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I Love what I do, but I love it more when I can help my homeowners sell their home before it goes to foreclosure and hand them a $16,000 check when they thought theyd walk away with nothing..
It takes hard negotiations but I hate to see sellers walk away and think they cant get anything in return.
Realtors that can get their clients money or break them even are the real realtors. The ones that ask the client to write a check are the worthless ones, the ones that present some moral argument when they are asked to negotiate a short sale with the bank when they cant sell the house for the note that's on it. Anytime your client has to write a check it should be a black mark against you as you were to lazy or inept to negotiate a short sale.
Especially after the housing collapse, a realitor that cant negotiate a short sale should not even have a license.
Realtors that can get their clients money or break them even are the real realtors. The ones that ask the client to write a check are the worthless ones, the ones that present some moral argument when they are asked to negotiate a short sale with the bank when they cant sell the house for the note that's on it. Anytime your client has to write a check it should be a black mark against you as you were to lazy or inept to negotiate a short sale.
Especially after the housing collapse, a realitor that cant negotiate a short sale should not even have a license.
Sorry, that ain't the way it works.
If somebody grossly overpaid right at the peak and they absolutely need to sell when there are NO comparable sales anywhere to be found the hard facts are that no one will finance a buyer that makes the seller whole and not even a cash buyer would be so stupid to overpay for a house.
The selling agent can offer advice to folks in such a situation, including efforts to present the property in the best possible light. Maybe a seller can even take some steps to try to move the property into a more expensive price category, but few homes warrant that kind of investment when they are already upside down.
Now I will say that had the folks now trying to sell an upside down property listened to wiser buyers agents about only buying if they could have some certainity of their future plans / needs and buy in areas with more stable prices instead of being sucked into the newest fringe developments the odds of them facing a shortsale would be far smaller...
The definition of "agent" is someone that literally has the legal right to "stand in" for the seller / buyer. Agents are NOT "market makers" -- we do NOT set prices! The information / experience / instincts we have allow us to negotiate in a less emotional way that tends to get a fairer price for seller and buyer BUT we are not directly moving the market prices! Those prices are influenced by things outside of the control of real estate agents like interest rates, average incomes, valuations of the stock markets, supply of houses for sale, local levels of employment and future probability of growth.
Realtors that can get their clients money or break them even are the real realtors. The ones that ask the client to write a check are the worthless ones, the ones that present some moral argument when they are asked to negotiate a short sale with the bank when they cant sell the house for the note that's on it. Anytime your client has to write a check it should be a black mark against you as you were to lazy or inept to negotiate a short sale.
Especially after the housing collapse, a realitor that cant negotiate a short sale should not even have a license.
We seem to have entered fantasy land. Can I be the wizard?
If somebody grossly overpaid right at the peak and they absolutely need to sell when there are NO comparable sales anywhere to be found the hard facts are that no one will finance a buyer that makes the seller whole and not even a cash buyer would be so stupid to overpay for a house.
The selling agent can offer advice to folks in such a situation, including efforts to present the property in the best possible light. Maybe a seller can even take some steps to try to move the property into a more expensive price category, but few homes warrant that kind of investment when they are already upside down.
Now I will say that had the folks now trying to sell an upside down property listened to wiser buyers agents about only buying if they could have some certainity of their future plans / needs and buy in areas with more stable prices instead of being sucked into the newest fringe developments the odds of them facing a shortsale would be far smaller...
The definition of "agent" is someone that literally has the legal right to "stand in" for the seller / buyer. Agents are NOT "market makers" -- we do NOT set prices! The information / experience / instincts we have allow us to negotiate in a less emotional way that tends to get a fairer price for seller and buyer BUT we are not directly moving the market prices! Those prices are influenced by things outside of the control of real estate agents like interest rates, average incomes, valuations of the stock markets, supply of houses for sale, local levels of employment and future probability of growth.
So I take it you are one of the many realitors that cant negotiate a short sale, which means you cant really do your entire job and your trying to justify it with this post.
We seem to have entered fantasy land. Can I be the wizard?
If you can negotiate a short sale then you can be the wizard, you would be worth your weight in gold as a realtor. If you cant and try to shame the seller into writing a check your are just another worthless fly by night realitor who got their license out of a cracker jack box.
There are good realtors out there that can negotiate short sales and save their clients rear ends, you just don't sound like your one of them based of your condescending post.
If you can negotiate a short sale then you can be the wizard, you would be worth your weight in gold as a realtor. If you cant and try to shame the seller into writing a check your are just another worthless fly by night realitor who got their license out of a cracker jack box.
There are good realtors out there that can negotiate short sales and save their clients rear ends, you just don't sound like your one of them based of your condescending post.
Im not the type of person who thinks that everything a realtor does is right BUT - Facts are facts - you can not magically negotiate a deal that both parties are not happy with.
If you overpaid for a house, and the bank has substantially more in the house than it is worth, then guess what? Your not walking away from that house without writing a check or going into debt. PERIOD. A realtor, even the best, most honest, hardest working realtor can not magically create value/price where it does not exist, and the banks have no obligation to agree to a short sale.
Negotiation skills are one thing, but I cant force you to buy my house for more than its worth, and you can't force a bank to accept less money than is owed. Its just flat impossible. A mortgage is a contract, when the collateral changes value, the contract does not. A realtor can not change that, no matter how much you hate them, they are powerless to modify a contract between a bank and a borrower.
Im not the type of person who thinks that everything a realtor does is right BUT - Facts are facts - you can not magically negotiate a deal that both parties are not happy with.
If you overpaid for a house, and the bank has substantially more in the house than it is worth, then guess what? Your not walking away from that house without writing a check or going into debt. PERIOD. A realtor, even the best, most honest, hardest working realtor can not magically create value/price where it does not exist, and the banks have no obligation to agree to a short sale.
Negotiation skills are one thing, but I cant force you to buy my house for more than its worth, and you can't force a bank to accept less money than is owed. Its just flat impossible. A mortgage is a contract, when the collateral changes value, the contract does not. A realtor can not change that, no matter how much you hate them, they are powerless to modify a contract between a bank and a borrower.
Yep.
And beyond that, I cannot legally negotiate payoff with a bank. That is attorney work in North Carolina.
Most agents here handle the marketing, and the negotiations and workflow and updates between the principals, and immediately hand off the short sale negotiations with banks to attorneys who work with the banks.
And the banks just do what they want to do anyway.
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Clueless...
