Phoenix File: Frustrating Deals with Fannie Mae, Banks, Realtors
Mary’s rant for today on the frustration of trying to do business these days
I called a listing realtor to see if the guest house sq ft was included in the total sq ft on the MLS. His answer? “What guest house?” He had never been to see the house, knew nothing about it. He told me he had 50 listings from a bank, that he was only making 1% on them, so it wasn’t worth his time & gas to go measure, take photos, etc of his listings.
What do you do when your cash client is waiting for his deal to make it through the bank maze, & Fannie Mae tells you they think they have the deal somewhere, but it seems to be lost in their computer system & they can’t access it? Do you abandon the deal and start over looking for homes? Do you try & keep your patience while they hunt for it? As the buyer’s agent, you can’t really call the bank or Fannie Mae. That’s the role of the seller’s agent. But the seller’s agent may only be making 1% on the deal, has 17 other deals lost somewhere in the system, & doesn’t seem too receptive to your plight.
I had a client call to ask about a house we had toured a couple of months ago, that he found on Trulia for $300K. When I was finally able to locate the listing, the person on Trulia was not the listing agent, & $300K was not the price. It was listed for $469K & the listing agent had no idea who the person posting it on Trulia was. When I finally reached the person who posted it, she told me she picks out listings that she thinks will sell for less than list, & posts them to Trulia under her own name. I’m not going to comment on the ethics of this pracatice, but it is frustrating for my client and me, especially when the listing was previously toured by my client with me, and he was excited that the price had (supposedly) dropped $160K.
I have clients who want to move, not becuase they are behind on payments, but for legitimate reasons, such as a job change or they have outgrown their present home. They can’t sell or rent their house because of the current marekt situation, can’t qualify to buy a second house, don’t want to walk away from the house, but see neighbors & firends doing exactly that. How can we teach our kids to have honor & respect for their own decisions if they see their parents trying to stiff the banks?
A respected real estate educator told me it had taken 14 months for him to obtain a loan modification on his house. He recounted all the frustrations & delays, asking if he, someone who is familiar with the system had such a hard time accomplishing this, what happens to some poor slob who is unaware of the system requirements?
I’m sure many of you have equally frustrating stories. Pls comment on them.
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Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS