Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 9, 2010 at 9:06am

Laura -

Jeff did not say "Buy and Bail" - I did, taken from your exact words which I quoted in my reply.

It seems we are now finding out additional information about this transaction, YOU are NOT the Buyer and quite frankly, the agents should not be talking with you!

Best of luck to the actual buyer.

Permalink Reply by Jeff Payne on December 9, 2010 at 9:09am

You didn't hit a nerve with me at all, I am trying to help. I don't know the listing agent, don't know the buyers agent. From what I can see, the listing agent is in over their head as well as the buyers agent. Both need to come to short sale superstars and learn about short sales. Listing agent could probably take an ethics course and buyers agent needs to learn about short sales so that they can educate their customers about them.
I for one am glad that you posted this because it sheds alot of light on the items that we can teach and learn about here.

Laura Rencher said:

Sorry to offend the ss agents, I seem to hit a nerve here stating negative things about the listing agent....The point is there is no question he knew about the problems and did not disclose them.
Not all agents are honest...this one isn't. He has been convicted of fraud and had license suspensions in the past. I hope saying that gives me a little more credibility.

That said. I appreciate the feedback...It sounds like there is nothing more that we can do.

Permalink Reply by Jeff Payne on December 9, 2010 at 9:18am

Laura,
I do hope that you understand that we are all really trying to help, that is what we do! We have very thick skin and can be pushy trying to get all of the information, sometimes working short sales and getting the info is like peeling an onion and other times it is like trying to push a rope. Gotta ask the questions to get to the bottom of it.
I know that you are upset with the listing agent, rightfully so. Remember the words "Buyer beware" when dealing with any major purchase and you will always be OK. Don't ever rely on the sellers or sellers agent's disclosure of anything. Always verify, check, confirm ,inspect, etc.
I think in the last 15 or 20 minutes you can see that I am not a person to sugar coat anything. I believe in being straightforward and honest and to tell it like it is.
I do hope that this helps......

Permalink Reply by Laura Rencher on December 9, 2010 at 9:25am

Sorry I guess I should have responded to you directly and not in the same post. I am handling the sale as my father lives out of state and I will be living in the property...I certainly think it is appropriate for my agent and I to talk about the sale. I am sorry you disagree.


Thom Colby said:

Laura -

Jeff did not say "Buy and Bail" - I did, taken from your exact words which I quoted in my reply.

It seems we are now finding out additional information about this transaction, YOU are NOT the Buyer and quite frankly, the agents should not be talking with you!

Best of luck to the actual buyer.

Permalink Reply by Jeff Payne on December 9, 2010 at 9:31am

Laura, normally there are serious privacy issues even with family members unless you have written authorization to speak on their behalf. I am sure that is what Thom was talking about. Thom is very bright and one of our best contributors on the site.
Keep us informed along the way

Laura Rencher said:

Sorry I guess I should have responded to you directly and not in the same post. I am handling the sale as my father lives out of state and I will be living in the property...I certainly think it is appropriate for my agent and I to talk about the sale. I am sorry you disagree.


Thom Colby said:

Laura -

Jeff did not say "Buy and Bail" - I did, taken from your exact words which I quoted in my reply.

It seems we are now finding out additional information about this transaction, YOU are NOT the Buyer and quite frankly, the agents should not be talking with you!

Best of luck to the actual buyer.

Permalink Reply by Laura Rencher on December 9, 2010 at 9:33am

Thanks Jeff. I can be tough and direct to..I believe in empowering myself by being informed. That is why I am on this forum trying to understand how these *$%@* short sales work. There seems to be little reason to them much of time and they all about hurry up and wait. AND they are immensely stressful and they certainly are not like traditional real estate sales. It seems like the banks have all the power. At least that is the way it feels from my position. I have never experienced anything as stressful as personally going through short sales. I have no idea how you and other can specialize in it... :-).


Jeff Payne said:

Laura,
I do hope that you understand that we are all really trying to help, that is what we do! We have very thick skin and can be pushy trying to get all of the information, sometimes working short sales and getting the info is like peeling an onion and other times it is like trying to push a rope. Gotta ask the questions to get to the bottom of it.
I know that you are upset with the listing agent, rightfully so. Remember the words "Buyer beware" when dealing with any major purchase and you will always be OK. Don't ever rely on the sellers or sellers agent's disclosure of anything. Always verify, check, confirm ,inspect, etc.
I think in the last 15 or 20 minutes you can see that I am not a person to sugar coat anything. I believe in being straightforward and honest and to tell it like it is.
I do hope that this helps......

Permalink Reply by Jeff Payne on December 9, 2010 at 9:49am

They are difficult but once you understand them and have systems in place to process them, they are really not too bad. I usually don't have more than 20 to 25 in process at at time. Lately they have been getting done faster, usually an approval within 4 to 6 weeks. They are stressful though because we are dealing with peoples lives and their financial well being.

Laura Rencher said:

Thanks Jeff. I can be tough and direct to..I believe in empowering myself by being informed. That is why I am on this forum trying to understand how these *$%@* short sales work. There seems to be little reason to them much of time and they all about hurry up and wait. AND they are immensely stressful and they certainly are not like traditional real estate sales. It seems like the banks have all the power. At least that is the way it feels from my position. I have never experienced anything as stressful as personally going through short sales. I have no idea how you and other can specialize in it... :-).


Jeff Payne said:

Laura,
I do hope that you understand that we are all really trying to help, that is what we do! We have very thick skin and can be pushy trying to get all of the information, sometimes working short sales and getting the info is like peeling an onion and other times it is like trying to push a rope. Gotta ask the questions to get to the bottom of it.
I know that you are upset with the listing agent, rightfully so. Remember the words "Buyer beware" when dealing with any major purchase and you will always be OK. Don't ever rely on the sellers or sellers agent's disclosure of anything. Always verify, check, confirm ,inspect, etc.
I think in the last 15 or 20 minutes you can see that I am not a person to sugar coat anything. I believe in being straightforward and honest and to tell it like it is.
I do hope that this helps......

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 9, 2010 at 9:57am

Laura,

Sometimes it seems there's no Rhyme or Reason to any of these short sales - it is VERY frustrating to everyone involved; Seller, Buyer, Listing Agent, Buyer's Agent, Negotiators, etc. Unfortunately, every transaction is different - even with the same bank because of the Seller's situation; the investor who actually owns the loan, whether the servicer is "delegated" or "non-delegated" (meaning the servicer can make the decision for the investor or not). Also, sometimes the Seller will be asked to sign a Promissory Note or bring cash to closing - sometimes not, but sometimes the Seller can, but won't. When the seller (borrower) is not cooperating, those deals never close.

Although all of us want to apply "Logic" to these situations, there is no logic in how things finally work-out.

100% of my business over the past 4+ years has been short sales - either as a Listing Broker or as a negotiator for other Brokers - no 2 deals are ever the same even when the lenders and servicers are identical. They might want a Promissory note on Deal 1 and not on Deal 2 or deficiency obligation on Deal 3 but not on Deal 4. There is no logic. Some get done FAST and some take forever. I had a BofA short sale for over $1 Million and it got submitted approved and closed in 12 days and another for only $199,000 that I've been working on for 2.5 years and it's still not closed. Again, it frustrating and no logic.

If you really want this house - work with your REALTOR (hopefully not the Listing Agent on a double-end).

Whatever is going to happen, will. You cannot control what the servicer, investor or seller will ultimately agree upon

Fingers-crossed, you will get the house you want.

Best of luck,

Thom Colby
Broker
Newport Beach CA

Permalink Reply by Lissa Uder on December 9, 2010 at 9:58am

Laura, I don't believe you offended us as Short sale agents. Alot of us work for both the sellers and buyers that are trying to purchase a short sale property. I have seen many offers fall through because of the agent not having a clue what they are doing when it comes to this type of sale. Ultimately, the buyer and seller are the ones that suffer the most. And truthfully, that infuriates me! I'm the type of agent that looks out for my client all the way and that includes giving them all the facts and information I possibly can. If I don't know something, I use my resources to find out. I just don't know that you went into this with as much knowledge about how short sales work as you could have had. And for that, I apologize.

I still believe that it is unfair to assume and accuse the listing agent of wrongdoing though. Even with a less than ethical background, that doesn't prove he was dishonest this time. Unless you have had inspections done proving the heating system is non-functional you don't know for certain that there is a problem. If there is, you don't know that either the agent or his client knew the problem existed. As I said before, I use a wood burning fireplace to cut heating expenses but my heat pump functions perfectly. He could very well have made that comment to the negotiator to get your contract approved. Which would have been done to help you. Yet without any real knowledge you're slamming him for millions of people to see...



Laura Rencher said:

Sorry to offend the ss agents, I seem to hit a nerve here stating negative things about the listing agent....The point is there is no question he knew about the problems and did not disclose them.
Not all agents are honest...this one isn't. He has been convicted of fraud and had license suspensions in the past. I hope saying that gives me a little more credibility.

That said. I appreciate the feedback...It sounds like there is nothing more that we can do.

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