| Port Orange/Daytona Beach Area Real Estate Market and Updates. By Lisa Hill, "THE SMART CHOICE!" |
I was just reading a blog post by a REALTOR® who has a listing that is a short sale property. This agent was upset with a buyers' agent who had submitted an offer on the short sale listing, and was now complaining about the lack of response from the bank, and the banks' refusal to sign the standard real estate forms that real estate agents' are generally required to include with every offer. It was the opinion of this listing agent that the buyers' agent was lazy and just didn't want to "work hard for a living".
I beg to differ! I've said before that I hate working with short sales and foreclosures. My reasons are because of the difficulty involved in trying to get any answers from the banks. In my experience, when dealing with the banks, it's like the right hand doesn't know what the left hand is doing. I've dealt with banks who act like they actually want to screw up the process.
When working with my real estate clients, I need to be able to effectively represent my client, and advise them in advance of what to expect as things progress. But the banks don't follow the process. They each have their own process. And the banks' process will always be a detriment to the buyer. They take no responsibility for the condition of the property, and have buyers sign documentation that releases the bank from any and all future liabilty, regardless of the known, pre-existing problems.
As for not wanting to "work hard for a living", are you kidding me!?! Yes, I expect to be paid for my services, at the standard commission. When selling a short sale or REO, we do twice the work, for a lower commission, and can't properly represent our client. It's not about being a spoiled Diva, as I saw in some of the comments that were in response to that blog post. It's about doing what's best for our clients.
How familiar is this story?..... We list a property for a seller who is at the end of their rope. They're desperate to sell their house or condo as fast as possible, and in order to accomplish this, we need to be able reach the banks' designated contact person who has all the information on the property involved. But instead, we call the bank on behalf of our client, and we get transferred from one department to another, over and over again, spinning our wheels while apparently nobody is able to help us. It seems that each department doesn't
know what the other is doing. It's incredibly frustrating! Just think of how the seller feels.
This past week, I was working with real estate buyers from out of the country, who were only here for a few days. They had found a short sale property that they were very interested in. The listing had expired from our MLS, so I called the owners directly. And the owners actually had a name, fax number, and e-mail address for the contact person at the bank. They had spoken to their contact before, and had been given an approximate amount that the lender would accept. I was pleasantly surprised! Unfortunately, the sellers couldn't find the phone number for their assigned contact (kind of important) but since I had a name, fax number, and e-mail address, I figured I should at least be able to get some information before my buyers left the country. So after viewing the house on Thursday, the buyers were sure they wanted to attempt to buy this property. So early on Friday, I faxed and e-mailed the contact person, letting him know the urgency of the situation, and that these were very
interested buyers! I waited all day, then later in the afternoon, after receiving not response whatsoever, I re-faxed and once again e-mailed the rep. I never got any response, and although REALTORS® are expected to be available almost 24/7, bankers hours are extremely different. We were completely at the mercy of someone who had decided to either not cooperate, or was taking some vacation days, with no one to cover for them in their absence. So it's now Monday night, and I have yet to receive a response from the lender. This morning, my buyers left the country, and I never got even the courtesy of a phone call from the lender. I guess I'll try again tomorrow.
But I have a couple more short-sale stories...
- I recently sold a house to buyers who previously had an offer on a short sale. They waited 3 months and never got an answer on their contract. So they bought my listing instead.
- I also had a short sale listed, and in 6 months, I was never able to get a straight answer from that lender. I got transferred over and over again, and never found a person who could help. The house eventually ended up in foreclosure.
If you're a seller of a property that needs to be sold as a short sale, read this post by Randy Hooker titled "Writing a Hardship Letter for A Short Sale". In spite of my difficulties with short sales, I'll continue to do my best to list and sell whatever my buyers and sellers need. Let's face it. We have real estate sellers with desperate needs. So it's our job to keep doing our best to represent them, in spite of the difficulties.
www.DaytonaBeachRealEstateSales.com

