I am trying to short sale my house. The one I lived in and have not been in for 8 months.
My realtor (listing agent) did not want to try to persuade the agent doing the BPO that it was a good deal. she felt it was unethical. That pissed me off
She doesnt want to contact the bank and try to convince them. Due to her suggestion we are using an atty to work with the bank and handle the documents to/from the bank. She says only the atty should contact them. the atty says the realtor is correct. But he isnt trying to convince them either. hes just pushing paper.
IS MY REALTOR SUPPOSED TO BE HELPING ME PERSUADE THE BANK THIS IS A GOOD DEAL? THE ATTY ALSO ISNT INVOLVED IN PERSUADING THE BANK. HE JUST HANDLES THE DOCS. list price is 495. After all is said and done the 2nd eats like 30k, which equals the commission.
i NEED SOME FEEDBACK CAUSE i AM PISSED AND AM READY TO FIRE BOTH TOMORROW. I had a contract on the house and it expired cause the bank didnt respond yet.
Your realtor is only obligated to get the best price possible for the house.
Your attorney is only obligated to ensure you don’t break the law.
YOU cannot short sale YOUR house. A real estae investor can buy your house from you on a short sale agreement with the bank, but that agreement has nothing to do with you, it is between the investor and the bank.
To give you an example why you can’t short sale your house,
You are six months behind on your mortgage which totals $5,000 arrears, you call the bank and tell them you can’t afford to pay the arrears, but by the way, you’ll buy the house off them for $30,000.
Their reply… give us $5,000, keep the other $25,000, use it for a vacation, and when you get back, send us a check for the next month’s payment.
I am trying to SELL the house via short sale to another homeowner, any homeowner. The house is on the MLS.
We took a HELOC just as values were decreasing so we got a high appraisal. It was a desperate attempt to salvage our other business, long story. We have been trying to sell it for almost a year and we just owe too much. The house is in great shape, paint, roof new kitchen, etc, etc
My agent isnt supposed to call the bank and say look, heres the comps, heres the # of homes sold in 2005, 2006, and in 2007, the volume is cleary going down, TOM is much much higher, etc???
We are trying to short the 2nd for about 30k. If they foreclose, they will loose close to a hundred or more
if you want to do a S/S I do not know why there is even a realtor involved. He wants commission and there really is no room for that. Find an investor experienced in S/S that would be interested in doing it to your home.
BTW…how much are you behind in your payments?? when did you do the HELOC??
no payments for 2007 and we did the HELOC in July of 2006
problem is the house is in South Florida and we are now in GA so trying to work with local investors is tough.
Stupid bank had an offer for 475 and they took too long to decide. The amount owed was 475, so all they need to do was eat the commission. That offer is long gone now, the buyer waited 6 weeks.
Man, that is certainly screwed up! :cussing Who is the bank? Does it start with a “C”? :guns
I am a REALTOR(R) and a real estate investor in Arizona and I have done shortsales as a REALTOR. I have a bank from California who contacts me everytime they got a borrower missing payments. The vast majority of them bought at the peak of the market or refinanced not too long ago and are upside down, so the only way out of it is a shortsale.
Everytime I get this and I get the listing, the first thing I do is I send them a complete package including comps, pictures of comps as well as pictures of the subject property, and even estimates on repairs (if needed). So, I, as a REALTOR(R), am making sure I am driving my point of view home with the bank so that we are all on the same page as far as price and market value goes. But this bank rules, because they like to get all the information I can get them ahead of time. So, as soon as I get the listing I send them all this stuff, then, when I get an offer, a lot of the work has been done! This cuts the time they take to respond by a lot. I have heard of other banks which are particularly morose and they don’t do any work or research up to the point when they get an offer. I once had a buyer make an offer on a pre-foreclosure for the tag price on the MLS (it was a good deal at that price and we understood it was a shortsale) only to get the bank (that one which starts with a “C”) to take six weeks to turn us down because they wanted more. If they had done their research ahead of time, they would have agreed on the minimum they could accept and not waste everyone’s time! So, there are all types and it seems you got all the wrong ones. :cry
Did you fire your agent yet?
Oh, and about being room for commissions for REALTORs, the bank I work with give a nice commission to REALTORS on shortsales.
$475 minus commission is hardly a shortsale, I mean… yes it is, but it is obvious the bank is going to loose far more than that if they have to foreclose. The ones I’ve seen go through they are actually giving up some money and it still makes sense for them to accept it. But, like I said, I’ve seen all kinds. Too bad I cannot help you in FL. I am planning to get my license in FL this year as well, but that won’t help you much. Good luck to you and God Bless!
You should not expect your agent to do a short sale, especially if they have no experience with one. If you’re behind on payments, YOU need to ask for a short sale package, someone needs to find an investor to buy it, etc.
The agent may have thought it was unethical to send a BPO for a lower price because it IS if they already valued the property higher or if they think it’s worth the current list price. Sounds like the agent is doing their job. They may want to let you out of the listing agreement so you can do your own short sale or work with someone at your local REI club who specializes in them (licensed or not). Short sales can take months of negotiating and you may be running out of time.
Understand that your agent is there to sell the home at the highest price possible and short sales will be beyond the expertise of 90% of them. Just ask that they let you out of the agreement if they think they cannot sell the home for what you owe. To be fair, perhaps they can get a finders fee should they find a buyer?
The short sale package has been completed months ago. they are just really dragging their feet.
I just felt the agent should have been more involved in the deal and trying to convince the bank. Originally the house was not up for a short sale. But as the market kept sliding, I brought the idea up.
I think I will fire the agent. I have a house here in GA I am going to try the 5 day auction on in the next couple weeks. If its close to succesful, I may try it in Florida.