Since late January I picked up an REO listing in a premiere Windermere Florida neighborhood. I went through the task list of getting the property ready to be listed and re-keyed. Spoke with the Asset Manager and listed the property in the MLS and within 2 days I had already agents showing the property. Within three weeks of listing I received three offers and sent them to the bank for approval. And since then I have been waiting.....and waiting...and waiting....
Today I received an email from the REO Assistant that what I first thought to be was counter offers was low and behold a new listing agreement, increasing the listing price, lowering the commission, and telling me I had 48 hours to contact them and fax them the MLS sheet. Below is my response, let me know what you think:
Susan, I received your email below regarding the property at 13325 Bonica Way, Windermere, FL 34786. I am truly disappointed that we are at this point which is right back at the beginning. Furthermore, the fact that I have received a new agreement with a commission which is 1% less than what was originally agreed to (see attached) is an insult. I have spent countless hours marketing this property, meeting buyers at the home, listing in multiple websites, re-keying, showing the property, meeting repair men for estimates, that this is what I get in return? Furthermore, I have submitted three offers for this property and I have yet to receive a decision on whether or not the bank is interested in continuing to negotiate with the buyers. It is very unfortunate the position that I am being put in, I now have to go back to the agents that submitted these offers and let them know that we are at point one again. How much longer are these buyers going to have to wait for a response? In this market and economy is the bank willing to let two qualified buyers walk away, and the property sit for more than a year? I understand that you are an assistant and that you are doing your job, however I expect to receive a call from someone in authority that can answer my questions, make a decision, and have this process move quickly.
Respectfully,
Felix Gonzalez
Sandals Realty
;)
;)
It is an interesting situation isn't it! I have noticed with these blogs that banks are very difficult to deal with. I wonder what is the reason behind the bank not making it so easy to work with? ? If I had to make a guess...Does the bank want to hold onto the property longer to see if values go up? Just wondering because I read so many of these.
Tom Davis Realtor