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What you don't know is what you don't know

Posted by Jesus (Jesse) Gonzalez on June 13, 2008 at 10:09am
As I often do, I was reading over some of my favorite blogs today and a very interesting question came up. I was a bit shocked by some of the responses and I would like to know how our members would see the situation. I am not going to provide this agents name, state or contact information. Just think of this as a hypothetical situation so, here it goes…….. “I just got a contract on a REO I have listed, I learned through the city utility department that the house was fined $400.00 for lack of lawn cutting should I tell the Asset Manager or should I negotiate with the buyer and have them pay it?” Anonymous So, what are your thoughts, would you tell the Asset Manager?
Tags: what, asset, disclose, manager, should, the, to, you
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Posted by Jesus (Jesse) Gonzalez

Jesse Gonzalez is a highly accomplished and respected real estate professional with a wealth of experience in the industry. With a career over 15 years, Jesse has established himself as a leading real estate sales and marketing expert.

As a licensed real estate agent since 2005 and a broker since 2008, Jesse has a comprehensive understanding of the complexities of the market. In 2013, he founded his firm, Liberty House Realty, LLC demonstrating his entrepreneurial spirit and commitment to delivering exceptional service to his clients.

Jesse's expertise extends beyond traditional real estate transactions. He obtained his Registered Appraisal Trainee in 2019, providing him with valuable insights into property valuation and market analysis. Although he decided to focus primarily on sales, his appraisal background gives him a unique advantage in understanding the intricacies of property values and trends.

With a dedication to excellence, Jesse consistently achieves outstanding results for his clients. Last year alone, he closed over $20 million in sales and received the prestigious Sapphire Award from his local association, recognizing his exceptional achievements in the industry.

Beyond his successful career in real estate, Jesse is passionate about education and personal growth. He is completing his undergraduate degree in Forensic Psychology, with plans to attend Law School in the fall of 2024. Jesse's ambition is to become a real estate litigator, focusing on real estate consumer protection law and advocating for the rights and interests of homebuyers and sellers.

As the owner/operator of the nation's largest social network for REO professionals, <a href="http://www.REOProNetwork.com">www.REOProNetwork.com</a>, Jesse has positioned himself as a thought leader and industry influencer. Through this platform, he fosters collaboration and knowledge-sharing among REO agents, attorneys, asset management firms, and other professionals in the field.

With a commitment to professionalism, integrity, and providing a personalized experience for his clients, Jesse Gonzalez is a trusted advisor and a driving force in the real estate industry. Whether assisting clients with buying or selling properties, he consistently goes above and beyond to exceed expectations and ensure successful outcomes.

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Comments

  • Steve Adkins March 17, 2009 at 7:06am
    So Regina isn't the only to post in an old thread, I'll add my 2 cents. :{

    In the Atlanta Metro area, most of the Cities and Counties have adopted policies that if they cannot make contact with a property owner or manager, they will fine or cite (criminal charges) the listing agents. More and more jurisdictions are doing this due to the flood of vacant foreclosed properties.

    I was able to prevent one of our agents from being cited recently because I knew the officer and the division commander. The agent from my office had "borrowed" the listing from our corporate RELO/REO department to market. The bank that owned it was not maintaining the property and the neighbors were complaining. It took 2 emails to my managing brokers and RELO manager to get this handled.

    When it's YOUR name on the sign, guess who they are going to come after first?
  • Regina P. Brown March 14, 2009 at 12:44pm
    Well, you better pick up the phone and call your CLIENT to whom you owe a fiduciary DUTY to disclose everything.... And then, make sure it doesn't happen again by maintaining the lawn for your CLIENT who should PAY you to do so.
  • Luciana Barreto January 22, 2009 at 4:25pm
    Should tell the Asset Manager immediately.
  • Michael Gleason July 8, 2008 at 12:50am
    If there is nothing else learned in real estate practices it is to disclose all you know. Tell the asset manager and strongly suggest it is in everyone's best interest to have the lawn maintained and all bills paid. Someone is going to pay, it may as well be done in the best interest of the asset.
  • Vicky Chrisner June 30, 2008 at 12:41pm
    REO or not, agents are obligated to share all information about the property or the transaction with their clients. Also, it seems this agent is implying that she/he would negotiate with the buyer, as if she was negotiating on behalf of the seller? That is misleading, and a second violation of the Code of Ethics (assuming the agent is a REALTOR).
  • Jackie V June 18, 2008 at 10:13am
    I would absolutely tell the asset mgr! why should the buyer pay? how long ago was the citation? was it when the previous occupants were there?
  • David Cassin June 14, 2008 at 6:06pm
    I am unclear as to who "them" is... the buyer, or the Asset Manager? In either case I would DISCLOSE this material fact to all parties involved. In Michigan, this type of charge would become a lein upon the land and the owner of the property would eventually have to pay it. If that owner is the Bank/Asset Manager, doesn't that agent have responsibility to disclose this additional fee to his client (the Asset Manager)? Absolutely! The Asset Manager/client needs to be aware of every expense that effects his net proceeds and the agent should dutifully inform him.

    If "them" refers to the buyer, and that buyer is willing to pay the fine (for whatever reason) for the seller, that would be the buyers choice. If this agent has a fiduciary relationship with the buyer as well (Dual Agency as it is called here), that agent better fully inform both parties as to who is responsible for this fee.

    Once again, DISCLOSE and let the two parties (with the assistance of the agent) work out the details with full knowledge and understanding.
  • Dee Dawson June 13, 2008 at 11:33am
    Absolutely tell the Asset Manager and ask for $$ to keep the lawn maintained... It's in their best interests to keep it maintained until settlement. Not only will it show better, but an obvious, vacant home may attract vermin (animals I mean) and vandals (also sometimes called vermin). JMO. Dee --

    Dee
    --
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