Are they serious?
Got a short sale listing 2 wks ago. Called to make contact with the mortgage company. File was quickly assigned. YEAH! Spoke with the negotiator and asked what she expected in the packet. She did not want to discuss that; she wanted to know "What did you list the property at?" was her response. I gave her the price and boy did she get defensive. She asked why so low, where did I come up with such a ridiculously low price, and on and on. I explained that after doing a CMA and previewing the property that the price was well within the market. I provided her with recent sales information in the area. She is not keeping me informed about the progress. She is in fact calling the owner. I had to find out through the property owner that the mortgage company had ordered a full appraisal and one had been done two days after the listing.???? I called the negotiator and was informed that the appraisal had not come back yet. After 2 wks we have a valid buyer. American General call to let us know that they will only pay TOTAL 3% commission, will not purchase title insurance is will only pay DOC Stamps. FINAL! This negotiator is not willing to negotiate????
Replies to This Discussion
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Permalink Reply by Lamanda Jones on
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We now have a full time co-coordinator in our office just to work short sales. America Generals negotiator has still not shown any signs of wanting to work on this sale. Lost the buyer. It is such a shame that even with qualified buyers and accurate pricing that coming to a meeting of the minds is so difficult. Put the property back on the market. The property owners who lives in Georgia, has allowed his son and girlfriend to live in the house. The whole place is falling apart.
Value is dropping every day that it is on the market.
Don't know if this listing is worth pursuing. -
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Permalink Reply by Jeffrey Smith on
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I know I said OH NO I took an American General Listing but apparently the manager of the branch that made the loan is the negotiator. I got a low ball offer and the manager called the next day to say NO they needed X. One week later I got an offer 1,000 ABOVE x. I submitted it and on the HUD put 6.5% commission and $225. compliance fee. I called the next day after submission and they said they got it and were looking at it. They called the next day and said everything was fine and they accepted. I asked for the written acceptance letter and got it 2 hours later. WOW! My listing and my sale and they didn't try to cut...course it WAS just a stinkin $25,000 mobile
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Great Job. I still have had no luck with getting a buyer for this property. I could try dropping the price to generate some interest, but that is giving the wrong idea to any potential buyer. Especially if the negotiator is not willing to work with us. Has an investor look at the property and refused to make an offer since the home was in need of so much repair. Guess it all depends on the luck of the draw with the negotiatior.
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Permalink Reply by Patricia Henry on
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Patricia Henry said:
Patricia Henry said:I am working with a buyer on a Short Sale that turned into a foreclosure due to Title Issues that couldn't be resolved by the seller who was trying to sell on a short sale. Our sale turned into the commission being cut to $5oo0 flat fee to be split with both sides. They won't pay anymore than that which is about 1.5 commission for each brokerage firm. Totally stinks since we have been waiting for 4 months for the bank American General to get our bank addendums back to us for the purchase. They decided to still work with the buyer when the seller couldn't perform on the short sale and then we had to wait 2 weeks for the home to go to American General. Then we waited another 2 months for the home to be ready for the foreclosure sale with my buyer. American General decided they would do a one party agreement with the listing agent. I am proud of the other agent for hanging in there and for my buyers for waiting. We are to close in November end of month sometime. I hope it goes smoother. Because of course we have waited 4 months and now the bank wants us to close in less than 4 weeks. American General has not been quick about anything and they sure don't value the agents opinion on anything. -
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Permalink Reply by Wendy Rulnick on
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How did this end?
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