Thanks, but Banks don't take Thanks is something I want so bad to share with some clients. This morning I read a post by Diane Wheatly (you can read the post here) and it made me reflect on how often our job is paid with nothing but thanks. I have a couple kids that like every other client these days is looking for that screaming deal. To find the bargain they need we have looked at mostly foreclosures and short sales.....several of them. At least they decided to look 50 miles away from my office so every trip out is a journey. Usually the husband rides with me and we meet his wife where ever we end up looking. They are not offer shy, they have wrote several but are not overly realistic in patience. I have explaining several times how the short sale process works and thought they had it down. Back in late March we wrote an offer on a home. It had sold the year previous for $230K and we were accepted at $90K. Being a short sale it would take a while to work out the kinks but it looked good. Here we are in August, getting towards the end and they decide it is crazy they should have to wait this long so they are backing out. Wth? I again explained the short sale process and received a complementary "Thanks for all my time and trouble". Standing there wondering what had took place I couldn't help but think Thanks, but Banks don't take Thanks. Best of luck in all you do and thanks for reading.
Sometimes, you just need to know when to fire the cleint. You always need to know, that your knowledge and experience is very valuable and you need to get paid for it.
And buying lunch does not get you off the hook either. Doctors used to take chickens as pay, but real estate agents are still trying to figure out how to get away from that and into the cash today. We are going to have to come up with a revolutionary idea to move away from being everyone's friend and being seen as "FREE". Until we establish value we will be abused.
Worn down and worn out by waiting for banks to respond to Short Sales is typical for agents, sellers,and buyers.
Never let a buyer ride with you on distance tours. They need to have some skin in the game even if it's gas money. Usually when buyers "thank me for their time" it means they are under contract with another agent. Sorry to say this has happened more than once.
My new plan is to collect a fee upfront (refundable from closing proceeds only), hopefully this will help keep the buyers focused. We shall see.
Hi Randy.
Sounds like a client I had. They did'nt buy the home and did'nt think they had to pay me after I already did the inspection and report.
This time they did pay me. But they wanted to "not pay me" because they did'nt close on the home.
A thanks is some times all we get. Even if we did'nt charge them for the work we did with hopes of a commish later.
Have a great day in Big Rapids my friend.
Best, Clint Mckie
Hi Randy -- judging from the comments you have received with your post --- I guess all I can add is "welcome to the club". Sometimes it really is best to just move on....
Randy, I think the optimal word in your post was 'kids'. That generation have not been taught patience. So in an instant gratification society, the short sale process and the time it takes will never be understood. It's a shame all your time and effort had to be wasted like that...
Randy, I can't believe that the banks are able to stall and take so long. No wonder why buyers are frustrated! We take the hit, as always. Not the banks, who are profitting money, even from these short sales! The government needs to send a message to these financial insitutions and remind them that the customer should have more timely consideration when it comes to purchasing a home from them. This is just a huge mess and is holding up the recovery of our economy. Meanwhile, the banks are in charge.
Voters should send a message to our present politicians and let them know, that they need to remember who sent them to Wasington, DC. Some of them have been there, too long, to remember that they work for the American peoople, not the banks. Vote them out! They have failed us.
That is a kick in the wallet. Banks do take too long, and it's hard to defend a bank that stalls for months.
Hi Randy, I wish some of the banks can speed up their short sale approval so that agents could get pay for their time and effort before the buyer walked.
that is indeed frustrating and I tell people up front that if they want to play the short sale game down here in Florida, they can figure on it taking a year easily. If it closes quicker, great! If not, they know what to expect.
No matter how well you prepare short sale buyers, when months 5 and 6 start going by with no actions, it can get dicey.
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Randy Ostrander
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Author Bio: Randy Ostrander, Broker/Owner of Lake and Lodge Realty in Big Rapids, MI covers all of West Central Michigan. He does work weekends so he can be there wheneve you are ready to handle all of your real estate needs.
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