Seller handling negotiations with Wells - should buying agent get authorization to talk to Wells?
We have made an offer on a short sale with the loan through Wells. The listing agent has told my agent that he is letting the seller handle all the bank negotiations. In fact, we had to tell him the property was about to foreclose in a week....he apparently did intervene to stop that. I am wondering if we should ask for authorization for my agent to contact Wells on our behalf. It seems the listing agent is doing nothing to work with the short sale aspect of the deal. We submitted the offer on October 13 and have not heard anything since except that the seller submitted the financial info that was requested. I do know there was only one loan on the property. The listing agent is whining to our agent about our offer being too low and just agreed to put the property into "pending bank approval" status.......
Replies to This Discussion
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Permalink Reply by Ben Benita on
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I WOULD RUN FOR THE HILS!!!!! I fyou contact me directly - [email protected], I will send you a copy of the Buyer Pre-Offer questionairre we ALWAYS suggest get filled out PRIOR to submitting an offer.....helps avoid many headaches.
You may get lucky and get this through, LTOS of factors come into play as with ANY short sale, if not, keep us posted on here if we can help!!!! -
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Permalink Reply by Nate Gerard on
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How attached is your buyer? There are times when there is a huge opportunity cost to working a sale that has a poor listing agent. Like Ben above, I always qualify the listing agent with specific questions before I write an offer. If you want a list of them to compare to Ben's list, email me at [email protected]
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Permalink Reply by Jeff Payne on
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AGENTS PAY ATTENTION TO BEN AND NATE. You MUST prequalify ALL short sales before ever showing them to your buyer. I too have a questionaire that our team uses to prequalify the listing. We will not show the listing if there are too many red flags, sometimes if there is one red flag.
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Permalink Reply by Mike Horton on
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HMMMM if the buyers agent contacts the lien holder then the buyers agent is representing the seller also. Looks like dual representation. That would be a no no unless all parties sign a dual representation disclosure. An agent contacting without proper paperwork and disclosure would result in an ethics charge against the agent and breach of contract. Just a thought.
Jeff, having a good idea of the qualifications of the listing agent is a good idea, but surely you jest in that you would not recommend showing a property or discriminate against a property or agent?:-) -
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Mike, it is not discrimination at all. it is looking out for my clients best interest and putting my client into a bad situation from the start is not looking out for them. It is not necessarily qualifying the listing agent, it is qualifying the listing. I educate my buyers up front on the pitfalls and problems with short sales and let them make the determination based on the answers that we recieve to the questions we ask the listing agent.
Mike Horton said:HMMMM if the buyers agent contacts the lien holder then the buyers agent is representing the seller also. Looks like dual representation. That would be a no no unless all parties sign a dual representation disclosure. An agent contacting without proper paperwork and disclosure would result in an ethics charge against the agent and breach of contract. Just a thought.
Jeff, having a good idea of the qualifications of the listing agent is a good idea, but surely you jest in that you would not recommend showing a property or discriminate against a property or agent?:-) -
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