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Old 04-19-2010, 10:22 PM
 
Location: Tempe, Arizona
4,511 posts, read 12,835,526 times
Reputation: 2199

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If you are not happy with your agent's performance, you should talk to their managing broker and have them help you. The managing broker should have the experience to deal with this situation.
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Old 04-19-2010, 11:24 PM
 
Location: Lady Lake, Fl USA
111 posts, read 237,564 times
Reputation: 60
Default DYI Short Sale

Quote:
Originally Posted by lisamisa View Post
Thanks Ezicit. Is it okay for the buyer to contact the seller directly, by-passing the agents and lawyers though? Should I at least try to go through our lawyers first?
Lisamisa - Everyone in this deal is making money except you! But none of them seem to be doing anything useful or constructive.
At worst, you could end up not getting this house - but you'll know a whole lot more about exactly who is supposed to do what in the short-sale process. For example, you shouldn't be paying for your Realtors 'education' in 'Short Sales 101'.
As a buyer, there are no legal or ethical prohibitions which prevent you from calling whomever you need to, to get this situation resolved.
As mentioned, the Property-Owner and their lender are the only two who matter. I'd call, email or meet both of them. To get the most positive response you need to emphasise THEIR interests NOT YOURS! In other words, a call from someone complaining about their problem/situation gets a "Who cares?" response.
But if you call saying, "I want to go forward on this deal with you. What needs to get done?" they are more likely to accept your offer.
Also, this puts you in the 'drivers seat' - (as you should be!) It'll feel good to call them all (AFTER you get something done, in writing) to say, "We're closing next Friday".
Take change and Do It Yourself !!!!
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Old 04-19-2010, 11:40 PM
 
9,803 posts, read 14,857,691 times
Reputation: 8212
Quote:
Originally Posted by lisamisa View Post
Thanks for the reply! That's what's pissing me off the most. The seller's agent is making all kinds of demands and threats, supposedly on the seller's behalf, through my RE agent and the banker they force upon me.

I've been working with the local bank's lender - talked to the contact person, submitted all paperwork and received the GFE/Disclosures package from the lender, ready to move forward. The problem is I wont be able to meet the commitment deadline in the contract unless the seller's side agrees to grant an extension, which is what the seller's agent and their banker is using to hold over my head. The seller's agent and that banker they recommended are basically in direct contact and in cahoots on this whole thing.

I've been doing everything in my power to get everything resolved, just to run into more resistance from the seller's agent. I'm not sure what else I can do. Any suggestion?

When you say "do it yourself," what do you mean?
It took you a few posts until you said-----" The problem is I won't be able to meet the committment deadline in the contract unless the selle's side grants me an extension"--

What else aren't you telling us ?
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Old 04-19-2010, 11:54 PM
 
Location: Salem, OR
15,021 posts, read 37,017,578 times
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Quote:
Originally Posted by marmac View Post
It took you a few posts until you said-----" The problem is I won't be able to meet the committment deadline in the contract unless the selle's side grants me an extension"--

This is probably why they are wanting you to use their lender. They lack confidence in yours. Not all lenders are created equal. If you have a crappy lender on your hands, I can see them not granting the extension unless you agree to use a competent one.
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Old 04-20-2010, 08:20 AM
 
25 posts, read 93,499 times
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Quote:
Originally Posted by Silverfall View Post
This is probably why they are wanting you to use their lender. They lack confidence in yours. Not all lenders are created equal. If you have a crappy lender on your hands, I can see them not granting the extension unless you agree to use a competent one.

The banker the agent recommends can't get the mortgage approved any sooner than the lender Ive been working with. In fact, that banker even told me he's gone to a "community bank" like I did instead of a "big investor", and will need at least 3 weeks to get it approved because he has no control over smaller bank's processes, yet he's going to charge me $600 for handling my case. Complete BS. That banker also told me the seller's agent is willing to extend the deadline if I use him, implying that they wont extend the deadline if i don't. Not only does it not sit well with me, it sounds like shady business!
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Old 04-20-2010, 08:21 AM
 
25 posts, read 93,499 times
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Quote:
Originally Posted by marmac View Post
It took you a few posts until you said-----" The problem is I won't be able to meet the committment deadline in the contract unless the selle's side grants me an extension"--

What else aren't you telling us ?

I was trying to be concise and to the point. There so much back story to the latest issue that it'd be a whole page to type it all out!! Ask me and I'll tell you what you need to know to give constructive advise! Thanks!!
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Old 04-20-2010, 09:14 AM
 
Location: Martinsville, NJ
6,163 posts, read 12,167,432 times
Reputation: 3978
Quote:
Originally Posted by lisamisa View Post
The banker the agent recommends can't get the mortgage approved any sooner than the lender Ive been working with. In fact, that banker even told me he's gone to a "community bank" like I did instead of a "big investor", and will need at least 3 weeks to get it approved because he has no control over smaller bank's processes, yet he's going to charge me $600 for handling my case. Complete BS. That banker also told me the seller's agent is willing to extend the deadline if I use him, implying that they wont extend the deadline if i don't. Not only does it not sit well with me, it sounds like shady business!
Wait wait wait. This "banker" told you that the sellers agent would be willing to extend if you use him, so from that you infer that the agent is not willing to extend if you don't use him? Have you or your agent actually ASKED the sellers agent about an extension?
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Old 04-20-2010, 10:03 AM
 
Location: Salem, OR
15,021 posts, read 37,017,578 times
Reputation: 15643
Quote:
Originally Posted by Bill Keegan View Post
Wait wait wait. This "banker" told you that the sellers agent would be willing to extend if you use him, so from that you infer that the agent is not willing to extend if you don't use him? Have you or your agent actually ASKED the sellers agent about an extension?

Ditto on this. Have you put IN WRITING a request for an extension? Did the seller put in that addendum that they would grant the extension only if you use that banker?
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Old 04-20-2010, 10:34 AM
 
25 posts, read 93,499 times
Reputation: 10
Quote:
Originally Posted by Silverfall View Post
Ditto on this. Have you put IN WRITING a request for an extension? Did the seller put in that addendum that they would grant the extension only if you use that banker?
I have no direct contact with either the seller or the seller's agent. All the communication is filtered through my agent and the lawyers.

My agent told me that the seller and the seller's agent have threatened to put the place back on the market since I have not put in an application with the banker the seller's agent recommended, but to ignore them because contractually they cannot do so since I've already done so with another lender. My agent insisted that they wouldn't not grant the extension and not to "stir the pot" by requesting an extension in writing through the lawyers.

Could any of you shed light on what usually happens at this point of the deal? Are extensions usually/likely granted by sellers? Should I get my lawyer involved yet?
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Old 04-20-2010, 10:56 AM
 
Location: Salem, OR
15,021 posts, read 37,017,578 times
Reputation: 15643
Quote:
Originally Posted by lisamisa View Post
I have no direct contact with either the seller or the seller's agent. All the communication is filtered through my agent and the lawyers.

My agent told me that the seller and the seller's agent have threatened to put the place back on the market since I have not put in an application with the banker the seller's agent recommended, but to ignore them because contractually they cannot do so since I've already done so with another lender. My agent insisted that they wouldn't not grant the extension and not to "stir the pot" by requesting an extension in writing through the lawyers.

Could any of you shed light on what usually happens at this point of the deal? Are extensions usually/likely granted by sellers? Should I get my lawyer involved yet?

What state are you in? I'm not aware of any state where you wouldn't have to put the request in writing for the extension. How do you have a contract if you don't have an extension? Yes you should get your attorney involved.

Who cares what the banker and listing agent say. They aren't the seller. It only matters what the sellers say.
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