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I communicate with a number of real estate agents and brokers all over the country and all seem to agree on one thing:
Institutional sellers like HUD, Fannie Mae, banks and loan servicing companies have completely lost sight of their mission, which is to get these foreclosed properties sold.
Their attitude towards buyers is callous and indifferent. They seek to penalize potential purchasers for every potential hiccough along the way, yet the SELLER routinely delays a contract or chooses not to close at all without so much as an apology.
The prevailing attitude among these sellers is that since buyers are getting such a great deal. They should be willing to put up with the inconvenience and indifference.
However, according to the actual appraisals on these properties, the deals on these properties are not so great after all.
I wonder in what other business sellers of a product could treat potential buyers like this and survive? But then again, most companies don?t get BILLIONS of dollars from taxpayer bailouts.
If the mission truly is to get the houses sold, start treating buyers and their agents like valued customers instead of unwanted nuisances. It?s just bad business.
And it?s pretty annoying as well.
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