Why do we interview agents and/or the sellers negotiator before showing a property?

We have a laundry list of questions that we ask a lisitng agent and/or the sellers short sale processor before we show a property.  There are particular things we look for to gauge the level of experience to be able to property consult with our buyers.

My buyer specialist is working with a buyer and one particular short sale that meets his criteria has in the realtor remarks to call listing agent for specific instructions.  Listing agent is brand new, has never sold anything and is using a 3rd party to process the short sale who also has never done a short sale.  Two big red flags but the bank that has to approve the short sale, Regions, is pretty good to deal with so that will help.   We called for the special instructions and they were that the third party will not accept any offer less than list price.  Yes, I said the Third Party negotiator said that they will not accept any offer less than list price.  Since when does anyone other than the seller decide on what offer to take?  Keep in mind that this is the first offer, there have not been any offers and there has not been any communication with the sellers lender; otherwise I could accept the fact that the bank may have a NET amount that hthey require.  Not in this case though.

I think my buyer decided to pass on this one, too may red flags.  I also think the listing agent is in for a tough one here, especially being brand new and not knowing any better.  Maybe I shoudl invite him to this site :)

Do others also interview the listing agent?

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Hello Paul, great list of questions, but I am left with a question... #12, can you tell me where you found this information regarding how "it is illegal to charge the buyer 3rd party fees"?

Also, with FHA, HAFA and BofA's COOP, you actually want to start the short sale prior to a contract with the lender to have in hand the eligibility, then once a contract comes in, it's just a few short days/weeks to full approval letter. So in that case it wouldn't necessarily reflect inexperience but rather experience to expedite the process. Looking forward to hearing from you about the 3rd party fees. thanks!

Kristi

Jeff,

The interview with the listing agent is just as important to me, as the interview with the buyer before we enter into a short sale purchase.  Expectations are everything.  

If my buyers are ever interested in short sales, they get a quick education from me as to the potential "pitfalls" of this type of transaction, and secondly, if they want to put an offer on a short sale, I absolutely "interview" the listing agent as to their experience.  Even doing so isn't always sucessful.  The last short sale I brought a buyer into (YES, I did the "interview"!), I ended up negotiating the deal!  HUGE pain in the butt, but I wasn't about to allow the deal to fizzle due to incompetance, etc., especially not with a buyer I have been working close to a year with!   In this lovely world of short sales, and basically the distressed marketplace as a whole, it is all about being prepared..for anything, and being willing to put forth the effort to GET IT DONE!

Ha-ha..run Forest run!!

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