Bad Real Estate Agents = Bad Sales

There is a plus side to the housing market being in a decline, and that would be the limited amount of bad agents out there. This is a great benefit if you are in the market to buy a home or sell your home, because chances are you will find a more reliable, up-to-date realtor.

In the past a lot of agents did a lot of their work from their offices, but now they really do need to be out in the field in order to be successful. With that information though, you do still need to be careful in choosing your agent. There are still people out there looking to make an extra buck, and are only part time agents. The clerk at the gas station may take on a client or two for some extra money. Even the utility worker can claim he is a full time agent, when he's not.

When this type of deception is going on, it is not beneficial for the buyer or seller at all. In the recent years that the market has taken a dive, it has also taken a toll on realty activity in general. In my area alone, bank owned properties are 10% of their inventory and 40% of their sales. If you find yourself dealing with a realtor that hasn't a clue what to do in the case of a bank owned or short sale property, you more than likely will not have a successful closing. Here is an example of a predicament one of my clients was recently involved in. The clients I had been working with made an offer in escrow with a bank that was out of our area.

We held up our part and followed all instructions that we were supposed to, while waiting for the escrow to be opened. With the last 20 sales that I have worked on with bank owned properties, there has always been an issue opening the escrow. With this deal, I felt cool as a cucumber at first, but then I started to sour when I hadn't heard back from the bank in quite a while. Weeks later they confessed to having filed the deal with the wrong office. Then they suggested we may have to pay delay fees. I couldn't believe how ridiculous these people were.

Needless to say, I was not having it and we got the deal squared away. But it was quite a lesson in the nerve of some people. Had I not expected some sort of foolishness due to my previous experiences with REO's, I may not have nipped this one in the bud. Novice realtors can cause a lot of financial hardships in tricky sales situations. Make sure that you find someone who has been around the block and knows what to look out for because their expertise my just save your deal or save you from losing a lot of money.

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