I've had this happen before and my sellers have never been willing to give third party authorization to another agent but I'm curious about you all feel about it. Buyer is anxious and putting tons of pressure on her agent. I don't want to give the impression I have anything to hide but am not comfortable with that request.
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As a Massachusetts Agent that closes tons of short sales, it is ridiculous to think that a buyers agent can expedite the process. One more phone call will irritate the negotiator and prevent them from doing more productive things. If you are doing your job right, you can forward recent communications to the buyers agent. Short sales take time and if the buyers cant wait they should not be putting in offers. The buyer agent should have done their job up front and prepared the buyer properly of what to expect.
Good Morning to all,
As an agent here in Miami, I can share that I have been on both the buyer and seller agent side on short sales, so I definitely can see both sides of this topic. In instances where I have been the buyer's agent, I have encountered one too many times where the listing agent has had no idea how to work on a short sale, regardless of how easy or complicated it can be. It truly is unfortunate for all parties involved in a transaction when the listing agent does not know how to work on these transactions. While I do realize the hesitation in providing the buyer's agent with third party authorization, I have had so many instantances where there has been little or no commication on the listing agent's behalf, either with me or with the bank(s) involved. I one instance, the agent never bothered to send the short sale package to the lender, and I had been relying on what had turned out to be false updates, thankfully, the bank that had the loan was a small bank and I had dealt with the negotiator there and he was the one that alerted me to the fact that he had never received a short sale package. Upon learning this, the listing agent was fired by the seller, and the seller's attorney and took over the transaction, a short 2 weeks later we had the short sale approved. This is just one of several transactions that caused me to make the request for third party authorization, so that I too can follow up and ensure that the short sale is moving forward. With that said, I have not ever, harassed the listing agent or the lender, I do understand how vital it is to work together, and most importantly in a respectful manner, it tends to get things done in a more smooth manner.
I would imagine that other states have it as well, but here in Florida,we have a short sale addendum, that contains a clause whereby the seller does grant the buyer and their agent with authorization to obtain updates on the short sale.
Lila,
Wow, I thought I was one of few that had gone through such an extreme incompetence case with such agents but it sounds like there are many more out there from what I'm reading. I really like the idea of the short sale addendum, that contains a clause whereby the seller does grant the buyer and their agent with authorization to obtain updates on the short sale. That can help solve a lot of problems. Hopefully, more states will adopt this type of contract.
You seem to have a great understanding of both sides of the issue. Thanks for posting, new ideas helps us all.
RE: "HARASSMENT"
It is unfortunate that it appears to us that one particular Brokerage here in Columbus must teach "harassment" as a method of diligence or fact finding. We have had a rash of their Agents lately --as many as ten--on three properties listed as short sales who have actually harassed us to the point of being unethical or illegal. Certainly the "Moral Compass" points toward their own benefit and commission, rather than toward their Client's benefit.
It is a sorry human reaction that we tend to avoid them and their calls.
One just "walked" on a good deal for their Client, because our Client would not sign permission for them to contact her bank. She felt that their motive was to improve their own commission prospects rather than helping their Clients.
One tactic that I've used over and over again, is to have my attorney update all parties, then IF a question happens on the Buyer's side that I can't (or won't) answer, I'll refer them to their attorneys and let those folks answer. Regular communication is key, and usually a little time spent with the selling agent, explaining what may/may not happen pays off in keeping them on my side.
Scott,
That sounds like a great strategy. "Regular communication is key, and usually a little time spent with the selling agent, explaining what may/may not happen pays off in keeping them on my side." I agree!! I believe that realistic and knowledgable buyers understand that there isn't a magic wand with short sales, therefore trust is placed in the movers of the process. Any process reinforcement displayed as effort, knowledge and teamwork on the agent's side goes a long way.
Thanks everyone for the great posts and ideas. After further investigation I learned the the buyer's agent has never listed or sold a short sale. I've communicated with her frequently since she texts, calls, or emails just about every day. I've explained many times that this particular file was a little more complicated than some because it has a second lien and is HAFA and so would not be a fast approval. That said, we're eight weeks in and should have it approved by the end of the week. There are just some agents who think that harrassment is the way to get things done. That is not the way I work my short sales. Anyway, thanks again for all of the input and help. You all are such an amazing resource! I'll follow up when it closes. :)
Jennifer,
Thanks for the great topic! It sounds like you're doing a great job at bringing this transaction together. Harrasment should never be a part of the process! I wish you well and Happy Holidays!
Of course there are poor listing agents as well, and it is the job of the buyer's agent to assess and communicate their faith in the listing agent's ability to get the deal done.
While it might seem effective for Equator (and similar sites) to give the buyer's agent access to see where the file is, since the status is so often the same from week to week, I wonder if this wouldn't drive buyers away (due to seeming lack of progress)instead of keeping them informed.
There is an art to good communication as well as a science. I try to have something to say every time I communicate and only communicate "no new news" a few times. I also get fristrated when I constantly have to email or call the listing agent to find out what is going on, but if they get back to me and the only thing I need to do is promt them, I can accept that as part of my job for my buyers.
I think the summary of this thread is that there are bad agents out there that sellers and buyers need to beware of. That goes for who you hire AND who' on the other side of a short sale transaction. Asking questions in all cases will help you determine whom you should trust.
Good Luck!
Hi Nate,
I agree with your above summary 100%. I also feel one of the problems is a good percentage of today's buyers and sellers remember the earlier days when short sales were an insignificant percentage of the market and traditional sales ruled. If I were agent, before I show any properties I would send each client a list of expectations for each sale scenario in advance, traditional, reos, and short sales etc., buyer's, seller's and agents responsibilities. I would further include possible outcomes. Then, I would sat down with them and briefly go over those expectations and require them to sign-off of their understanding of these expections. I would aim to make it as straightforward as possible. No sugar coatings. Like any investment, know the risks, then make informed, intelligient decisions. From that point, I'd say let's load up and go for a joy ride!!
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