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Short Sale Sellers Shouldn't Be Left in the Dark

By
Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

Short Sale Sellers Shouldn't Be Left in the Dark

A few weeks ago I received a call from a gentleman in another state whose home was under contract in a Short Sale.  He was beyond stressed as he unloaded his tale of woe on me.  His agent had taken all the necessary paperwork, allegedly sent it to the bank, and then....nothing.  He hasn't heard from the agent since.  And that was MONTHS ago.  He wanted to see if there was anything I could do to help him figure out what was up with the progress of his sale.

Of course, I couldn't.  The reality is, I can only help home owners in Virginia who are not already working with another licensed real estate agent.  All I could do is politely tell this gentleman over and over that I could not help him and that I felt bad for him.  As he continued to vent his frustration, what kept coming through was that this home owner felt as though his agent was the only one who could call the bank for information on the Short Sale.

Here's some general information anyone in Northern Virignia should know before entering a Short Sale:

You may have authorized a third party (generally a real estate agent or professional negotiator) to speak to the bank about the account, but you still have the ability to call and find out what is happening with YOUR mortgage account if you need to know something NOW.  

Real Estate Agents would find it a good business practice to touch base with their Sellers at least once or twice a week, but if that's not happening, there's nothing to say you can't pick up the phone and call the bank yourself.  It is YOUR acccount.  

 

Comments (18)

Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Sounds like he got hooked up with a "not so knowledgable" agent.  poor guy.  Good advice though.

Jul 30, 2012 08:35 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Belinda:  I don't know why he felt so powerless about calling his own mortgage company.  I guess it never occured to him to do that.

Jul 30, 2012 09:00 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Chris Ann - I couldn't imagine not touching base weekly with EVERYONE involved in the short sale; buyers, sellers and agents.

Jul 30, 2012 12:07 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Chris Ann, it seems like it would be OK to find out who the agent is and call him or the broker to ask that they get in touch with their client.  I hate to get those types of calls.  Yikes!

Jul 30, 2012 01:21 PM
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

You gave him good advice. I probably would have advised him to call his agent while he was at it.  Sometimes agents can be totally clueless and a call from their client will put them back on track.

Jul 30, 2012 01:26 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

I'd also have him contact the agents broker and express his concerns. That is inexcusable to take a listing, short sale or not and not be in continuous communication.  Good for you for letting him know he can call his lender....odd that sellers don't realize that.

Jul 30, 2012 01:38 PM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Never ceases to amaze me what kind of professionals you run into in this business;  shame on this agent.  Bad enough to go MIA with a regular sale, but cruel in this situation. 

Jul 31, 2012 12:03 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

I get those kinds of calls and emails too. It pains me to tell these people that I can't help them because I can't interfere in another REALTOR® transaction. They say they understand but they don't. They get irritated and try to find ways around it because they are desperate. I wish agents would take better care of their clients so these poor souls would stop calling people like you and me.

Jul 31, 2012 12:21 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Michelle:  It's not a great business model to disappear on your clients.  That's for sure.

Pat:  I did suggest that he call the Broker of his agent since the agent isn't calling him.

Jenny:  Apparently, he calls frequently with no return call.  Can you imagine?

 

 

Jul 31, 2012 01:02 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Anna:  I thought so too, but Short Sales do seem so scary to folks that maybe he thought he was signing over this right to communicate with the bank when he signed the authorization for the agent.

Susan:  The kicker for me, which I had a really hard time stuffing my opinion on, was the agent literally told this guy when he took the listing that he didn't know Short Sales that well.   Yet here he is, willing to take on a listing he knows little to nothing about and a client who is willing to hire him.  I say shame on them both.

Elizabeth:  Wish in one hand and you-know-what in the other, as my Mom would say.  Our phones are still going to ring.

Jul 31, 2012 01:06 AM
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Ugh! This is just inexcusable!  Short sales are stressful enough without a lack of communication making it even more stressful.

Jul 31, 2012 01:23 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Chris Ani got a similar call from a man in CT who was completely lost in his short sale. I love your paragraph about agents updating their clients, unfortanately there are too many who do not practice updates or any source of customer service. The big thing is that is what I base mine on and credit my success to offering such good personal services. Tanks for sharing your story

Jul 31, 2012 02:54 AM
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Chris Ann~ At least you were able to give that gentleman some good advice.  Poor man, as though life isn't stressful enough, not knowing what's going on just makes it worse.

Jul 31, 2012 04:05 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Kathryn:  I know.  And yet people look outside the relationship with the agent they hired to solve the problem rather than beating the work out of the person who is supposed to be doing it.

Scott:  I just read about one of those calls from someone who'd already hired another agent.  The time to ask questions of other agents is when you are interviewing them. Not verifying after you signed with the only one you talked to.

Donna:  You can deal with anything if you KNOW what you are dealing WITH.

Jul 31, 2012 05:23 AM
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Those short sale transactions can be stressful enough already but when you add the waiting with no information about what is going on it can be a real killer.

Jul 31, 2012 10:00 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Al:  It's inexcusable in my book, but someone is willing to hire these agents.

Aug 01, 2012 02:59 AM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

We keep our clients informed even if there is NO NEWS.  We tell them that.  There are weeks when nothing happens as every great realtor will tell you even when the offer is over list price.

Thanks for this post, Chris Ann, sometimes we all need to be reminded just how frustrated a short seller can be.  And, we should be as empathetic as possible.  They are losing their home, after all.

Aug 01, 2012 05:42 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Suzanne:  I am the same as you.  I keep my clients and the cooperating agents informed at least once a week even if there is no news.

Aug 01, 2012 07:19 AM