I got a call from a fellow Realtor, he has a client in his area that NEEDS to sell a property in my area. The best type of call, right?
I do some preliminary homework, I call the client, we go over the details...nice conversation.
As with many people right now, this guy is in a bad position. He purchased the property at the peak, somehow got more money later (than I think it was ever worth!) with a HELOC, had some issues with the developer and the quality of the product, got frustrated and stopped paying the mortgage.
Who hasn't heard this story lately!
So, since I have made a decision to learn as much as I can about Short Sales & lean into them rather than run away from them, I schedule an appointment to meet him Saturday morning. I left the time a little open since he has a long drive. So here is how it plays out...
Wednesday, got the initial referral from the Realtor (15 minutes?). Do my homework (20 minutes). Call the client and hear his story (25 minutes). Schedule to meet on Saturday morning around 11:30. Total Time Investment= 60 minutes
Thursday,look up tax records, county records to research the status of the mortgage (ie lis pendence, other judgments), research the comps from when he purchased and current. Determine a rough list price considering that I have not seen the property and I know there are some issues. All total probably almost 2 hours (yes I like to be thorough). Total Time Investment = 120 minutes
Friday morning, changed up my schedule to attend another Short Sale seminar so that I can ask some questions relating specifically to this guys problem. 2 hour seminar, 30 minutes networking, 30 minutes drivetime. Yes it is education anyway and worthwhile. Total Time Investments=180 minutes
Friday afternoon, call loan service 11 minutes on hold, 4 minute conversation. Total Time Investment = 15 minutes.
Saturday morning (which i had scheduled off to be with my family but..the guy is in a bad way and needs quick attention so i will go to work.) 10:00am Go to my office and prepare listing agreement (15 minutes). He is supposed to call when he is on his way so I hang out at the office and do some other work. 10:41 I call him to make sure he is coming, he says yes but he is on another call and he will call me right back. 11:00 I call his phone...no answer. Keep in mind we are supposed to meet around 11:30 and he lives 1.5 hours away. 11:36 still no return call so I call him...no answer (of course). Total Time Investment =about 120 minutes
Now I (very nicely)call the referring Realtor to let him know I am being stood up! He calls the client...It turns out that he is sitting in a meeting with his accountant & attorney to discuss his options!!! Obviously he had to schedule the appointments with these two Professionals!!! HE DID NOT STAND THEM UP!!!
TOTAL TIME INVESTED= APPROX. 8 Hours 15 Minutes
What was my biggest mistake...
1. Not confirming our appointment on Friday (I did try but got no answer)? By now, most of the work has been done.
2. Trusting a guy who has not paid his mortgage in probably six months or more?
I KNOW I AM NOT AN ATTORNEY OR A CPA BUT I AM A PROFESSIONAL. ONE WHO ACTUALLY DOES A JOB PRIOR TO BEING PAID AND SOMETIMES DOES A JOB AND NEVER GETS PAID! HOW CAN WE GET PEOPLE TO RESPECT OUR TIME & EFFORTS?
I do enjoy my job and I will try to help this guy out if he needs me. I will continue to lean into Short Sales because I see a way that I can help people out of a bad situation. I am not mad at this guy, just frustrated that he had so little respect for my profession that he could not make a simple phone call. We should all respect each others time regardless of the profession. By the way, he is a mortgage broker...how ironic.
Wishing everyone a Positive & Prosperous 2009!
Kathy Manganello
No names have been used in order to protect the identity of the irresponsible. May we all learn a thing or two from each other.
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