and much harder and time consuming then it sound. Similarly, as I have mentioned before, going out and getting a hard money lender or raising cash somehow and buying a home at trustee sale is another unconventional way to beat the game.

**********

As we have discussed over and over the problem is the process. Regardless of whether it is a short sale or an reo, the dual agency problem is always going to be there. In short sales some of this ABC crap is also present. It would be nice is there were some simple parameters added to the process. Simplistic ideas such as minimum advertising durations of say x number of days before an offer could be accepted in the case of an REO would be nice. Also in the case of multiple offers, the (pick a number) say 3 highest and best offers could all be submitted to the Asset manager with the realtors recommendation for which one to accept.

For short sales things get a bit more blurry because the damned processing time of the lender makes it harder. However something like the above suggestion for reos would go a long long way towards helping things out. Simply outlawing dual agency would not hurt either. Buyers may whine that they would rather keep the commission then have some agent they didn’t want representing them but there can be ways to work that out.

The MLS is simply an advertising tool. Realtors in fact are not required to use it and they can get a waiver signed by homeowners who do not want the home on the MLS and submit that waiver and the listing doesn’t have to go on the MLS. Saying the MLS is the problem is an ignorant statement.

The problem is that there are fundamental problems in the way short sales and reos MAY be handled. There are enough potential problems there that these types of sales need to have increased transparency and/or regulatory control. It doesn’t take a rocket scientist or a bitter sadsack to see that.

[Author]

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