Buyer's agent asking to speak to negotiator
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.
Replies to This Discussion
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Permalink Reply by Richard on
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Thanks Brent! You are correct, in a sense this was a learning experience for me. Since that time, I've actually had a couple of listing agents comment on my agent interview process. It's my belief that either they like you for your knowledge or avoid you. It seems the ones that embrace you understand that you're knowledgable about the process and you're an asset if you enter into a contract whereas the others seems to think you're a threat or a constant nag. Either way, I won't make the same mistake twice.
It's ashame that more agents will not take the time and arm themselves with the abundance of knowledge on short sales. Short sales are going away anytime soon. Sure, they're problematic, but do you realistic want to cut out that portion of the market? Short sales are roughly 40 percent of the sales in this area, so we may as well adjust to that. I have a brother who is an agent. Rather than embracing short sales, he avoid them. So, I had to fire him as an agent.
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Permalink Reply by Jeff Payne on
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Richard, I know what you went thru and it is sad. I can only say that your agent is as much at fault if he went into this blindly and didn't interview the listing agent and didn't do his homework before ever showing you the property. As bad as the listing agent appears, I am sure that you and your agent would have seen red flags right away and would not have went forward.
What do you mean by the sellers agent and the listing agent, that would be the same person wouldn't it?
I know that you seem to think that buyers are few and far between but that is simply no the case, there are plenty of buyers out there and plenty of successful short sales when the right people, agents, buyers and sellers are all on board and communicating. It is always a 2 way street, listing agent should be communicating and if not buyers agent needs to make damn sure that they are getting their answers or they need to advise to move on.
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Hi Jeff,
What I meant by that is there was 2 agents on that particular short sale. They called themselves co-agents. The first acted as the listing agent and the other was basically the negotiator. Take a look at the documents I forwarded to you, you'll see what I mean.
To show their incompetence, they still have not changed the listing information in the MLS yet. It still shows as SOLD to my agent. When the seller called me, I told her have at it going after them.
I also know full and well that buyers are not few and far between, but I also know that buyers walk or in some cases just as anyone else they can be problematic as well. But, when you're getting down to the crunch time nearing a deal for your seller, do really want the good buyers to walk? I would think not.
I look at it from this perspective, you need both in order to make a deal. But who's at risk more, who has more to lose, the buyer or the seller? It's simple.
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Have you contacted the local board of realtors to let them know it shows as sold in MLS? What has your agent done?
My mistake on the agent thing, you had me confused, but that is easy to do.
Again, I will say this knowing that I am preaching to the choir, YOUR agent should have interviewed or asked the right questions of the listing agent and most likely you would have been spared the agony of this short sale. At the very least he could have looked in MLS to see how many short sale listings the listing agent had closed prior to even showing the property to you.
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Hi Jeff,
To answer your question, I sent an e-mail to my local board with documents. I then followed up with a phone call. I'll call them this week and see what, if anything comes of it. However, the phone call from the owner brought some relief in that she was trully pissed off at them, fired them and was moving in a different direction. But, I've moved on. No homes are getting offered here on unless we have clear and concise details upfront, with a short sale addendum.
My agent hasn't done a thing and, by local real estate records he had more short sale knowledge but he trully hated short sales. He had too many other activities on his agenda. I had had many conversations with him early on about getting more details. These were details that I did not have access to.
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Permalink Reply by jennifer mullen on
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Richard,
In all honesty, it seems as though the ball was dropped on several fronts. I can't imagine how the closing attorneys on both sides allowed anyone to get to closing without an approval letter. Same for your agent and lender. It's really incredible to me. Best of luck next time.
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Hi Jennifer,
Seriously, Warner Bros. Cartoons could have had a field day with that short sale. My profession is a Project Management/Engineer. And, I've seen a few funny things happen in that profession but I thought no profession could be this bad. Especially, in the area where this takes place. The area is predominately professionals.
No offense to all the great agents out there but, even Stephen King could have made a great horror movie out of this sale. I knew for sure this had to be a nightmare that I would eventually wake up from. Well..... the mallet did the job!
My lender was great! I had known her for a bit. Plus, my other brother and my son had used her before and she knew her stuff. I had told her from day one that this was I stray, rabid animal and to watch out. So when we were told to open escrow, I start asking questions about approval letters. The listing agent told my agent it was a done deal and we would be recieving letters from the lender by mail. So I ask the escrow officers for a copy of the letter, they said they had not received their copy yet and they could not give me a copy if they had it because it to come from my agent, the seller agent or the lender. However they did send us a congratualtions letter on the specific property purchase with address and MLS #. Then 2 days later, they sent us forms to fill out and asked for a check for opening ecrow.
I kept telling my lender something was wrong and she agreed. I let her review all the documents as well but, I ask her to e-mail the escrow officers and ask for the approval letter because I knew nothing was going to get done without that letter. Four hours later, my lender received an e-mail from the escrow officer that stated the seller was denied the short sale because she did not qualify.
"she did not qualify"
8 1/2 months later!!!!!!!! Are you kidding me. What the hell had the listing agent and negotiator been doing all that time. Come to find out they had never, ever done a BPO or appraisal on the house.
Understandably so, the seller would be pissed off!! Even though she got herself into this mess, she didn't deserve that. Now she is going to lose her house, her credit. She has a 90 year mother that lives with her. I see why she hired an attorney team.
Advice.........Be careful where you place trust!!!
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Permalink Reply by Sherry Beattie on
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I would not do it. Who does the buyer represent. Not the seller.
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"Who does the buyer represent."
Money!! The seller, agents and lender all need it. If the listing agents do their job in communicating, this question more than likely never comes up. I'm not promoting it but it's something to think about.
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Thanks Mary! I agree with you 100%. There's a great group of agents here. These are the ones with pride and the desire to make a difference.
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Permalink Reply by Bryant Tutas on
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xx
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Permalink Reply by Esther M. Camarotte on
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My answer is no. You need to be the only one along with your seller in control of this file. Too many cooks spoil the stew. You don't want your negotiator to be annoyed that they now have to speak to a Buyer's Agent. Buyer's Agents don't have the right and they know that going in. Buyers Agent should have warned her client about going in on a short sale. I understand but my answer is always no. I always make sure that my communication to the buyer's agent is frequent so that they are always in the loop to avoid this. Hope that helps
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