Comments on: What’s the Fuss about Foreclosures?

By: Flavio

Flavio — Mon, 12 Dec 2011 22:55:25 +0000

good post, thanks for sharing…for many of the reasons you stated I only represent buyers in foreclosures…

By: Francces Flynn Thorsen

Francces Flynn Thorsen — Tue, 03 Aug 2010 16:22:00 +0000

This is good food for thought!

Don’t forget to review the listing agreement. Many banks are working with their own listing agreements, written by BANK ATTORNEYS. These listing agreements shift increasing burdens of liability on the real estate broker, including risk attached to ownership/title issues.

Foreclosures are a very risky business.

I would like to see Realtors lobby for changes in the law exempting banks from disclosure. The Dept. of Housing and Urban Development has a battery of home inspections attached to every HUD Home and it makes those reports available to prospective purchasers. Large quasi governmental agencies do the same thing.

It’s time to make banks accountable on every level. They should not get a free ride on disclosures.

By: S. Paulow

S. Paulow — Sun, 01 Aug 2010 15:53:02 +0000

Yvonne, I hear you. I have not pursued listing foreclosures for the reasons you have listed. It does seem like a lot of risk especially considering you have to pay out half your half of the commission to the Asset Manager. As the old saying goes, you have to have money to make money but in this case I’ve never felt it was worth it.

By: Tweets that mention What’s the Fuss about Foreclosures? -- Topsy.com

Tweets that mention What’s the Fuss about Foreclosures? -- Topsy.com — Sat, 31 Jul 2010 05:02:25 +0000

[...] This post was mentioned on Twitter by VacantHomeSolutions, Sage at AAR. Sage at AAR said: Thinking about pursuing foreclosures as listings? @yvonnecoelet explains why you might want to think twice about that: http://bit.ly/b8bd7v [...]

By: Pam Andrew

Pam Andrew — Sat, 31 Jul 2010 02:59:05 +0000

Yvonne — add a couple more items to your list for those thinking listing foreclosures are ‘easy money’

* occupied premises require negotiation with the occupant to leave the premises within a timeframe and cash for keys payment that is acceptable to the “seller”
* most sellers pay the cash for keys out of the agent’s pocket as a standard reimbursement that yes, is usually a minimum of 30 days. And what if you as the listing agent have multiple cash for keys properties all at one time?
* Weekly property inspections will cost you gas money that is NOT reimbursed!
* Does the property have a pool? You will have the initial pool clean, refill (water bill!!!) and then weekly pool service. Again, these are normally paid by the agent and reimbursed.
* Liability issues: Pool – Is the gate locked? Has someone “moved in” that doesn’t belong there?
* Are you ready for the calls if a water pipe breaks or the water heater springs a leak? Oh and you have to pay for those emergency repairs and get reimbursed.

So bottom line becomes … do you have the bank account to support what is needed to list foreclosures? Think hard … this can become expensive very quickly!! And remember to calculate your true cost to list the property … everything that is not reimbursed should be deducted from your commission to find your true “income” for that listing.

Yes I am a Foreclosure listing agent … and everything you have read is real.