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How to screw up a short sale!

By
Real Estate Agent with 24/7 Realty Inc.

 

 

I get alot of short sale bpo's, full interiors, where a short sale contract has been presented, and my job is to give the lender the best idea as to whether or not the short sale contract is an accurate reflection of the marketplace.  It took me a long time to get to this place with a few select bpo vendors and believe it or not the email for the task does not get broadcast nor is it timed for my response.  The lenders have come to trust my valuations as fair.

That being said a request was given for me to do an interior bpo for a short to verify the market.  I called the listing agent within 1 hour of the assignment, she called back and said she was working on getting me access.  Today the lender calls to advise that if i cant get in by monday they are going to kill the deal.

I relay the message and get a return call of , oh I have heard you do this from many other realtors, but my client is being difficult.  The clients home started at 499k and is now at 285k list.  To top that off the listing  says immaculate, totally updated, now I can't get in.  Nothing like a seller that can't get out of their own way to save themselves. 

If your doing a short, at least be smart enough to change the comments once it goes to contract.  Second never ever deny access to the bpo guy, it sends red flags to the lender. 

If you are in need of a short sale in New York please send your clients to www.shortsalesnewyork.com

 

 

Vangie Williams
The Evans Group DMV - Serving Virginia - Fredericksburg, VA
Real Estate with Personality
As usual - great advice Jeff.
Jan 11, 2008 02:05 PM
Melissa Stewart
Coldwell Banker Elite - King George, VA
Your King George Realtor!
Wow, I haven't been asked to do a short sale BPO but that is wild. I bet the Realtors in your area LOVE you!! Best of luck!!
Jan 11, 2008 02:05 PM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003
Jeff, My recommendation is to suggest agents install a contractor lock box. If you need to get in and they can't be there it adds greater flexibility. I had somone doing a BPO this week and it conflicted with my schedule, so the contractor box worked great. All agents should have and use these.
Jan 11, 2008 02:09 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
I think Matt has given good advice here.  It is important that there is access to the home and the listing accurately describe the home.
Jan 11, 2008 02:22 PM
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member

Vangie- you said it!

Melissa- I actually do well and get along with most other agents.  I'm not a deal killer unless you are the flim flam man.

Matt- some sellers refuse lockboxes.  I refuse to place them on my properties, when I sell.

Jan 11, 2008 02:39 PM
Vangie Williams
The Evans Group DMV - Serving Virginia - Fredericksburg, VA
Real Estate with Personality
You know Jeff, if its a short sale and they refuse, Dude, I walk.  Some of my properties are rural and there is no way.  Well...  The process is delicate enough without the home owner micromanaging.  I don't care if the wife or husband are stay at homes.  A lockbox saves us Realtors time from running back and forth to homes that owners feel they are more precious than gold.  I dropped a listing today because the home owner refused entry to three Realtors in one week.  She felt that they were investors and she want a person to buy and love her home.  She's can have it, I pulled my negotiator and told her that I can't be responsible for selling her home since she denied entry to I know of at least three Realtors.  FIRED!!! Gone!!! Next....
Jan 11, 2008 02:52 PM
Brian Corwell
RE/MAX Sauk Valley - Sterling, IL
Sterling, Illinois Real Estate

E Jeffrey

I run into this occasionally as well. Some buyers just don't get that you are here to help. Most of the agents in the local area go out of their way to make it work. They of course have a vested interest in getting it to sold. For the most part all of the sellers have also been helpful in getting me in and providing me any additional info I need.

I love the lock box though. Makes showings a whole lot easier.

Jan 12, 2008 01:23 AM
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
Vangie/Brian- I guess they do not get how it works.  Some people do not know how to play ball.
Jan 12, 2008 05:53 AM
Joseph Ellman
Realty Executives- Williams-Sykes Realty - Poughkeepsie, NY
Jeff - Interesting!  I'll probably blog on this tomorrow...I had a situation recently where my buyer and I were given a hard time with access to a listing.  No problem...we bought the next one on the list.  The sellers can't sell what's not available to see.
Jan 12, 2008 11:55 AM