It seems like Real Estate is like the Wild West, anything goes!  As a licensed Real Estate Broker I am disgusted at what I see going on out there right now.  How many of you have heard highest and best, even though you rushed to look at the property when it first hit the MLS and hurried to get your offer in right away.  Or in the two weeks it takes to get a response from a bank on an REO, another offer comes in and then it goes to a multiple offer situation.  My favorite is the Short Sale that takes 30-180 days to get an approval from the bank.  During that time no other offers should be considered but in some cases they are.  How about the home that is listed in the MLS as an active listing, you go to look at the property and try and make an offer only to find out it is pending or there are multiple  offers.  It has gotten so bad that Realcomp MLS service has added a button on each listing to report incorrect data or a problem with a listing.

Due to a moratorium on foreclosures earlier this year and the spring home buying season being in full swing, there is currently very low inventory on foreclosed homes compared to the same time last year.   The “Good Deals” are being snapped up quickly leaving buyers looking for that “Great Deal”, wondering what could have possibly happened as they are out bid time and time again.  Part of  becoming a Realtor is taking a code of conduct and ethics training; I think agents in today’s market should revisit this training.  Many of them won’t be able to survive coming out of this current downturn in the market doing business the way they currently are.

Chris Yatooma, President
Real Estate Investors Association of Oakland