Some days I hear something that just sends me running to my blog! This has been one of those days and it's not even noon yet!

I listed a house, probably about a year and a half ago now. I was the second agent. There was a third after me. The house never did sell and eventually went into foreclosure. I've kept my eye on it and I recently noticed the bank had gotten a contract on it. The list price at that time was almost $200K less than the original sales price. It hasn't closed yet so I don't know what the final sales price will end up being.

The truly amazing piece of this story is that the people who are buying the house still have a house to sell! Their agent had warned them repeatedly against buying a house when they hadn't sold theirs. But they drove by got very excited, called the listing agent and wrote an offer on the house. Since this is a foreclosure the offer COULD NOT be contingent on the sale of their home. And there are no other contingencies that would let them out since, typically, banks won't accept them. The listing agent assured them that he could sell their house "just like that", no problem!

There are so many bad things happening here you hardly know where to start!

First of all, let me reiterate again that the listing agent represents the seller, will do what he can to get the property sold and does not give two figs how that impacts the buyer! "Buyer beware" doesn't begin to cover it. If you call a listing agent and use them to buy the property without your own representation you are asking to be taken advantage of!

And, if you fall for an agent telling you they can get your house sold "just like that" you need to have your head examined! Anyone who tells you that is either delusional or lying! There's just no way to sugar coat that!

Here's the really amazing part! The reason the house is in foreclosure is because the previous owner, against the advice of their agent, bought another house without selling the one they already owned. History appears about to repeat itself!

Some days I'm not sure this downturn can last long enough for people to wise up!

Just my rather agitated two cents for the day!