All REO and Foreclosure Properties are not! I have been out to list these types of properties and I can tell you without a doubt that the REALTOR® that will be listing these properties are just as shocked when they first walk into them as the potential investor/owner is when they walk into them. There are those when you drive up to them you quietly say to yourself "Man o Man, what did I do to deserve this one?"
Then there are those that when you drive up in front of them you sorta scream at the top of your lungs so everybody can hear you "Man o Man, what did I do to deserve this one?"
Both of them the REALTOR® just shake their head in wonder. How could this happen to someone? Where did it all go wrong?
I have been out to check on the occupancy of the home and wonder, this home is only 2 years old and they are already in foreclosure, WHY? Then when they, the buyer, is foreclosed on they want to strip the property of certain things, or beat holes in the walls and again I ask the question, WHY? Should this buyer have ever gotten the mortgage in the first place? Should their agent have stepped in and said something? What about the person sitting at the new home subdivision, that had doubts, have said something?
In the case of the home on the right, the buyers were way out of their league in this home and in my humble opinion should have never gotten the mortgage! Let me explain what I know.
1. Their agent had doubts about their ability to pay for the home and
2. The agent sitting at the new home subdivision where they bought the home had doubts and
3. The husband gave into the wife because it was a transfer into the area and tried to keep peace in the family and
4. From the information I have been able to gather even the lender had doubts
So why did the buyer ever get into the home? Where are the checks and balances in our system? There are going to be some readers that say that it is their agents fault. Others will say that it is the New Subdivision agents' fault. There will be those that say it is the husbands' fault. But, there will be those that say it is the lenders fault for approving the loan in the first place. Who do you think is at fault or is to be no blame on anybody?
There are Lenders and REALTORS® alike that read this and I am interested in hearing from you. Here is the way I think it should go:
- The HUSBAND should have stepped up, because of his broad shoulders, and said no.
- Their Lender should have stopped the process and not let it even get to close. Ok their income said that they could afford to make the payments so what? Did they have anything left over to buy food or the like?
- Both agents should have possibly said something too.
So let me know what you think.
Don Rogers is a licensed REALTOR® in Missouri. I specialize in St. Charles County Missouri and have called O Fallon MO my home since 1993. If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email.