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Unread 07-15-2012, 11:29 PM
 
Location: Albuquerque, NM
966 posts, read 530,579 times
Reputation: 1296
Default My agent and a SS

I found a nice little house that is listed on Redfin at a bit below market price (at least in my RE agents opinion). I asked my agent if we could arrange a viewing. This house is exactly what I'm looking for. He emailed me back and said its a SS subject to lender with limited viewing. Then he said to just forget this house even exists because the bank would never accept the asking price. I asked if there's anyway we could at least try something and he just kept saying to drop it. Should I take his advice and just forget it or is there any other advice you can give me? I would have loved to find a way to get this house. I'm in no hurry. I just want the right house and my agent knows this.
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Unread 07-16-2012, 12:07 AM
 
Location: Lakewood Ranch, FL
2,536 posts, read 2,219,399 times
Reputation: 1900
If it is "a bit below market", I don't understand why your agent would tell you to forget it. The worst that will happen is that the bank will counter. Do you have time constraints which would indicate that this one can't be closed in time? Does it have more than one note on it? Tell your agent you want to know specifically why he is saying what he's saying. I hate to say this but it could be possible that the commission is lower and he is unwilling to put in the time for a smaller payoff. It's unlikely but possible.
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Unread 07-16-2012, 12:23 PM
 
Location: Albuquerque, NM
966 posts, read 530,579 times
Reputation: 1296
Quote:
Originally Posted by bbronston View Post
If it is "a bit below market", I don't understand why your agent would tell you to forget it. The worst that will happen is that the bank will counter. Do you have time constraints which would indicate that this one can't be closed in time? Does it have more than one note on it? Tell your agent you want to know specifically why he is saying what he's saying. I hate to say this but it could be possible that the commission is lower and he is unwilling to put in the time for a smaller payoff. It's unlikely but possible.
I emailed him this morning asking the question you posed. He answered by repeating what he told me already: "It's a non-approved short sale with very limited viewing access priced below market value. If we ever do get a chance to view it may be months or even longer before you get a decision which will most likely be a firm 'no deal'. Why waste your time and get your hopes up on a house when there are so many great deals on standard sales?"
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Unread 07-16-2012, 12:29 PM
 
Location: Martinsville, NJ
5,725 posts, read 5,876,721 times
Reputation: 3265
Quote:
Originally Posted by Mr_Geek View Post
I emailed him this morning asking the question you posed. He answered by repeating what he told me already: "It's a non-approved short sale with very limited viewing access priced below market value. If we ever do get a chance to view it may be months or even longer before you get a decision which will most likely be a firm 'no deal'. Why waste your time and get your hopes up on a house when there are so many great deals on standard sales?"
That's a very fair reason, which he really should have given you the first time. Now, if you are willing to deal with the perceived hassle, tell him you want to go see the house.


People (and yes, I'm including agents here,) sometimes forget that a real estate agent should be giving his advice so that the client can make the best decision, not making the decision for the client.
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Unread 07-16-2012, 12:41 PM
 
Location: Albuquerque, NM
966 posts, read 530,579 times
Reputation: 1296
Quote:
Originally Posted by Bill Keegan View Post
That's a very fair reason, which he really should have given you the first time. Now, if you are willing to deal with the perceived hassle, tell him you want to go see the house.


People (and yes, I'm including agents here,) sometimes forget that a real estate agent should be giving his advice so that the client can make the best decision, not making the decision for the client.
Yeah, that's the thing. I keep telling him I don't care how long it takes as I'm in no hurry but he doesn't seem to want to help try and arrange a viewing. I'm fine where I'm at another year or longer if need be. This house would be worth the wait.

I sent him what I just said (even though I've said it a million times) and I'll report back.
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Unread 07-16-2012, 12:46 PM
 
Location: Martinsville, NJ
5,725 posts, read 5,876,721 times
Reputation: 3265
Quote:
Originally Posted by Mr_Geek View Post
Yeah, that's the thing. I keep telling him I don't care how long it takes as I'm in no hurry but he doesn't seem to want to help try and arrange a viewing. I'm fine where I'm at another year or longer if need be. This house would be worth the wait.

I sent him what I just said (even though I've said it a million times) and I'll report back.
Well, if a service provider (which is what we real estate agents are) doesn't want to provide you with the service you want, you can always look for one who will.
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Unread 07-16-2012, 12:55 PM
 
62 posts, read 64,161 times
Reputation: 17
Quote:
Originally Posted by Mr_Geek View Post
I emailed him this morning asking the question you posed. He answered by repeating what he told me already: "It's a non-approved short sale with very limited viewing access priced below market value. If we ever do get a chance to view it may be months or even longer before you get a decision which will most likely be a firm 'no deal'. Why waste your time and get your hopes up on a house when there are so many great deals on standard sales?"
I've never heard of limited viewing access. Are the owners still living in it? I'm in a short sale myself and yes they do take time, but you said you're in no hurry. You like the house. Other than the "limited viewing access," I don't see any reason not to try. If you decided to go for it, do your research. Look up the owner's county records to find out how many liens are on the house and for how much. Also check if there are any lawsuits against them for the house. If there are, that may be a dealbreaker because it could wind up foreclosed while you're waiting for short sale approval. Look for bankruptcy claims. This information is also in the county records. Knowing all these things up front could help you avoid some of the messy situations that some short sales go through.
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Unread 07-16-2012, 03:52 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,317,874 times
Reputation: 2084
Quote:
Originally Posted by only1beebs View Post
I've never heard of limited viewing access. ...
Could be a variety of issues limiting access. A common one is if a rental, then tenants require a minimum amount of notice to view (48 hours in our case), and even then will be difficult if they aren't cooperative. Also, short sellers are generally forced to sell due to circumstances, and may not be very cooperative in helping the process along.
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Unread 07-17-2012, 01:14 PM
 
Location: Barrington
16,128 posts, read 11,337,999 times
Reputation: 5365
Speculation on my part that it's a rental and the owners are pocketing the income and not paying their mortgage or property taxes. Regardless, the owners are not motivated to sell.

It could be years before it's foreclosed.
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Unread 07-21-2012, 03:13 PM
 
61 posts, read 53,895 times
Reputation: 74
Let your agent know that you are going to see the property, and ask Does he want to be the one who shows it to you? That's only if you truly want to keep this agent. I would get another agent, one who would listen to what I want and not make decisions that are mine to make.

If you really like this house, set an appointment to see it. Short sales can be a pain, but you can always put in an offer and continue looking at other properties. If the bank doesn't approve the sale before you find something else, you can back out (make sure to put an escape clause into the contract). Nothing to lose and you may wind up with the property you are looking for, with less trouble than your agent anticipates.

Good luck with your house hunting, please keep us posted on the outcome.
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