Today:
- An agent from another company has been calling me for three days asking short sale questions. He is going to be selling his own Destin real estate as a short sale, and his lender tells him they do not want him as the listing agent. He wants to refer the listing to me. His tenant may want to buy the property, but put in a low offer. I told him that we should only submit an offer if we think it will be accepted. His belief was that the seller was REQUIRED to send any offer to the short sale lender. "NO, that is what clogs up the system for legitimate offers", I explain. He calls back afterwards and says his broker will not allow him to list his property outside his own office, but thanks me for my time.
- I receive a short sale counteroffer from Citi Mortgage for a Destin FL home. There is a primary and back-up offer on the property. The buyer's agent tells me his buyer refuses to respond and is backing out unless Citi provides counteroffer in writing. Of course, Citi says no. Buyer backs out.
- Real Estate Agent #2 on aforementioned home has been calling me, emailing me and faxing me for a week, demanding his offer be presented to Citi on equal footing as primary offer. He says he has been in discussions with his office manager, and they just don't do "business like that". I explain that we don't conduct short sales like auctions.
- Short sale seller in Fort Walton Beach Florida, for whom I am about to get an approval, calls me to tell me she will not move out of her house until the lawsuit her attorney filed against her lender is concluded. I explained that the short sale approval will only be good for 30 days, so she must move out. She says "No", the buyer will have to understand and get re-approved later on.
- I've spent hours discussing the short sale process and pricing for a potential new listing in Santa Rosa Beach Florida. The seller emails me that he wants to list, but potentially withdraw the listing in 60 days if he decides to do a deed-in-lieu of foreclosure. He asks that I waive my cancellation fee and any other fee, and work on his transaction for free. "No" I tell him.
End of day.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Short Sale Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. All Rights Reserved. *Another Day in Wendy's Short Sale Neighborhood* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
Hi Wendy,
Sounds like a rough day in your world.
As for #1 sounds to me like the broker (and I'm one myself) is more interested in helping himself and not his agent.
However I have a question about submitting only one offer at a time. I know some do it this way, however is that your seller's decision or is it yours?
We have some lenders that only want to see highest and best, others who only page one of the contracts and others who want everything. And it you have two offers that are almost identical? I'm curious.
I
Hi Wendy,
I really have to hand it to you - you and other agents who specialize in short sales earn every dollar and more. I took half a dozen classes and seminars on the topic over the last 18 months - and every one convinced me more that I couldn't deal with it. We have very few short sales in Cambridge but more in some of the surrounding communities. They are frustrating enough to deal with from the buy side. Yeegads!! More power to you!!
Liz
Lynda - I agree that the broker was thinking of himself. I frequently list outside agent's own property for short sale. One offer at a time philosophy, which I wrote about in One Strong Contract, is based on many factors that show it is a more successful strategy. Without rewriting the whole post, when a short sale buyer knows he is the only contract, when that is a good one (likely to be accepted), then the chances for approval increase significantly. Auctions, on the other hand, engender no loyalty from buyers. In the case quoted above, my seller agreed with me not to send in the back-up offer. After all, if a lender looks at a "back-up" offer they don't have to abide by our rules and regs and can trump any offer they like. Thus- back to auction. Additionally, many of the big lenders, for example Countrywide, Chase, etc. will only work with one HUD, one contract. Hope that answers your question.
Elizabeth - It really was a normal day for me :)
I presented a preliminary short sale offer to my sellers but with no financial terms from the buyer...just a guarantee that if the seller accepts, he would be cured of all his debt (including back taxes) with the bank. Oh, by the way, the offer also will not allow any commissions to be paid but the buyer "promises" to relist the property with me as soon as the short sale is completed. ...Really?
Oh well...just another day.
It's always an adventure isn't it? As I've said before, you amaze me...that day in and day out you help sellers, buyers and other agents, sometimes with no payday for you, and still have a sense of humor about it all! Thanks.
Kent - That is REALLY STRANGE !!
Laura - Thank you, chuckle chuckle... guffaw... :)
This day of yours was like my day today....I just blogged about it and have called it a day only my ending was "end of story". Whew.... time for a break!
Valerie - It's never boring, is it?
Wendy sounds like a boat load of fun...Ya Right!! Short sales are beautiful!
Bill - It was one of those weeks! :)
And you chose to become the Destin Short Sale expert because...??
Your world sounds like mine. I have 3 short sales waiting to be listed, with tenants that are not paying. So stressful, when we can not get keys.
Erik - I "am" laughing!
Kay - We all need a vacation :)