Frustrated and Amazed.....Normal I guess!

By
Real Estate Agent with Coldwell Banker 01191797

Today I recieved a counter offer from AHMSI on one of my short sale listings that we have been working on since 2001...(well, not quite 2001, it just feels that way)... Along with a "notice of Sale " being filed...go figure.

Ok, not so unusual, but what I am trying to figure out is the following..... AHMSI had a professional licensed reputable appraiser perform her appraisal for them, the value came in at 530k (right about where the contract with the buyer is)...so far so good...Well wait, AHMSI send sends an email saying the offer we have is rejected, because after their "reconciliation" of the appraisal the value is 640k, and that is the counter offer from them to the buyer....oh, and AHMSI is of course cutting the agreed upon commission between seller and listing agent (me) oh, and AHMSI is charging the buyer a 1% short sale fee, that if the buyer cannot or will not pay, they will lower the agreed upon commision by that same 1% fee....

So, like any good REALTOR would do, I ask AHMSI for more information regarding their "reconciliation"...the response? you can send in another full color appraisal for the reconciliation department to review... WHAT???

It seems that AHMSI  looks at other properties that are currently listed for sale around this property from 30,000 feet, and says that regardless of condition, regardless of the fact the the listed properties have not sold at the asking price, our property is worth what the other properties are asking for????

AAHHH... I continue....the property we are selling has extreme deferred maintainence, and has one bathroom (out of 2) completely inoperable, a roof that is shot, a leak tha caused the kitchen floor to rot out, and much much more that makes this property significantly less valuable....does AHMSI look at these comparables?  NO, only using the AVM (automated Valuation Models) jeez... even Zillow says it's worth less than what the lender is saying....

Unbelievable.....

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Rainmaker
1,116,788
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Yes, unbelievable, but that seems to be the nature of the real estate market.... so many things unbelievable.

Sep 04, 2011 03:13 PM #1
Rainer
90,161
Phil Hillerman
Crye-Leike Realtors® - Rogers, AR
Crye-Leike Realtors®

Good Morning, not only are they unbelievable but then they want to cut your commission.  

Oct 10, 2011 02:32 AM #2
Rainer
154,620
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado; Spring is here in the Rocky Mountains

May 07, 2012 02:32 AM #3
Rainmaker
284,056
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Great heads up on this company.  Its unfortunate that banks get in the way of a potential successful closing.

Aug 02, 2020 12:31 PM #4
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Rainer
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Quincy Virgilio

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