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Short Sale Realtor tip #12, if you are unwilling to really work the short sale, then don’t take the listing, Birmingham, MI

By
Real Estate Agent with Max Broock Realtors

 

Realtors hate saying no; we are in the yes business.  In the past, saying yes was not a big problem.  If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised.  Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes.  An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.

 

Now in a Short Sale, tons of harm is done to the seller.  If the seller can't make payments, then they will be foreclosed on.  A Short Sale is a time bomb ticking backwards, the longer it takes, the more likely it will explode into a foreclosure.   Some agents are still "buying the listing", they put the home on the market, to get some buyer leads and hopes that the Short Sale will solve itself. If an inexperienced Realtor lists a home for Short Sale, and is unable to perform the tasks required to get a Short Approval, then the home will often be lost to foreclosure. 

Locally I have seen dozens of homes with other Realtors that became foreclosures because the listing agent was unable to complete the Short Sale.  With the limited time period afforded, a seller may only have one chance to sell.  They need a qualified Short Sale Realtor to help them.  Sadly some listings have been Conditionally Withdrawn while the seller is in redemption period or right before Sheriff Sale.  The listing agent has locked up the listing to avoid other (Short Sale) agents from contacting the seller to offer help.  In fact the sellers are unable to engage with another Realtor until the listing contract has expired or a release is given.  This is wrong and is goes against are fiduciary responsibility to our clients!!

When you choose your Realtor, ask them how many short sales have they closed? Did they negotiation with the bank or was it passed on to a 3rd party? Ask them for references and documentation that shows they are experienced in Short Sales. If a Realtor has never done a short sale or just backed into a few by chance, then you should be concerned.  You have a limited time, so make sure the agent has a track record of success.   You may not have a second chance.

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Comments(3)

Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Personally.. I think a better question to ask a REALTOR is what their success ratio is then how many they've closed.

Services that have taken on a hundred or so short sale listings and have only closed 10 are not going to compare to the Short Sale Agent that has selectively taken on 20 and closed 15. (Big sign right here that the short sales professional really knows what they are doing.)

As you mention... there are services that will take any listing... whether they qualify or not.

May 19, 2009 02:45 AM
Mike Sher
Max Broock Realtors - Bloomfield Hills, MI

Paul,

I agree.  Proof is in the pudding. 

 

May 19, 2009 10:26 AM
Laurie Clark
Realty Professionals Heartland - Lee's Summit, MO

Mike I have a Short Sale listing. I also have wriiten a contract and getting the rest of the docs to send the short sale packet on Monday. The loan is with CW and is a conventional with PMI. Forgive me but how does a conventional have PMI? I verified it with CW and they said it was accurate but no explanation. This will then add on more time to get the deal approved and the buyers needs to be closed by Aug. 15th or will walk. I wonder if he should walk now or give it a shot. I have one with them now Conventional 2 loans with them and been since March 12, 2009. They said don't call them again until July 17,2009 or it will hold up the file. The buyers are walking and when I submit a new contract on this file they said it will not replace this contract, they will close the file and it will start over from the beginning. CW is the olny one that seems to be the worst to deal with from my experience thus far. Any advise? 

Jun 27, 2009 06:59 AM