YHD Agent - House Listed Without Ever Seeing It !!!

[Joe Birrell (NY)]

Well, here's another absurdity.

I just returned from another adventure into the wonderful world of RE. The subject property has evidence of water damage in the basement. All the floor tiles are loose from water damage (+-1300 sf area). The reason is not apparent. I called the listing agent, who is located in the next county. I asked her "what's the story with the water damage in the basement ?" - She says "I don't know, I've never seen the house".
I'm defintely looking forward to seeing the CMA on this one.

Is it me or is this business getting more absurd by the day ?

 

[Wally Jones]

But an AVM would certainly find no problem with it. So if the Realtor says it's okay, and the AVM tells the lender it's okay, what seems to be your problem?? Oh, lawsuits tend to flow downhill and you feel vulnerable at the foot of this particular pile?

Yes, as Alice would say: "Things just get curiouser and curiouser." :roll:

 

[Pat Butler]

Joe-- was that a foreclosed property? In the REO world, a lender will often use just a few agents to market all their REO properties throughout a wide geographic area. They'll tell the agent what list price they want and will direct the agent to get the property in the MLS immediately, before they even have time to get all the factual details.

REO buyers are almost always buying 'as-is' and don't rely on the agent or MLS data anyway. It's a much riskier process.

I used to represent lenders with their REO business and have sold a lot of properties that I, nor the buyer, ever saw the interior of. Lots of times it had to do with the homeowner possibly still having possession rights that needed to be extinguished via due process. The lender almost always starts on the marketing process before all the details are in, rather than waiting months, or years for the legal process to get finished.

 

[Joe Birrell (NY)]

Pat:

No, that's the strange thing about it. It's a conventional sale, listed with YHD (list on the internet for 2% commission). This new arrival in our area has RE agents sweating bullets. YHD has a sliding scale (2%, 4%, 6%) depending on what they do for seller. I guess visiting property is not included for the 2% (?).

 

[Pat Butler]

I've never figured out how those alternative brokerage companies make much money. In our area they'll put a property in the MLS at 2% to a coop broker. Can't really go much lower or the house won't even be shown. Most of the coop payouts are 2.5-3% so the house won't be that attractive in the MLS anyway. They'll then charge 2% for their own fee. Now the seller is paying 4% when they can get a full service broker for only 5%. Hmm.

 

[Blue1]

Pat,

Lots of "bottom feeders" out there.......