| As most people are well aware of these days we | | | | Remember, that is only their listings, not to mention the |
| have an influx of bank owned properties and we the | | | | buyers they are closing on as well. This is quite a |
| tax payers end up paying for the amount that is lost | | | | monopoly wouldn't you think? How can any one agent |
| by the banks or lenders on these bank owned homes | | | | handle that much at one time with the care and |
| through rising prices of taxes, lending fees, lack of bank | | | | diligence that it takes to take the transaction all the |
| benefits as well as many other factors as the buck | | | | way from list to close? They really can't and here lies |
| always rolls down to the bottom. Each and every | | | | the problem. |
| taxpayer in the country is pretty much that person at | | | | Agents are responsible for their REO listings to be |
| the bottom that somehow ends up paying in the end | | | | sure the utilities are on and being paid, the landscaping |
| for the issues with banks, foreclosures, bankruptcies | | | | is being taken care of to keep the property looking |
| etc. | | | | good in your neighborhood. There is no way that any |
| Now, wouldn't you think that the REO properties, better | | | | one agent can keep up with that many listings and |
| known as bank owned should be handled with the | | | | take good care of them. |
| best representation possible making sure properties | | | | Agents that have interested buyers are also getting |
| are maintained to get the highest prices possible? Well, | | | | frustrated trying to get information on the homes that |
| it seems that this is a very important issue at hand at | | | | their buyers may want to purchase as the list agent is |
| this time in our housing market. With over 2 million | | | | sometimes impossible to reach and difficult to get |
| foreclosures in a calendar year across the country | | | | anything done and buyers are just moving on to other |
| and 150,000 qualified realtors we would think that the | | | | properties as there are just too many other homes to |
| homes are well taken care of, marketed well and | | | | try and get through a transaction when the list agent is |
| shown on a timely manner to potential buyers as well | | | | too busy to handle their own listings or to tend to the |
| as bringing in the best prices possible. This does not | | | | properties in a professional manner. |
| seem to be the case. It used to be said that 20% of | | | | The problems with all of this is a multitude of things but |
| the realtors handles 80% of the business which should | | | | in the end homes are just sitting on the market longer |
| be about right when you take away part time agents | | | | than they should when you realtors that just have |
| or agents that actually hold a license but are not active | | | | more than they can handle. It would also be good to |
| in the real estate business but rather work other jobs. | | | | spread the wealth a little with so many good agents |
| REO properties closed the applications of qualified | | | | out there having difficulty feeding their own families |
| agents to receive REO listings long ago and believe it | | | | when some are making a killing, in the end our whole |
| or not one third of one percent of the qualified agents | | | | economy would benefit it the wealth was spread out |
| across the country list all of the REO's and continue to | | | | a little then more people have money to put back into |
| list them. This means about 5800 realtors close | | | | our economy. |
| approximately 22 listings per month for the past year. | | | | |