Replies to This Discussion

Permalink Reply by Bryant Tutas on February 17, 2011 at 1:37am

Anna. Unless the contract states differently the buyer is not entitles to ANY information related to the short sale. However it is certainly in the interest of all parties for the buyer's agent and buyer to be kept in the loop. We update the buyers and their agents every week. To avoid this in the future add a clause to the purchase contract obligating the seller to update the buyer during the process.

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Permalink Reply by Kimberley Kelly on February 19, 2011 at 4:31am

Good idea about the clause Bryant.  This is why I am so careful about the List Agents on short sales.  I always include my Buyers' Agents in my weekly updates..why wouldn't a List Agent?  It behooves us to keep Buyers informed and commtted to hanging in there.  You have a bad List Agent..period!  Good luck.

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Permalink Reply by Wendy Rulnick on February 19, 2011 at 4:59am

Anna - That is a really good question.  What is the harm in disclosing package submitted, BPO ordered, BPO back, counter-offered, call made, etc?  I think you drew the short straw.

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Permalink Reply by MARY HOOD on February 23, 2011 at 5:44pm

I submited a short sale purchase offer to the listing agent.  The offer was accepted by the seller.  I requested to have the MLS status changed from "active" to "pending".  Of course, the listing agent refused.  My dear client (buyer) is at wits end wanting to know the status of her offer with the bank.  The listing agent did send me a note of congratulations indicating the seller had accepted the offer, and the offer was submitted to the bank.  That is the last bit of correspondence in 2 months --- will not answer the emails nor the phone calls which have been generated.  We feel as though we are in a black tunnel with our hands cuffed together.  This is rather frustrating for me as an agent who happens to strongly believe in communication be ot with other agents or my clients.  How sad that agents within the same profession do not  extend the same courtesy.  Two months waiting.  All I can tell my client is that no news is good news.  We are professionals.  What and why listing agents do not reply is astounding!!  Are buyers agents all drawing the short end of the straw???

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Permalink Reply by Jim Schneider on February 23, 2011 at 7:27pm

@ Mary,

check your mls rules, in ours they have to change the status, even if it is pending lender approval. That might do more than even a call to the agent's broker. Hope it helps.

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Permalink Reply by MARY HOOD on February 25, 2011 at 12:19pm

Harry,

 

Your professionalism is  a breath of fresh air!  Cannot thank you enough for taking the time to respond and, most importantly, for your consideration concerning all involved in a short sale!   

Harry Clay said:

As a SS Listing Agent, I forward practically all correspondence I receive from the lender directly to my Sellers, & the Buyer Agent as well, literally as fast as it comes in. I want them to know how hard I am working on everyone's behalf, & I consider us all a team who have to work & stick together if we are going to have any chance for success.

Yes, there are always a few items of a more delicate nature that I might hold back from one or the other, but in general, I am more concerned about holding the Buyer in the game after a hard fought approval, & not having them walk by the time I have an accord with the lender, which happens all too frequently here in Bakersfield.

I can't imagine what benefit it would be for a Listing Agent to leave the Buyer's side in the dark, & anyone who does is useless, in my book.

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