By Kay Wilson-Bolton
October 17, 2009
The current shortage of inventory makes it difficult for the average, intentional homebuyer to complete a purchase if the FHA loan is the loan of choice.
A sad condition is developing when a buyer wants or needs to use FHA financing to complete a purchase. This loan was designed to assist marginal buyers. Asset Managers, and sometimes the listing agents, are making it clear that buyers with cash or conventional loans are more desirable
An additional stressor is found in what we hope is a temporary “new normal”. Some buyers have been told their chance of purchasing a home is increased if they work with the listing agent for the property they want to buy.
We have lost clients and buyers who have been told by listings agents that if they offer through them, they are virtually guaranteed to be the successful buyer because no other offers will be presented.
Clients have told us they would be told the amount of the highest offer if they made a new offer through the listing agent or a team member.
Every market and economic environment creates new problems, challenges and opportunities.
Due to today’s issues, many clients have faced the dilemma of staying with an agent they trust or switching to the listing agent who controls the listing but is unknown to the buyer.
These actions fly in the face of the REALTOR® professional Code of Ethics and Standards of Practice.
If you have heard these statements and feel you have been damaged in any way, pleased let your agent know or speak to a member of the Ombudsman Committee for Ventura County Coastal Association of REALTORS®, 805.981.2100. You can also file a grievance to be heard by the Professional Standards Committee. Ask for Randy McCaslin, Executive Officer.
Kay Wilson-Bolton served the real estate industry since 1976. She is the broker for CENTURY 21 Buena Vista with offices in Santa Paula and Ventura. She brings a regional perspective to local issues. She can be reached at 805.340.5025. Her web address is www.readysetkay.com