Windermere Florida REO - Talk about screwy!

By
Real Estate Agent with Starlink Realty

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 
 

 

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Rainer
334,580
Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

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

Mar 27, 2008 04:43 PM #1
Rainer
11,913
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

Most of the time as a property sits-- the value goes down-- not up. 

 

Keep us in the loop of what occurs -- I'm curious as to their response.

 

-Jason

Mar 28, 2008 09:20 AM #2
Rainmaker
43,295
Cari Hendricks
RE/MAX Gold - Midtown - Sacramento, CA
Broker Associate
I think your response was completely appropriate and I hope you get/got the commission you are entitled to.
Apr 03, 2008 06:17 AM #3
Anonymous
Maria

I think banks are waiting for home prices to go as low as possible so the cost to them of selling these properties will be as little as possible.  Think about it.  Furthermore, I've heard that some reo managers and agents are not listing properties on the mls, almost like creating a ghost listing!!! So time goes by and property doesn't sell which will push the price even lower.  Go figure.

 

Good luck!

Keep fighting it!

Jul 03, 2008 08:50 AM #4
Rainer
8,652
Felix Gonzalez
Starlink Realty - Winter Garden, FL

Thanks to all of you for your response. Since this blog was written so many things have happend with this property that the process overall has been frustrating and at times I had wanted to walk away. But the good news is that we finally closed on this property two weeks ago. We should have closed in April, but throughout this mess ended closing the last week in June.  In a nutshell what held this sale up was the following:

  1. Buyer Financing - The first hold up, the buyer had trouble getting adequate financing, even after putting a substancial amount of money down.
  2. Title: The bank in its Great Wisdom decided that use a lawyer more than 300 miles away from the property. Agaisn't my direction to use a title company that I am familiar with only 5 miles from the property they still went with the lawyer. This caused a huge ordeal, alot of waiting, finger pointing and just an untrust that the deal would work out. So much that the buyers agent decided to drive down and deliver the clocing package in fear that this office will hold up things which in turn would have to start the process all over again.
  3. Lastly, the final day when the bank was supposed to sign off on the HUD they came back telling me that they made a mistake on the buyers commission and asked if I would tell the buyers agent that the commission would be reduced by 1%>  I said no way, everything has been done on paper, when there was a "meeting of the minds" when  both parties signed that sealed the deal.  If they didn't sign the HUD and clear the deal I was sure they would have a lawsuit on their hands. Three hours later the deal was done.
  4. Receive commission 1 week after the closing of this deal.

 

 

Jul 04, 2008 12:44 PM #5
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Rainer
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Felix Gonzalez

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