Tag Archives: reo

Grr….Why do some agents try to bully other agents?


Just like in real life there are real estate bullies…. Most of the agents I work with are hard working professionals who are trying to look out for their client and get the job done…. I respect that…..There are a few that are threatening when things aren’t going perfect….. For example….

I am the buyers agent for a couple in Meridian Idaho…We went pending on 11/28 and had the inspection on 11/30…. Not bad timing….The loan officer supposibly ordered the appraisal on 12/7… It is a big bank (Wells Fargo) and we all know they usually take a little longer….On Monday I called up and asked about the appraisal….I then called the listing agent on some other matter and he started accusing me of not doing my job….I informed him that  I just spoke to the loan officer and it was ordered….On Tuesday he calls me and starts trying me to bully me….Like its my fault that the appraisal hasn’t been done….  I call the loan officer again and get a little gibberish about an unreadable document so she had it  resubmitted.  She thinks it will be done this week….Thursday I email the other agent and ask if any appraisor has contacted him or been in the listing?  He gets back to me and starts threatening my client with $100/day penality fee if we are late on closing…. I point out that we aren’t that close to the deadline and that seems excessive and I am not sure people would pay it… He tells me that it happens all the times in REO’s…I tell him to date none of my clients have paid that fee (which is $50 day)….  I have both emailed and spoke to the loan officer about the appraisal (now about 2 times a day) she doesn’t have answers either.. I told her the listing agent is breathing fire and I wanted to give him some good news….She still hasn’t come back with anything definiative….. I wish the buyers had let me pick their loan officers…..  I know good ones who would have had the deal closed  by now….  I have until 12/29 to get the deal closed….

Why does he have to take out his frustration on me?  Threatening me is not going get the appraisal in faster…  I am and have been on the loan officers case…. I am asking the appropriate questions and am demanding the appropriate answers….I don’t feel the need to threaten the loan officer.  If I feel this is going past Monday I will take more action.  Does it do any good for him to be rude and threaten my clients….I am shielding them so far but on Monday I will need to talk to them if the appraisal isn’t done. 

Agents should treat other agents with respect…..There is no reason to be rude when the work is done….I still have 11 days to close the deal.  The golden rule applies….Do onto others and you would have them do onto you.

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

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Housing affordability and the market


I am reposting with permission some thought from one of my loan officers…. These are from the CEO of Sterling Savings bank.

Foreclosures: RealtyTrac data indicates that sales of homes

in foreclosure or bank owned accounted for 31% of all US

residential sales (vs. 36% in Q1 and 24% for 2010).

Interesting Thought:

Bank owned homes are now being sought after due to fact borrowers feel that they are the best priced and they won’t have to deal with a short sale. It wasn’t too long ago a bank marketing a REO didn’t want the consumer to know that it was a bank owned property.

Housing Affordability: Analysis indicates it takes only about

16% or so of the average person’s income to make payments

on a 30Y mortgage for the average priced home. The last time

the ratio was this good was back in the 1960’s.

Thought:

Very healthy for our long range economy. People are buying within their means. When you combine this fact with the move towards 10 and 15 year mortgages people are much more conservative in acquiring debt. It also makes our job easier J.

I played golf with a top agent out of Portland this week. His theory is the lack of new construction is slowing down overall sales. Here is his reasoning:

1) Borrowers who own a home like to trade up to new homes. ( Same thought as a car owner)

2) It isn’t as exciting for a borrower to sell their current 10 year old 2000 sq ft home to purchase another 10 year old home with 2500 sq ft. This borrower really wants to trade up to a new 2500 sq ft home.

3) There is a lack of quality inventory for move up buyers due to the shortage of new construction in areas they want to live in. ( Maybe this is why the 1st time and investment buyers are such a large part of the market.

4) People are willing to pay more for new construction.

Dona Jeka
Sterling Savings Bank – Home Loan Division
Team Manager,
Direct: 208-375-1080, Cell: 208-794-3371, Fax: 888-650-7277
Dona.Jeka@sterlingsavings.com