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Old 07-24-2010, 02:11 PM
 
225 posts, read 1,050,744 times
Reputation: 381

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I am in the process of trying to buy a short sale. In the beginning, it took me two days and three phone calls to get a response from the listing agent. I ended up calling and flat asking the receptionist "does he want to sell this house or should I call someone else?" and he finally called back after three days and I viewed the house. Now, I am at the point after consulting my attorney to make an offer. But...I have called once a day for two days and left messages on his office phone and cellphone and no response. To me this seems irresponsible and almost like the realtor doesn't really care if he sells the home or not. I would have expected better in this market. Am I expecting too much for a same day return phone call, or a return phone call at all, or is this normal? I hate to do it, but the home is on the multi-list and if the listing realtor doesn't respond to another call monday, I guess I will call another realtor and make an offer thru them. I am sure this will **** the listing realtor off, but how many phone calls does it take to get a return call? I live in a rural area and I know it isn't that he isn't that busy. Advice?
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Old 07-24-2010, 02:14 PM
 
Location: Hobart, IN
157 posts, read 383,202 times
Reputation: 101
The listing agent is not doing his job. If you know another agent, give them a call. Good luck

Last edited by corgiloveTN; 07-24-2010 at 02:14 PM.. Reason: mispell
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Old 07-24-2010, 02:21 PM
 
Location: DFW - Coppell / Las Colinas
35,899 posts, read 39,566,702 times
Reputation: 43011
Most of us agents try to respond as fast as possible to inquiries like yours. When you get into the world of Short Sales, REO Properties and Foreclosures the game changes completely.

We have a guy in our office that handles a high volume of homes like this. He gets tons of calls everyday and I don't see how he keeps track. In his case, he does not work with buyers so his responses are not as good as they could be.

I would recommend you find a good buyers agent who has experience in SS to help you put the offer together. That agent may have better luck getting a response.

If the agents response time or lack of is a problem, wait until you start dealing with the lender and some clerk who has 100 files sitting on his desk. We recently made an offer on a SS after 5 weeks of trying to get the lawyers and lender to respond we gave up and moved on.
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Old 07-24-2010, 09:00 PM
 
Location: Southern California
3,115 posts, read 7,527,630 times
Reputation: 3677
I've been helping a relative with a short sale purchase for the last couple of months - and based on that experience I would strongly suggest getting your own agent as soon as possible. We tried calling the listing agent on several houses up for short sale, and had no luck at all in getting a return phone call - but our agent was able to get a response within a day or two. Calls from other agents are just taken more seriously.

Plus, you really do need your own agent to protect your interests...

One last thing, short sales take forever - and can fall apart so easily. The listing agent not calling you back promptly could end up being the smallest, least significant problem you encounter. If you want an easy transaction that goes smoothly, I would suggest avoiding short sales.
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Old 07-24-2010, 10:37 PM
 
Location: Olympia
1,022 posts, read 3,772,911 times
Reputation: 831
Get your own buyer's agent.
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Old 07-25-2010, 09:09 AM
 
Location: Simmering in DFW
6,948 posts, read 20,291,858 times
Reputation: 7218
Get your own agent and consider the strong possibility that you do not have the disposition for participating in the ss process. It takes an incredible ability to deal with frustration, uncertainty, disappointment and likelihood of failure. I know that I am not a person who would fare well in this kind of sale and I have quite a bit of experience as a buyer.
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Old 07-25-2010, 01:40 PM
 
225 posts, read 1,050,744 times
Reputation: 381
Quote:
Originally Posted by Squirl View Post
Get your own agent and consider the strong possibility that you do not have the disposition for participating in the ss process. It takes an incredible ability to deal with frustration, uncertainty, disappointment and likelihood of failure. I know that I am not a person who would fare well in this kind of sale and I have quite a bit of experience as a buyer.
I don't think my dispositon will be a problem. Just because I expect someone to do their job, doesn't mean I don't have the disposition or patience for this type sale. I just don't have patience for incompetent or irresponsve people. I am only concerned about getting my offer on this deal, because when someone else sees it, it will be gone as it is extremely underpriced. I wouldn't want them to know it, but I would be willing to pay their mortgage off as it is still way under the appraised value. The only reason it has not sold is it is poorly listed and has no signage along the main road and it is secluded in a mountainous area. If it were listed properly and advertised as it should be, it would already be sold. Once I get an offer on it I am ready for whatever happens, good or bad. I am in a nice pad now, so I am in no hurrry to settle if it takes a year, I could care less. I have decided though to follow your advice and use a buyers agent to get my offer in.
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Old 07-25-2010, 02:20 PM
 
Location: Tempe, Arizona
4,511 posts, read 12,303,792 times
Reputation: 2197
Quote:
Originally Posted by scapegoatpa View Post
...I am only concerned about getting my offer on this deal, because when someone else sees it, it will be gone as it is extremely underpriced. I wouldn't want them to know it, but I would be willing to pay their mortgage off as it is still way under the appraised value. ...
If the mortgage is way under appraised value, why is it a short sale? They should be able to sell at market value and pay off the mortgage. Are you sure you know of all the outstanding liens on the property?

Most short sales do not have their list price pre-approved by the seller's lender. It's not uncommon for seller's/agents to purposely advertise a low price just to get offers so they can start negotiation with the lender. The lender will do their own market evaluation to determine what price they will accept. An offer price way below market is likely to get a counter offer, assuming the seller even qualifies for a short sale.
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Old 07-25-2010, 03:01 PM
 
Location: Southern California
3,115 posts, read 7,527,630 times
Reputation: 3677
Quote:
Originally Posted by scapegoatpa View Post
I don't think my dispositon will be a problem. Just because I expect someone to do their job, doesn't mean I don't have the disposition or patience for this type sale. I just don't have patience for incompetent or irresponsve people.
From my limited experience it appears that the listing agents simply don't have time to respond to all the curious but not-serious people who call them. You can call that "not doing their job" or "incompetent" or non-responsive - or you can just accept that they're overwhelmed and get your own agent, so that you're taken seriously, and you get to make your offer.

Quote:
Originally Posted by scapegoatpa View Post
I am only concerned about getting my offer on this deal, because when someone else sees it, it will be gone as it is extremely underpriced.
Ah but the "listed price" on a short sale is not always based on reality - sometimes it's a starting point, and they want you to bid above that.

And just because there's no activity on a short sale that you can see, does not mean that there aren't several offers on it already - and some of them may be for considerably more than the listing price.
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Old 07-25-2010, 03:20 PM
 
Location: Colorado Springs, CO
1,570 posts, read 5,477,164 times
Reputation: 1398
Yes, - I'll chime in with other posts. You need your own buyer's agent. I am bewildered with buyers who try to go it alone! That said -
The world of short sales is CRAZY right now. It can take 12 months for any movement to occur. Why the banks/financial inst. list a property and then take months to respond is a mystery to me. The listing agent knows that most buyers will walk before a sale can occur. It doesn't excuse the failure to return a phone call - but it's common. In the majority of short sales the buyer will loose his financing (b/c the lock will expire) before they even get a response from the seller. Yep, it's crazy. It's difficult to buy something from someone who doesn't want to sell it!
At any rate, get a buyer's agent who has been on the buying side of short sales.
Best of luck!!
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