This week I was at a property we are buying in Scottsdale, Arizona. I was there to meet the pest inspector, who asked me to look into a particular property he had seen on Zillow.com. He said he had contacted the real estate agent and left them several messages and had not received a return phone call. I told him if he had the address I could look into it and probably get more information from the MLS listing in the private remarks section. I said worst-case scenario if I could not get a response, I would call the broker. He said he had already called the broker and they had just transferred him to a 24-hour hotline where he was still unable to get any information on the property.
Of course he had the house handy – on his smart phone with the property webpage on Zillow already up. He gave me the address and I told him I would get back to him. First I called the number on the mls, which put me into an automated system that said I would get a response in 24 hours. I did the “professional” thing and Facebook messaged the listing agent. I deemed this the professional thing to do because I felt it was in the best interest of my client being that I knew I would get a quicker response than leaving a message through the 800 number automated system that apparently gets checked once a day according to its own recording. I got a response almost immediately through Facebook from the listing agent. He said the deal was probably going to fall apart because the seller had went out and bought another house, and the current lender of the short sale property had found out about it and is saying they are now not willing to do a short sale.
Later that evening I got an email from the listing assistant’s assistant stating this property is under contract. Nothing more. I had e-mailed them previously and asked for a status update of offer(s)-PLURAL- and whether or not they are over list price stating that I have a cash buyer. Obviously to get a status update that “this property is under contract.” is a bit of a joke. On the MLS listing the property is listed as that it already has a contract. So.. no duh! What I am trying to do.. is get information on the property. I do care that the property is already under contract, but deals fall out of escrow all of the time! As a listing agent, you have an obligation to either communicate yourself, or should you choose to set up systems, make sure they are effective in communicating. This is something I know buyers get very upset about all the time, and with every right so!
real quick…add me on facebook!
To me, again, what I would deem professional in this situation, would be for the listing agent to find out the highest amount he could receive for the property on the market. If I am willing to pay more than anybody else, then I would think that is valuable information for the listing agent to know..
Short sales are all about numbers and never forget that! The value, then the NET that the lender/investor(and mortgage insurance company, if applicable) receives after seller paid closing costs that they cover. Simple! Agents make this so confusing by trying to do what is in their own best interest.. and I have a feeling that when these listings are double ended and no information is ever provided to anyone else that it has something to do with an inside deal. I am not against people trying to double end deals, as I myself double and most of my short sale listings. The difference is in trying to do what is in the best interest of your client first, or what is not in the best interest of your client. What is in the best interest of the client is to accept an offer that is going to close with the lender, and what is also in the best interest of your client is to maintain on file any backup offers and have information of what they will be willing to pay should scenario B or C present itself. Scenario B or C, in this case, being lender counters of a higher value/NET proceeds needed.
So what do I deem as professional? Well, with short sales, it’s really simple. I deem professional to be what is in the best interest of my client. EACH, and EVERY time. Sometimes this can mean being a real SOB to other parties when it is needed.. i.e. banks, investors, mortgage insurance companies, crooked agents, crooked property management companies, crooked tenants, the list could go on. When you need a “professional”(someone who looks out for YOUR best interests!) to deal with a real estate situation, contact me!
If you have any questions about a short sale, whether it is your own property, a friends, or a clients. Maybe you are a buyer or investor who needs the scoop on a short sale.. I am always happy to help.
Written by: Joshua Gayman
Sent from my iPhone(please excuse spelling and grammer errors.(I’m still training my assistant Siri 😉