Posts tagged finding a good realtor
Vermont Real Estate Foreclosures and Auctions
May 28th
One of the hard parts to an agents job who works in the foreclosure area of the business is simply the communication process. The following scenario is typical and happened to me just the other day:
Agent x gets seemingly well priced foreclosure listing with only a one month term. When the listing contract expires, a renewal comes, but this time from somebody different, an auction company. That same morning, the agent gets a call from somebody saying “hey, did you know your listing is getting auctioned off?” This is when things really get out of control. After filling out about 10 pages of paperwork, all new to the eyes of the agent so one needs to “re-learn” all of it including responsibilities of the agent, escrow procedures etc., you learn that these auction companies seem to be a marketing ploy and that’s about it. You see, many of these auctions are considered “non-absolute”, meaning, the seller can reject the highest bidder. But, in the typically heavy handed way, the BUYER doesn’t even have the right to revoke their offer within 14 days of the auction with this particular case!
And so the point is… what? It’s simply an open house with the chance to get into a bidding war and submit binding offers that can’t be revoked!
Anyhow, the day before the auction, this poor old agent x gets an email from the auction company saying that they have been trying to gain access for 2 weeks and that the codes and keys need to be verified by the agent personally asap. Even though the auction company is the one that hired the re-keying and new lock-box, they don’t know what the code is, or if the key works. After many phone calls it turns out that there are seven points along the communication chain: the client (bank) hires us. Then the client hires an auction company to market the property and the “previous list broker” (agent x) essentially becomes a property manager. But the auction company also hires a property management company. This property management company then hires a subcontractor to deal with securing the property. When the subcontractor wants to tell everybody that somethings been completed, they tell the property management company. If they are competent enough to pass along the information to the auction company (who is a different entity altogether than the actual auctioneer), then word may or may not pass to the foreclosure department in a real estate company. And if EVERYBODY is working on relaying messages that day, which is pretty much never, the agent, the person who is really supposed to be in the field selling this place, will get the message that the locks were changed and that the code is 1234.
Being the diligent agent that they thought they were, this agent decided to go to the auction and see it all play out. But, upon showing up, there was nobody there save for a security company. “Weren’t you ‘matt’ from the security company that I spoke with over the phone yesterday?” the agent says.
Matt replies, “No, we’re a different security company.”
Agent says: “Where is everybody?”
Matt replies: “Oh, you didn’t get the message? The auction is in White River, 1.5 hours away.”
Ha Ha Ha!
Ben Thomas,
agent x
Looking for Land For Sale VT? MLS in Vermont might save you some time.
Jan 15th
As you may or may NOT already know, looking for land for sale in VT can be a very rewarding process. There are some good deals out there right now! But there are some things you really want to consider before committing yourself to one place in space.
First off, assuming that you want to eventually live at your new location and build a home there, you will need to have a septic system to get rid of your plumbing waste. Some of the land for sale around here has already been surveyed, designed (well and septic), and subdivided. Note the order of wording in the previous sentence. And since all septic matters are now handled through the state, the towns have nothing to do with this anymore. However, actual subdivision approval will occur at the municipal level. Hopefully, if you have succeeded at finding a good realtor, they will be doing some investigation at the town hall to beat the bushes a little and make sure this is a viable purchase.
Our MLS in Vermont has coded features that allow us Realtors to focus only on the land that has been surveyed, designed, or even has a septic system in place. This allows us to spend more time looking at land that is worth our time!
And for buyer clients of mine, I usually recommend and advocate that state wastewater and water supply permits are to be in place prior to closing. This is because you don’t want to buy a piece of land in Vermont, only to find out that needs a 60,000 mound system after the fact when you only paid half that for the property itself.
