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Co-founder of two successful companies, First and Elm Realty and SphereBuilder, LLC. First and Elm is a real estate brokerage operating in the San Francisco Bay Area. SphereBuilder is a real estate technology company that powers the technology for brokerages across the company.
The AMC story sounds a lot like an REO listing story I've heard. In one, you have regulations that end up sending appraisal orders to out of area, poorly qualified appraisers who don't know the local market. In the other, you have listing agents "managing" dozens of listings covering a wide geographical territory. They usually don't market the homes, know the local market, return phone calls or emails. Consumers don't hire out of area agents to sell their homes - their most valuable assets. And, they wouldn't hire an appraiser from 100 miles away. Why do banks?
THAT was unbelievable. I feel that "loser's" pain. Very well said. We will refer back to that video in five years and ask "was it really that bad?" Never forget how absurd the REO market is today. Banks created the worst real estate market in the history of the world. Should we really be surprised at their futile attempt to liquidate their inventory?
FHA loans are a great way to get into a home. However, in this market, it appears that FHA loans can be an impediment to buyers competing for for bank owned homes. Many listing agents and asset managers refuse to look at offers if buyers are using FHA financing. They want to sell their homes as-is and are afraid of FHA appraisal and underwriting guidelines. I've heard that the FHA has lightened up on some of these guidelines. However, their reputation has not changed within the marketplace. Can anyone comment on this?
