Short Set Up, so this all makes sense....
1) Took Short Sale Listing
2) Provided Great Service to my client ( Duh :-)
3) Submitted Offer into Equator
Here's where the fun begins!
After doing everything correctly and completing all tasks, the offer was rejected with NO EXPLANATION!
No notes, no email, no nothing! Just rejected... weird, right?
Then I noticed the "Submit Offer Task" appeared again. So I thought to myself, "Self, maybe Equator made an error. It is, after all, just a computer!."
But then I thought, maybe I should call first... so I did! And the person I spoke with was actually very friendly and seemed knowledgeable. We discussed the situation, and she told me that the offer was rejected because it was TOO LOW. Now the offer came in $10,000.00 below my list price, and my list price (at the risk of sounding very conceited) was SPOT ON! So I know the offer wasn't too low.
We spoke a bit longer, and she said she would order a review of the property, and she asked me to upload 3 Comps that support my list price. I had this finished before we even got off the phone, it was that easy!
She then told me to upload the offer again, and email the negotiator about the review... which, of course, I did immediately. Finally, she told me the offer would be "Held" (remember that part) for about 5 days for them to complete the value review.
Again, ALL OF THIS WAS DONE IN ABOUT 5 MINUTES, so I did exactly what I was told to do!
Today, I noticed the negotiator had "Rejected" the offer again, and sent me an email with the lamest explanation I've ever read. So I called again, and this time got someone who sounded like it was their first day on the job after being booted out of high school. After an extremely painful conversation, I finally got the kid to tell me that even though the negotiator should not have rejected the offer, she did so based on the previous appraisal... WHICH WAS DONE IN 2007!!!!
******************* 2007 ***************** WHAT?
"Gee, what a shock! It appraised for $280,000 in 2007 and I'm selling it for $199,00 today? Who would've thought that property values have dropped since '07?"
So for all you sellers out there that think your agent doesn't know what they're doing... well, you're probably right 75% of the time. But even the best agent is helpless when this is the response they get from your lender. More to come... in about 5 days... I hope.
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