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Banks exempt themselves with mandatory addenda that buyers sign because they are getting such a great deal.
Then WALK. I don't understand where the "risk" is if the buyer's agent is doing their job.
Let me put it another way, if you get a "high risk tolerance" buyer, would you walk them into a deal where the bank exempted themselves from several key contingencies? Would you do that deal?
I agree with Mike on both accounts. The question was what does a bank want in an offer and the answer is less contingencies. The followup statement was that buyers with low risk tolerance should take the higher risk of a foreclosure into account prior to making an offer.
Moderator cut: personal - off topic
Then WALK. I don't understand where the "risk" is if the buyer's agent is doing their job.
Let me put it another way, if you get a "high risk tolerance" buyer, would you walk them into a deal where the bank exempted themselves from several key contingencies? Would you do that deal?
IF you actually have any real estate agency training and experience, you would recognize that "Then WALK" is bogus, and...
You may know that banks ONLY offer compromised deeds on REO's.
You may know that the Buyer's Agent is not a principal, not a decision maker, not the one to walk. Buyers walk and Buyers buy. Agents serve, educate, communicate, and advise, but they do not walk. That is Agency 101.
You may understand that there are other players besides the buyer's agent.
You may know that many buyers access legal counsel during a transaction, but that the attorney is not a decision maker or principal.
Nor are the paralegals, the home inspector, the surveyor, etc.
Buyers make their own decisions. It is my job to help create clarity.
If after advice from me and an attorney, my "high risk tolerant" buyer decided to proceed with the transaction, and I was contracted to serve as Buyer's Agent, I would honor my engagement contract.
I would proceed and try in all possible ways to protect my client.
Possibly with written disclosure and disclaimer, signed by the client.
I'm well aware of what inspection contingencies are. I'm also well aware of the education it takes to become a "realtor" and the average education of most "buyers". Point being, it's not very high, and this lack of education of both sides has lead to this industry having a stinky reputation. The only way to fix this is to give people honest advice that doesn't involve them emptying their bank account into a broken down shack just so we can make some cheese off the top.
And the other way to fix it, is buyers actually taking responsibility with their finances and doing their own homework when purchasing something that costs several hundreds of thousands of dollars.
Then WALK. I don't understand where the "risk" is if the buyer's agent is doing their job.
Let me put it another way, if you get a "high risk tolerance" buyer, would you walk them into a deal where the bank exempted themselves from several key contingencies? Would you do that deal?
The point is that the high risk tolerant buyer might, knowing all these risks, opt to go ahead and make the offer, attempting to get that great deal, aware that the possibility is there that they hit difficulties that cost them additional money or time.
As these risks and special bank contingencies exist in MOST transactions involving bank owned properties, those with a low tolerance for risk should not even bother to spend the time & energy to get started with them, as they will likely find those risks too great, and they will have wasted that time & possibly money.
And for the record, YES. If my buyer client, fully aware of the possibilities, the risks, the addenda and exemptions, wanted to take on that risk in an attempt to get that great deal, YES I WOULD walk with them into that deal. Because he made an informed choice and wants my help in carrying it out.
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And for the record, YES. If my buyer client, fully aware of the possibilities, the risks, the addenda and exemptions, wanted to take on that risk in an attempt to get that great deal, YES I WOULD walk with them into that deal. Because he made an informed choice and wants my help in carrying it out.
Good thing you are comfortable with dual agency.......did you also use her recommended lender and the bank's closing attorney? Who was on your side?
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To the OP, I agree, the hell with foreclosures. Short sales should suit you fine.
Seriously, eliminating foreclosures really narrows your selection. It sounds like your agent hasn't been able to convey the tone of today's market. The one theme of all the replies is your expectations were not realistic. I say "were" because I think you are getting it now.
If it were a person to person sale as opposed to a bank owned foreclosure I probably wouldn't go with dual agency but with the situation I was in and with it being bank owned it made sense.
What are you talking about to hell with foreclosures short sales shoudl suit you. Well over 50% of short sales never go through and even if they do it takes months and months of waiting and never hearing anything, never knowing before you get the place so not sure why you would pick a short sale over a foreclosure. I made my offer on a foreclosure and offer was accepted within 24 hours more like 8 hours and have heard the same from others so Ithink your offbase on that.
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