Owner-occupants already have first dibs on many REOs

Re: "Should real estate agents get first dibs on new listings?" (June 15)

Dear Editor:

Very interesting article and question. I have been in the real estate business for 27 years and find this market not only energizing, but stressful.

I have not yet allowed myself to get deeply involved with listing foreclosed property for many reasons. But the most important reason is the grueling job of cleanout, evictions and the other "perks" (LOL) that come with the listing of these distressed properties.

Most of your government foreclosures (Fannie Mae, Freddie Mac, FHA) already have investor waiting periods during which properties are offered exclusively to buyers who intend to be owner-occupants. Most agents don't see that as a bad thing.

I don't think restricting the sales, regardless of who buys, would be a good answer. However, the listing agent does have an advantage if they are investors themselves. That just comes with the territory.

I am very concerned about the impacts of foreclosures. Last year, I developed a website, Payoffproperty.net, to serve as a direct link for banks or individuals who are willing to take payoff to avoid foreclosure, to market their properties to investors free of charge.

In the beginning (early 2010) I was able to afford to keep the marketing up on the site and did at one time have several properties listed on it. After several months of no income, I had to budget the spending; and with no marketing for the site, it has not yet been a huge success.

I am not giving up. I still believe that if we can match a man and woman on the Internet to get married, then surely a site that matches distressed sellers and investors can be an asset too. Things have picked up again in real estate, or maybe I should say, I have learned to roll with the tide, and it looks like I will be able to begin marketing the site again soon.

I will say this, with the economy like it is, the mortgage meltdown and its "about face" in qualifying and processing loans, most first-time buyers need an agent. There are just too many loopholes and scary places out there right now for the first-timers to be floundering around like fish out of water.

So, with all that said, you are most certainly right that sometimes the listing agent may have the upper hand, but trust me: Those that are out there shuffling through the mounds of paperwork, constant brow-beating and urgency, cleanups and cleanouts, evictions and dealing with people being thrown out of there homes ... maybe they deserve a little upper hand sometimes.  

Kathy Thompson, ASP, CRS, GRI, SRS
Associate Broker
Curry Real Estate
Dublin, Ga.

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