Have you ever had one of those days, weeks, or years when you finally get so fed up with something that your head almost explodes. Well, I am having one of those moments right now, in good old Lake Oroville, CA. and I guess I am going to have to be the first one to do something about it since it seems that nobody else wants to.
Below is a letter I just mailed off to the California Department of Real Estate, in the hopes that something can finally be done to bring some of these REO agents back to reality. I am absolutely tired of these agents hiding behind the excuse that a bank owned listing exempts them from doing their job. They must be held accountable for their inaction.
February 16, 2010
California Department of Real Estate
P.O Box 187000
Sacramento, CA 95818-7000
Over my nearly 16 years in the California real estate business, I have seen a continuing deterioration in the care that many licensees take in the performance of their duties as required by the laws and regulations under which they operate.
With the enormous numbers of foreclosures that have come to the market over the past 3-4 years has come a likewise increase in the number of licensees who fail to fulfill their duties under their license. The biggest violations have to do with the lack of disclosures being made by listing agents for their bank owned listings.
In the past, if an agent neglected to provide me with the appropriate disclosures, a simple phone call to the agent fixed the problem. The missing disclosure would either be faxed or e-mailed to me promptly. This is not the case in today’s market environment. There are an ever increasing number of agents who either refuse, or ignore their duty of disclosure. In particular, many agents are not performing any type of diligent visual inspection, and the problem seems to be growing.
Enclosed are three examples of what we have received in our office lately from agents who have neglected, or ignored their duty to disclose. Each of these from agents representing REO listings.
While it gives me no satisfaction to resort to lodging this complaint with your department, I feel I can no longer sit silently by while our industry continues to shoot its reputation in the foot. I am sure that I will most likely suffer some repercussions from my fellow REALTORS for lodging this complaint, but at some point someone has to stand up for the right thing; not the popular thing.
If there is anything I can do to shed further light on these cases please do not hesitate to contact me.
Mark S. Wisterman