I have put in an offer for a short sale purchase. This home had an offer that was accepted by the bank and then had the buyer pull out at last minute. I put in my offer at the same price it was previously approved at by Chase. I was told that because of how far it had went through the proccess prior to my offer that I could get an approval in 3-4 weeks.
I have asked my realtor to please make sure that the listing agent is giving regular follow ups that include e-mail and fax as i have read in many places that this really helps. My realtor wrote me back with this...
"I will caution you that there's a fine line to asking an agent for updates and progress of the file and telling them how to do their job. I don't want the agent to get upset because of your requests and not want to help this along"
This makes me very nervous of my realtor not being strong enough to make sure things are being taken care of correctly.
What do I do? I really want this house, and I don't want to wait longer then is nescasdary because of a lack of follow up by the realtor.
Can I fire my realtor and hire a short sale specialist as I found out my realtor has only closed 1 short sale even though she has been in the business 20 years.
Will firing her ruin the entire deal and I will have to resubmit everything and start over?
What else if anything can I do on my side to make sure my concerns are being taken seriously and thta the realtors involved are on their game?
Thank you in advance for any help
You are correct in wanting daily followups as it does help. Also, if the numbers are the same, it should take 1-2 weeks to get a new approval letter. Don't fire your agent cause it will cause issues. Instead just reply that you are not dictating the listing agent on how to do her job, but you want to be notified every Tuesday and Friday of any updates.
Daily updates?? Seriously?? During certain phases of the short sale process, and depending on the servicer, weekly updates can be difficult. Can you imagine trying to get daily updates out of US Bank?? I have to be honest, I've never had an agent contact me on a daily basis for an update and I hope that never happens.
You are correct. I didn't mean to imply every day. Even in my response I stated twice a week.
I don't know whose e-mail and fax number you are asking for but it is not unreasonable to ask for a weekly update. Don't fire anyone but stand firm on being kept in the loop as this file progresses.
You are the buyer. All your agent can do is ask for an update from the listing agent or attorney handling the actual short sale file. You mentioned your agent has been in business 20 years, you think they may know the other agent personally? Maybe that's why you got the advice that you did. Its the homeowner, not the probable purchaser, that needs the short sale specialist. That probably would have kept the first offer together. Understand the buyer has every right to ask for updates, but has very little leverage with only one expection - threaten to remove the offer. It doesn't sound like that's what you want, nor does it sound like this house wouldn't go under contract very quickly if you did remove your offer. This is the most frustrating part of short sales, the bank has all of the say on what goes on, and is the responsibility of the people on the Sellers side to get it done and respond to everyone. However, that kinda puts you at their mercy. Again, you have the right to ask for updates, and your agent can relentlessly call the other party, but do you think that would yield the results you wish for?
Good response Robert. As a listing agent with 90% of my inventory as short sale properties, I must say demanding and aggressive buyer agents do not fare better - as a matter of fact, like the old adage, You catch more flies with Honey... the agents that properly prep their client for the long-short-sale-haul and don't hound me are much more likely to get to the closing table.
I have gone out of my way to accommodate buyers that have been patient through the process. The listing agent doesn't get paid until closing - why would anyone think they are not pushing the process as much as they can?
It sounds like Stephen's agent didn't prep Stephen for all the nuances of making an offer on a short sale house - or maybe someone wasn't paying attention.
Have your Realtor tell the listing agent that your client expects an update on the status of the short sale by the end of every week. Definitely tell your Realtor, that you have researched short sales and this is common practice.
And what would you have the buyer do if the listing agent won't call or respond to the buyers agents inquiries for a weekly update? Would you have the buyer fire her agent, although they are doing all they can in this situation? Would you have the buyer walk away, although she already stated she really wants that house? I have this problem in my area of the country. In fact, just yesterday, after a two months of hounding the listing agent AND attorney, I finally was able to get on a conference call with everyone and found out the only reason we don't have approval is because the attorney is trying to be sneaky and over charge for their services!!! However, that took almost 8 weeks. That would have been 7 straight weeks of no updates for my buyer even though I was doing EXACTLY what I was asked to do. This may be common practice for Short Sale Specialists on the LISTING SIDE, but if the listing agent is a bad one, no matter who your buyers agent is, you will not get what you want for a long time.
You're right, you can't force other agents to do their job and be professional, you can only do your best.
I agree with the other agents here - you do have the right to updates - sometimes the updates will not give you any information only sent an email - called and escalated - need additional documentation etc etc. Expected wait times are a minimum of 2 months. Pre approved short sales - depends on the bank again. Some do start the process all over even with a new offer at the same price.
To me there is no such person as an expert on Short sales - even CDPE "Certified Distressed Property Expert"'s that I have worked with - some have no clue about short sales. I have done numerous short sales and every one is completely different from another. I think it depends on who on the banks end you speak with...you will get a different answer from the same bank - even calling 5 times that day. We as agents have to work together not separate to get these done. Your agent should call the listing agent every week or email for an update. Listing agents will respond because they want the home to sell as bad as you - the buyer want to buy!!
Thank you all very much for your advice
Things seem to be going well now.
BPO was done last week. negotiator was assigned. Seller was asked for some updated info which he brought in personally the same day.
I am pretty hopeful for an approval soon.
or am I still probably a ways away from approval?