I need opinions here. I feel I’ve been duped by my negotiater. I’ve written on here complaining about this guy and after many negative responses decided this was the last file he’d be working on with me. I’ve taken over since.
First he tells me that my offer was way too low. We offered 85k on a home worth about 185k when we started 4 months ago but now probably is only worth 165k due to the horrible declining market. Frankly I don’t think we offered low enough but 85k is what we offered.
This house is a disaster of a house with 40k+ in damages. Completely stripped of everything; electrical, plumbing, kitchen, flooring, vanities, and drywall 4 ft up through out the entire home due to mold damage. Only thing in tact were the toilets and bath tubs. The neighborhood is so bad the metal gate was even taken a few weeks after we cleaned everything up. There is also termite damage.
With this offer, he stated that lenders are not stupid and know that an investor is buying the property and that they are making a killing on the deal. That Investors do all the work themselves and that contractor estimates mean nothing; they’ll cut it in half. From the beginning he said they will not take the offer. That the lender rather take the house to auction and see what they can get. If I find out it went to auction and sold (which I don’t think it will) I will start spitting fire.
I find out from my partners a little after he started the deal that he also decided that he’s wants 40% of our profits. Well when I found this out, I instead of putting in my own contract - found someone else to just buy the property. I figured I learned my lesson from working with this guy and would just cut my losses and move on.
I’ll leave all the other little stupid things that happened but the final problem was he submitted the package with no comps, no back up and although I provided the HUD to him with all the complete information including all commissions, he decided that because his fee was on the wrong line, he would do his own HUD and fail to include everyone elses commissions and submitted it to the bank. When corned about the incident he simply schrugged it off with OH WELL, I FAXED IT.
Well auction is tomorrow and got word from him today that the lender is not returning his calls and he felt, and I quote in his words …
“I have been trying to reach the Negotiator all afternoon with no success. Normally when we have a “within reason” deal the LM will be very diligent the day prior about getting the last minute details in place before they postpone the sale. The fact that I’ve heard nothing from them all day today is in essence their unspoken decision”
I am furious. Not only does the homeowner now go to auction and potentially take a hit for this, I don’t get paid a dime nor does my staff for all our hard work. I feel not enough effort was put in on his behalf and we all got screwed. I seriously think he sabotage’d the file because he was only getting his mere 1% commission instead of 40% of any profits. I’m thinking I should call the Trustee in the early AM and explain the situation (we have an offer in place with the lender but they have not responded) and try to postpone the sale. Maybe I am crazy and he’s done everything right. What are our chances of saving this file? What do you think? Am I crazy?