I’ll never understand the process by which lenders choose to list their
San Diego REO’s and foreclosures. Some are listed by normal real estate agents, but more and more these REO’s (bank-owned properties) are listed by unknown companies with agents who rarely respond to phone calls or emails.
Should we be looking for some logic in the lender’s decisions to list with these phantoms?
There again, these may be the same folk who lent mortgage funds to ghosts in the first place. I mean, they loaned hundreds of millions to phantom borrowers who said they earned $20,000 a week working as a gardner or car salesman– or whatever suited their imaginations. Their homes, haunted by unsustainable debt and a declining San Diego real estate market, floated back to the lender…who then turned to eidolon agents to market their foreclosed properties.
I guess if lenders didn’t bother to check the reality of their borrowers in the first place, why should they now take to time to check the substance of their real estate representation for their REO’s?
We have worked with several buyers of San Diego foreclosures, and are appalled at the low level of representation a number of these foreclosed properties receive. In several cases, we have ended up faxing offers to the agent’s number listed in the MLS, and waited for a response from…someone or anyone. No reply was forthcoming, even though our offers were at and above the listed price.
We have an offer in on one foreclosure near San DIego State University now, and it cannot be presented to the lender because the agent is on a two week vacation. (Uh…isn’t there an assistant, or another agent who is taking care of this absentee’s business?)
Are the banks/lenders aware of this non-representation?
And why am I feeling that we are in deja-vu all over again? I hoped thought most of the dingbat agents had left the business after the crash of the 2003-2006 real estate market.
Regrettably, those San Diego agents seem to have taken another get-rich course and are now in the foreclosure business.
And it seems many lenders have ended up with the same folk who helped get them into trouble in the first place.
I am wondering if this is a phenomenon that is isolated to the San Diego real estate market–or is it more widespread?
For the sake of our national economy, I hope not.