Area Foreclosures

[JoshMclean]

I agree with SJ. It is very tough to come up with a blanket policy to fix this problem. The banks would be better off getting an appraisel and listing at that price to start off and reduce as time passes. Instead they give no information whatsoever and get offended when agents bring them ridiculous offers.

The process they now have in place does nothing but piss potential buyers off. I tell buyers going in that they may get a good deal and they may never even get an answer back from the bank.

 

[Smiling JOe]

Fannie Mae is going to start with two test markets, one in Orlando, giving the listing agent their acceptable price. If it sells more real estate, more quickly, they will extend that process into other markets, and other lenders may also catch on.

 

[JoshMclean]

Fannie Mae is going to start with two test markets, one in Orlando, giving the listing agent their acceptable price. If it sells more real estate, more quickly, they will extend that process into other markets, and other lenders may also catch on.

I saw your post on that the other day. It seems that it would greatly help. The problem is that the banks will realize how bad their losses are. I think they prefer hiding their heads in the sand as the market continues to fall. The smart banks (ha) would be doing this already and selling properties at today's value and not waiting for the market to fall further.
I did see a foreclosure the other day in Crystal Beach that was on a vacation rental program. I thought that was interesting.

 

[Matt J]

I saw your post on that the other day. It seems that it would greatly help. The problem is that the banks will realize how bad their losses are. I think they prefer hiding their heads in the sand as the market continues to fall. The smart banks (ha) would be doing this already and selling properties at today's value and not waiting for the market to fall further.
I did see a foreclosure the other day in Crystal Beach that was on a vacation rental program. I thought that was interesting.

It's starting to frustrate rental companies. Nothing like have 6 weeks of rentals to suddenly have to move because the bank has changed the locks. I think that rentals will see a lot more last minute bookings and even walk-ins.

 

[JoshMclean]

It's starting to frustrate rental companies. Nothing like have 6 weeks of rentals to suddenly have to move because the bank has changed the locks. I think that rentals will see a lot more last minute bookings and even walk-ins.

I believe it. That's the first question I ask when I talk to someone about renting their house. I could see how it's a major problem for companies who have been renting these homes for years.

 

[Matt J]

I believe it. That's the first question I ask when I talk to someone about renting their house. I could see how it's a major problem for companies who have been renting these homes for years.

The biggest problem is owners that know it's coming and don't have the OMB's or common courtesy to mention it to the rental company. A friend of mine had guests walk into an empty house because the owners knew the bank was coming. Gonna be an interesting summer.

 

[scooterbug44]

Gonna be an interesting summer.

That's an understatement!

 

[AAbsolute]

Aasolute, can you think of a policy which ECAR or another group could implement that would work? I cannot.

Regarding ECAR's control, ECAR can not tell agents where to price their listings.

How about writing a policy that forbids the advertisement of a price that is not actual by a licensed Realtor? This would force the lender to provide a price or face the next logical consequence.

 

[Smiling JOe]

How about writing a policy that forbids the advertisement of a price that is not actual by a licensed Realtor? This would force the lender to provide a price or face the next logical consequence.

The Realtor Associations cannot dictate the listing price for agents, and that is essentially what they would be doing if they forced them to price as you state.

The opinion of a FAR (Florida Association of Realtors) attorney is that there could be some "false advertisement" issues if a Realtor or a seller, knowingly price the property less than an acceptable price. However, one would still need proof that they were doing it knowingly. There are some obvious examples, such as the person who listed the $5 million house in 4 mile village, for $10,001 short sale.
That is for the Courts to decide, not the Realtor Associations.

I will add that Realtors have a Code of Ethics to which they are held accountable, and to knowingly deceit the public will not be tolerated. Both the public and other Realtors are able to report Realtors for violations, so if you can prove that a Realtor is violating the Code of Ethics, report them.

 

[SHELLY]

The Realtor Associations cannot dictate the listing price for agents, and that is essentially what they would be doing if they forced them to price as you state.

Realtor Associations serve only two purposes: To continually trumpet the phrase, "Now is a Great Time To Buy" and to collect yearly dues from its members--beyond that, they're pretty much useless.

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