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.
What exactly would the purpose of this be? I would not do it, especially if the buyer agent thinks they are going to give the negotiator the what for! Good way to PO the negotiator and lose the deal. Simply so No Thank You.
Funny story, I recently did a HAP sale and the buyers agent did not understand the process no matter how many times I explained it. I brought it up in conversation to the HAP rep and he suggested a conference call so that he could try to explain it to her. She was very pushy and would not listen and thought she had all the answers. On the conference call she took over and screamed and yelled for at least 20 minutes. After the call, the HAP rep called me back and said he was sorry that I had to deal with her and told me that he would expedite this so that I don't have to deal with her and we got the approval fast. Worked out well in that situation but I already had a good relationship with the rep.
I suggest just "over-communicate" with the buyer's agent. Send them a quick message every time you have a conversation with the negotiator/etc.
I think there may be agency issues if you were to let the other agent speak with your sellers bank? What if something goes sour? Now's who's "Fault" is it? Who is that agent really representing? If they are speaking with the SS Bank, there's an argument for Dual-Agency.
Thanks all, everything you've mentioned has occurred to me as well. I don't know what this agent thinks she will accomplish and I would not reccommend to my clients that they allow another agent to speak to their lender.
I'm sure a lot of people will dissagree with me on this but, I think alot, (not all) of these issues would never surface IF, the seller's agents were communicating with the buyer's agent. As a buyer, it is very fustrating to be left lifeless in the dark. As a buyer, your only recourse is to walk. That hurts the seller and listing agent if there are no back-up offers. Also, if the seller have a trustee sale breathing heat down their neck and nothing is getting done, these thoughts could easily enter their mind.
So you see, when you're a buyer and have invested so much time and effort, it is very easy to suggest to your agent that they speak with the negotiator. One could argue in certain instances, what's to hide? Or in cases where the home is just about to go down the tubes, what's to lose? In some cases where the lender is kicking the listing agent's butt, a tag team approach just might come to mind.
I don't dissagree at all. I set up communication up front with the buyer's agent. I also have disclosures for the buyers to sign showing estimated timelines, and expectations from them. I have 3-4 pages of disclosures that state we have NO CONTROL over how quick the bank responds to the offer and EVERY TIME we communicate with the lender we send an email to the buyer's agent with an update.
Your approach sounds like a recipe for success or at the very least, peace of mind. I wish we had more like you guys. Honestly, even though I feel that I could hold my own with a negotiator, I don't think I would want another headache unless required. I'd rather leave that to the professionals who are getting a commission to negotiate.
Smitty, woyuld you like to share those 4 pages of disclosures and perhaps we can modify them for our own deals...thanks [email protected]
Buyer's agents crack me up. The negotiations between seller and lender are none of their business. I would never let a buyer's agent step in. I just purchased a home that was a BofA short sale last year. From contract submission to approval took over 6 months. Which is WAY longer than my time frame, but I wanted the house so I waited. It's as simple as that. If you aren't patient enough then move along and purchase something else.
"Buyer's agents crack me up."
I just recently went through an 8 1/2 month short sale just to find out that we were being misled and lied to all along. Not only were we as the buyers misled but the seller was misled as well. The seller's agent and the listing agents are pointing fingers at each other now. They work in the same office and on the same team. How do I know this? We'll the owner called me afterwards to get my take on what happened throughout the duration of the short sale. She's pissed, not to mention 5 payments behind in part due to the listing agent's encouragement! I can't blame her. Remember, listing agents are not perfect either!
The owner didn't find out that she didn't qualify for a short sale until we were all in escrow. I wasn't the only mad. She has now hired an attorney team to go after the listing and selling agents and to short sale her house. All fact.
I realize that sellers and their agents want their confidentiality. Understandably so, however don't forget about the second half of the equation. I'm not promoting buyer's agents getting involved in the negotiations. There are times when the better agent is actually on the other side of the equation. Also, let's not forget..........without buyers and their agents, you have no business.
It's very unfortunate for buyers and sellers how clueless some of these Agents are. I'm not sure how to even comment on your situation as it makes no sense to me how the List agent/negotiator found out at escrow that the seller does not qualify for the short sale. On the positive side you are now armed with lots of knowledge and know how of the short sale process. So if you find yourself putting another offer on one, you will know what questions to ask and what to expect. Good luck to you!