The Banks are Still Out of Control

Posted by Eric Miller on Wednesday, November 4th, 2009 at 2:02pm.

I'm sincerely not smart enough to know if the banks and wall street should be bailed out. The way I see it, our current and future leaders say this should happen, so why should I disagree. If they continue to mess up hopefully, we will be smart enough to make them unemployed.
That being said the management of many of these banks already deserve the unemployment line. I know this is going to sound a bit bitter, but sincerely my business is holding its own without their foreclosure business. I often get asked for my price opinion and for this I get $50.00. I only do it to keep a pulse on the market. We have plenty of buyers to represent, and hopefully protect. We continue to do the business that has won us awards year after year.

I am shocked at the way these banks are managing, and attempting to liquidate these assets. Us taxpayers will end up bailing out, as they continue to mismanage. Yesterday I spent the better part of the day showing bank owned properties. One of the hopes of the real estate down turn, by many realtors, was that many real estate agents who didn't take the business seriously would leave the industry, and as a profession we would raise our standards. This sincerely has not happened. I am sure there are many great agents out there servicing the banks foreclosed properties, and I sincerely appreciate their efforts. These people are in charge of saving neighborhoods all over America. However, very often a brand new agent, or one who has just come back to work, connected to someone somewhere, has become the agent of choice, often with 50 to 60 listings, they cannot possibly service. My day was spent jumping over fences where I had incorrect gate codes, going in through open doors where there were no keys, using a flashlight where there was no electricity, kicking roaches out of the way, and the best was the agent who informed me "I only take offers from my buyers, will you give up your commission".
Shame on the banks for being unwilling to sell property the way it has always been done, find the top performing agents in an area and work with them. At a starting point the banks may wish to hire a few people to audit their assets often they may be shocked what they find. We are making an offer on foreclosed property we saw yesterday but the offer will be much lower than planned because of the lack of maintenance on the property, and our belief that the property will simply sit and not age gracefully.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Sign up for email updates