I recently attended a Broker-In-Charge CE Update class in my state. I was amazed at the number of brokers/agents that were walking away from possible sales because the principal was upside downside with their mortgage, viz., they owed more than what the home was worth, or they had recently filed for bankruptcy hoping to slow down a foreclosure.
It seemed that the brokers/agents would rather have a root canal done on them than try and work out another short sale offer. The complaints centered on the time it took the lender/bank to make a decision [three to six months... their buyers not willing to wait that long] and then having their commissions slashed, ignoring all the hoops the broker/agent had to go through to get an answer, which was in a lot of cases, "no deal."
It was noted in our handouts that "... a broker who considers accepting a listing in a short sale situation should first ask himself or herself whether s/he is competent to provide the necessary services and to adequately advise and negotiate on behalf of the owner." And I think "competency" is the key.
Having started in the real estate business as an investor, buying, fixing up homes and then selling them, I know of the many frustrations one can go through trying to buy property at the right price, negotiating with the seller and the lender/bank.
With this experience in hand, we are working with more and more real estate brokers in our state handling the short sale process for them and they get paid their full commission. There is no cost to the agent or the seller. It's a win-win situation for all.
For more information, go to my new web-site for agents only at www.canBuynow.com .
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