America's Largest Social Network for Default Real Estate Professionals
Its been awhile since I've posted. But I really feel strongly about this and wanted your thoughts!!
With the onset of certain Auction house(s), I started receiving their listings and those were assigned to them from Chase, Wells Fargo, B of A +.......As you all know, they only pay 1- -2% commissions....and now, they're having some auctions where no realtors are used.... Now another site opened where we need to give up 1% to the buyer or the seller that you are assigned to. But many of the listings are at 2.5%---- leaving us w/ 1.5% minus the service fee ( 3-400.00)...( do the math on a 60k condo) Meanwhile- some management companies only go to 2.5%-- all these sites/companies are doing well....
In my humble opinion, I see this scramble to get into the "sales" end ( by the banks) is because of the looming foreclosure boom/bubble that seems to be on the horizon again due to all the Loan mods that are failing. The banks are now setting up to sell their own portfolios, they're reducing our commissions, they expect top of the line experience, time and communication for 1%. I believe, they want us out of the picture..... isn't this a monopoly... wasn't that illegal as some time in our history?? Oh yes... most of them own their own title agencies..... monopoly, monopoly, monopoly....
Now, I will say up front, that's these are bits that I "SEE"- not that I've ever read this anywhere or found supportive info stating this directly..... its just what's in my face. In my county, there are vacant, not-listed properties, many not foreclosed on for 5 yrs... then there are all the filings from the loan mods. A friend of mine , who is a process server told me he was serving up to 20 people per day on Lis pen's filings. This has been going on for about 1 yr...as well.... I received 76 bpos 2-3 days ago and over 100 last week... 65 the week before...a pretty substantial increase from the last 2 yrs.. Its what I'm seeing.
Meanwhile DSNEWS is reporting how so many families are staying in their homes w/ the new programs. How foreclosure filings are down, market is up, etc.. how our recovery is doing "so well"....... I hear it everywhere.... but its not what I "see" or whats being "done" to us in front of our eyes. So- I am not an ostrich, I cant hide from reality because the news wants me to believe otherwise.
So, I've posted this because I'd like to hear if other agents are experiencing this in their counties... or and I delusional as many of my friends and associates tell me... ( as they drink the kool-aide)
Pls Advise.... maybe the kool aide tastes better.......lolololol