Lenders are foreclosing homes right and left, and the ownership of many of those pass to FHA or one of the other governmental secondary market lenders for them to dispose of.
That's because the loans were sold to them by the originating lender or mortgage broker.
As a result, an opportunist industry has developed. You see, rather than dole out the listings of these properties to licensed real estate brokers and agents on a lottery system, through some magic, only certain agents have gotten the majority of the listings.
This is yet another case where the National Association of Realtors didn't bother to step in and assist the governmental lenders and underwriters in developing an honorable, fair system.
There are any numbers of those specially treated agents in Dallas; the ones whose primary business is listing foreclosed homes.
I am familiar with three companies that have "teams" (a euphemism for a business within a business) composed of about six people, each whose major part of the real estate business is listing and managing foreclosed properties for the government.
One has so many of these listings that they don't bother to answer or return the phone calls of buyers. The signs in the front yards with the agent's rider and number at the bottom are of no value to obtaining and handling buyer inquiries.
The listing agent does not answer or return calls.
The agent expects the buyer to make inquiries and issue contracts on his listings through one of the other agents in the city. The problem is that the client has no way to know that's the rules he's expected to play by.
Just think, when some 14,000 agents in the Dallas and Ft. Worth area and where many are scratching to make a living, our government is consciously making a select few rich.
And there's no way to lose one of those listings because it will eventually sell at some price.
And if that isn't bad enough, it is obvious that the government has no audit procedure in place to see that these listings and sales are handled on the up and up. Many aren't.
I was involved as a co-op broker in one such listing. My client's contract was not accepted even though my client offered full price and immediate closing.
Why? It was obvious to me that before the listing hit the MLS, the listing agent had already cut a side deal as to whose contract would be accepted.
Real estate brokerage has had a propensity for dishonest dealings since the beginning of time. It's most certainly been going on since I entered the business forty-three years ago.
(Remind me to tell you about the time, representing a buyer, as trustee I bought a $3 million building for $711,000. It was because of the total incompetence of the government's selection of a real estate broker to represernt them in that sale.)
And as it has so many times in the past, the government is once again fanning the flames of deceit.
BILL CHERRY, REALTORS DALLAS
1 800 314-7110
Bill,
This is so unfortunatley true. There is no justification for agnets getting properties that they are not familiar with or in the area where they do not work, or where they are not MLS participants, this is simply incredible. The level of chuzpa of agent selling REO is sometimes beyond belief.
Mr Bill: This is such a typical tale that you tell. Such incompetence, and it appears to be so very rampant. And... I would bet that if you pursued it, and tried to raise a fuss... you'd probably have a tough time getting ahold of someone who actually cared. Thanks for sharing. Grrrr !
By the way... how come the guy in the drawing has such nice dark hair, and yours seems to be more than a little bit grey'er ? :) Take care...
Bill, aren't all HUD registered brokers required to submit a request for a NAID (name address identification) number, or something like that, and reapply every year? It seems that at least some system is in place which oversees certification and recertification annually. Whether it's good or not I can't say.
By the way, the late Ed Jablonski, George Gershwin's biographer and one of Ira's best friends, was a very good friend of mine. He left us a couple of years ago and was working on a book about the life of Harold Arlen and Yip Harburg at the time. The last time I visited with Ed we also visited George's home on Riverside Drive. Later that same week I took the train up the Hudson to visit George's burial place in Westchester. Ed gave me a few sheets of some of George's original manuscripts, including a clarinet cadenza with piano accompanyment written on September 15, 1921, as a going away present. I have a piece of manuscript, given to me by Ed, that George had worked on that was also signed by Ira and originally given to George's harmony teacher, Edward Kilenyi, as a gift on June 8, 1950.
Hope your having a fine weekend.
David -- fellow musician, but much better than I -- that is such an interesting story. Thanks for sharing it with me as well as the rest of the AR people.
As an aside, when I was 23 I married Judy Fosher, a concert pianist who at all of 24 was thought to be one of the best interpreters of Mr. Gershwin. She played his his music as the guest pianist with symphonies all over. She died of an unexpected heart attack at 25, There are no recordings of her music which is one thing that has always troubled me.
I do have a piece from a German newspaper (found it on the Internet and had it translated) telling of her trip there representing the United Nations, playing Gershwin for the children and adults. She was 16 then. Before she left, she had performed on the old Ed Sullivan Show. I''ve been unable to find a source for a video copy of that show/performance.
Jon and Karen, thanks for your input.
And a special message to Karen. The little man is exactly what I looked like when I was about 30. I always liked the drawing becausev 1) the little man looks so happy and 2) he's sort of leaning back a bit.
I have no recolletion whatsoever who drew him, and no one has ever seen him and claimed to be the artist. I've tried several times to find someone who could take the exact drawing and age it a bit so it looks more like me these 38 years later, but every artist who I've asked has discouraged me from tinkering with him.
So you'll just have to imagine him with gray hair, wrinkles.
I'm very honored by your compliment, Bill. However, I've seen your repertoire and know full well that your a brilliant and highly accomplished pianist. I'm envious of your skill. Thank you for sharing your thoughts of Judy (of blessed memory). I can only imagine how wonderful she was. Thank you for a moment of diversion from the post to share these thoughts with me. I hope to have the great privilege to see and hear you at the piano one day. Hope your having a fine week. The market is slow and hurting in Memphis and many agents and homeowners are struggling here, as I'm sure they are everywhere. It's a very tough time. But we'll see better days. And hear fine music as well.
David, here's what I know for sure. You're not only an artistic guy, but one with a big brain as well. I'm glad we're friends.
And interestingly, the code word to post this comment is "Tangerine," such a good tune...fun to play.