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Spaghetti Real Estate

By Wanda Kubat-Nerdin - Wanda Can!

Real Estate Agent with Red Rock Real Estate (435) 632-9374 UT DRE# 6541633-SA00

April 21, 2012 01:07 AM

Spaghetti Real Estate: Throwing several offers out there on multiple short sale properties to see which one sticks.

There are people that play this game because it is easy to pull an offer with no recourse before Due Diligence deadlines are met. In my opinion, there needs to be some accountability when offers are recklessly sent out to see who can get to the finish line the quickest.

All aspects of a short sale transaction depend heavily on all people involved to move forward to get the property sold to avoid foreclosure. This may be just an investment for some but there are still people involved and real estate is a people business!

Buyers and sellers need to be educated thoroughly regarding the short sale transaction because it is not typical, is much more involved than a traditional sale and takes longer to get to the closing table.

Serious buyers get it. Buyers just looking for a great deal without a commitment will play the Spaghetti Real Estate game.

And your thoughts?

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Belinda Spillman

Aspen Lane Real Estate Colorful Colorado - Aurora, CO

Colorado Living!

Wanda. I love your graphic. Very cute. Luckily I don't dabble in the short sale market much. The properties don't seem to be a great deal in Denver compared to regular sales and my buyers never want to embrace the uncertainty and length of time it takes to close

Apr 21, 2012 04:46 AM

Liz Wallace

Century 21 Sherlock Homes - Rockville Centre, NY

Broker C21 Sherlock Homes, Rockville Centre, LI, N

This is a case where the Realtor needs to rope their clients in. There are real people out there counting on that sale, terrible.

Apr 21, 2012 06:40 AM

Lisa Treu

Treu Group Real Estate - Delray Beach, FL

Our short sale offer process has become very tight just for this reason. It really is a shame however needed. The worse thing is to get an approval within the time frame to find out the buyer is living in a new home already.

Buyer on our short sales, put up escrow, do inspections up front, this sepeartes the serious from the ones that will go mia.

Apr 21, 2012 07:07 AM

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

The buyers need to also be cognizant of the agents' time on both sides of the transaction that they may be wasting.

Apr 21, 2012 07:33 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

One of these times two banks will take the offer at nearly the same time before the buyer has the chance ot pull theother offer and then they will have an issue.

Apr 21, 2012 07:47 AM

Jo Olson

HOMEFRONT Realty - Kettle Falls, WA

Retired - HOMEFRONT Realty @ LAKE Roosevelt

I have never had a non serious buyer make an offer on a short sale and walk away just because. I have had buyers walk away because they can't wait for 120 days. That has changed with quicker response but my buyers know how it works.

Apr 21, 2012 09:34 AM

Sheila Anderson

Referral Group Incorporated - East Brunswick, NJ

The Real Estate Whisperer Who Listens 732-715-1133

Hi Wanda. Terrific title and great post.

Apr 21, 2012 10:37 AM

Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Wanda,

I'm sure it happens, but I would never condone such actions by another professional. The effect on so many people's lives is huge.

Rich

Apr 21, 2012 11:25 AM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

Wanda, when I get a buyer that wants to play with spaghetti, I let them know that they will need to put a deposit down on each home and they will lose the deposit if the pull out of the deal plus be liable for damages. It usually works

Apr 21, 2012 11:57 AM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

Dan, Anyone offering on a short sale should be aware of the importance of being committed to the end.

Inna, THAT is a great rule! Glad your office became proactive and took care of the Spaghetti Real Estate game.

Marti, That is a great business practice that makes sense!

Roger, Yes, it does reek of irresponsibility.

Thank you Anthony, That is a FUN take on the subject!

Erv, That must be some thick spaghetti! This further proves that I am responsible for my own behavior, can't control others.

Adrian, Marti's idea will work to get a true commitment. I like it!

Chris, I agree with your statement and tend to generate away from those types!

Elizabeth, Your clients know the value of having you as their agent and are lucky indeed!

Janis, Good point and carry on I say!

Carla, Kind of makes me lose my appetite for spaghetti...you too?

Belinda, There is opportunity to get a great deal if the banks are willing to negotiate and all parties stay the course.

Apr 21, 2012 12:42 PM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

Liz, Educating buyers regarding the process is so important befora an offer is made.

Lisa, I like your buyer requirements, htey makes good business sense.

Debbie, Yes, time that can not be put back on the clock regarding a bank's timeline.

Bill, That is inevitable for those who play the game.

Jo, Most short sale take longer than 120 days and if a buyer cannot wait that long or longer, then why offer?

Sheila, Thank you, hope you are having a great weekend!

Rich, I would never tell anyone how to run their business but will state the obvious. And yes, the Spaghetti Real Estate game hurts people.

Thanks Ed, That is good information that should be given to all buyers. It will weed 'em out quick!

Apr 21, 2012 01:00 PM

Evelyn Kennedy

Alain Pinel Realtors - Alameda, CA

Alameda, Real Estate, Alameda, CA

Wanda:

What you describe is not ethical or at the very least good business. Buyers and their agents need to think their actions through carefully before they resort to that type of strategy.

Apr 21, 2012 01:36 PM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

Evelyn, It is always best to discuss the shart sale transaction thoroughly, including ins and outs to be sure of the ability to commit.

Apr 21, 2012 01:43 PM

Tammie White, Broker

Franklin Homes Realty LLC - Franklin, TN

Franklin TN Homes for Sale

Not my style and I would definitely advise against this. Just not a good way to do business.

Apr 21, 2012 01:55 PM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Wanda - I think that spaghetti real estate is just not the way to get anything done. All parties need to commit.

Apr 21, 2012 04:17 PM

Debbie Walsh

SHAHAR Management - Middletown, NY

Hudson Valley NY Real Estate 845.283-3036

Wanda congrats on the feature and some people just don't get it no matter how many times you try to explain! Then it is time to part ways!

Apr 21, 2012 11:29 PM

Al & Peggy Cunningham, Brokers

RE/MAX West Realty Inc., Brokerage - Brampton, ON

Our Family Wants To Help Your Family!

Congratulations on your feature Wanda, well deserved. These types of people are all about what's good for them, with no feelings for others. Drives me crazy.

Apr 21, 2012 11:32 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

I love your title. Couldn't be more accurate for some of the folks out there today.

Apr 22, 2012 01:38 AM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

Tammie, My thoughts too.

Christine, Well put. Everyone needs to stick with it!

Debra, Better sooner than later regarding short sales!

Al & Peggy, We are on the same page!

Thanks Gabe. This came to mind after doing much thinking about it!

Apr 22, 2012 04:29 AM

Dave Halpern

Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY

Louisville Short Sale Expert

Any Realtor who pulls that stunt on me does not get far the next time their offer rolls in. Our short sale clients cannot afford the stall time as their auction sale dat looms ahead.

May 19, 2012 02:26 PM