I think I've seen it all. The AZ co-listing agent is either dishonest, incompetent or both?? We made it all the way into escrow before he tells his other co-listing agent the seller never qualified for the short sale.
After:
- 8 1/2 months under contract
- Very few updates, but verbal assurances everything is moving along in a positive manner
- Telling the listing agent he has ordered the BPO
- Telling the listing agent to change the status of the property to "SOLD" in the MLS
- All other data website confirming the house is "SOLD". In fact it's still showing as sold to my agent.
- Telling the other co-listing agent and buyer's agent to open an escrow account
- Sending the file to the title company
- Having the buyers and their lender start reviewing escrow documents
Then, he spring the news on his co-listing agent and tell her that the seller has never qualified for the short sale. He wasn't man enough to call the buyers himself and tell them. Instead, he had the co-agent do it. He won't receive anymore calls. What a real crock of $h!#!!!!
People like this certainly does no good for the image of all the hard working honest agents out there. He should not be allowed to short sale anymore properties. Or, call himself a specialist. My lender is stunned, and the title company tells me they've never had anyone screw something up like this at this stage.
Now: The seller's home has started the foreclosure process. She's already behind 3 payments. Possibly at his advice. I was able to confirm that through the county recorder's office. She's probably just as stunned as everyone else.
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OK Richard, now you have me completely confused. I thought you had approval on the short sale and the approval letter was with the title company?
What is meant by the seller does not qualify for the short sale?
You need to contact the local board of Realtors today and file an ethics complaint against this agent ASAP, then the truth will have to come out
Hi Jeff,
My agent and I were both told by phone by the original co-listing agent that unbeknownest to her the seller never got approved for a short sale. She also found out a BPO was never performed on the property. She claims she was never made aware of any of this all along by her counterpart, the negotiating co-agent who did all the negotiations. She's claiming that he mislead her as well. This comes as no surprise, the guy would never return calls or e-mails for the most part unless he was somehow forced to do it. Also, this puts the original listing agent in a bad position, her husband is the broker. I will be filing a complaint today. I have plenty of physical records.
I sent you a copy of both listings early last week showing the property as "SOLD" to my agent. I also have an e-mail letter from the title company,(a company reccomended by the listing agents) congratulating us on the short sale purchase, a package of standard documents to review from the title company, an e-mail from the title company to my lender telling her the seller got denied the short sale, and finally a letter from the title company to all parties stating the reason the short sale was denied and asking for signatures from everyone to release the escrow funds and allow them to cancell escrow.
If this seems untrue, I can forward you copies of these documents. From the start, I always questioned why certain things were being handle in the manner in which they were. It always seemed that there was this rogue process on the seller's agent end and no accountability. I know we are in the WEST, but I didn't think we were in the Wild Wild West!! This transaction assured me that I should get my license, at least for my own sake. This guy passes himself off as a short sale specialist on the company website.
I'm sure some on this site may have thought of some of my comments as being anti-agent, however that is not the case. My comments all along has mostly been gear toward accountability for all parties. This was my reason for some form of transparency for the file movement only (not specific seller/lender info) for both agents, so that something like this could be avoided.
You know the weird thing about my last conversation with the original co-listing agent, she tells me that I might try and contact the negotiating co-listing agent about trying to get the property at auction. That tells me a lot in itself about the motives. I feel badly for the seller, she's worst off than anyone.
Forgot to add that nothing should be unbeknownst to the listing agent if they are doing their job. Did they not handle the short sale as the listing agent? did they use a 3rd party to work the short sale?
Nearly impossible to purchase at auction unless you have access to cash and then you better make sure that there are no liens that you dont know about.
Jeff,
Later this morning when I'm at my office I'll send you a link to his website. I agree, the seller should be hiring a lawyer. The original co-listing agent should have known, however she's relatively new at this herself. I know this from checking all the agents records beforehand. The original co-listing agent and the negotiating co-listing agent work for the same company, in the same office. By records in AZ, the negotiating agent had a lot more experience. It seems that she believe whatever he told her. Both of their names show on the AZ MLS site as co-agents, however she showed the house while he remained behind the scenes.
BTW, I wouldn't trust them at auction. Never again............
You are right, both of the listing agents should have known better or NOT take a short sale listing. Time in the business is irrelevant even though she will try to use it as an excuse
I believe you my friend, you have been open and honest the entire time since you joined our site. I believe that from what you have told me that the agent violated the code of ethics by withholding information or by flat out lying to you.
Just curious, does this agent have any short sale certifications?
The seller should lawyer up on this one, and you definately need to push this issue with the local board of realtors and with the state regulatory authority
WOW. That is NOT RIGHT. The co-listing agent should have known from the onset whether or not the seller would qualify for the short sale. Usually after the lender reviews the hardship and finances, you would get an answer on whether they qualify. Why would they go to escrow without an approval letter? I fault ALL agents involved for that and even the title company. Where I am no one makes a move without reviewing that approval letter. Why was it set to sold in MLS?
Nothing about this makes any sense. I would call the guy's broker.
Hi Smitty,
After seeing it listed as sold in the MLS, I kept asking everyone for an approval letter. I knew my lender would need an approval letter to start their processing. My agent was being told by the co-listing agent the lender would be sending it directly to us. We even e-mail the title company and asked them if they had received it. They told us they'd get a copy for their records from the listing agent, however they could not give me a copy. When, my lender starting asking questions, their story unraveled. That's how we caught it. Unfornately, for me it was too late. It's still listed in the MLS as sold to my agent.
Everything I've told you is 100% fact. I've never seen such a bashed up short sale pair. I'll be sending a letter to their broker and the state regulatory agency. The broker is the husband of one of the co-agents. I don't expect much there.
Send the letter to the local board of realtors and file an ethics complaint NOW!!!
Sorry I responded before reading your post to Smitty. At the very least you need to get some answers and if what you say is true (I do believe you too) then the listing agent has violated the Code of Ethics and needs to be stopped.
Now moving on, PLEASE hire an agent that totally understands the short sale from the buyers side and BEFORE you ever place another offer on a short sale, be sure that your agent understands how to interview the listing agent to qualify the agent and the listing to ensure you have a chance at getting an approval.
believe it or not, what happened to you is not normal and should not happen, you got stuck in the middle of incompetency from ALL of the agents