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Jeff Pereyda- Fremont Ca Realtor- Foreclosures, Bank Owned, Short Sales, Union City, Newark's Blog

By Jeff Pereyda | Broker in Fremont, CA

Fremont Short Sale Negotiator Tactic Hurt$$$

I was going to wait until it closed escrow, but my Fremont short sale negotiator pulled a fast one. And I wanted to write about it. I also really do think it was the negotiator and perhaps the short sale lender together on this one.

Some time ago, I was helping a Fremont CA home buyer look at homes. We looked at a few good ones along with others that may not have been top on her list of a good Fremont real estate deal. There was one other home I was not going to show her because it was not ready. It was one of my own homes for sale in Fremont. It was a short sale, like some of the others.

Long story short, after much discussion about the home in Fremont that I had for sale, she really wanted to see mine. She bought my short sale listing and during the negotiations with the short sale lender it was disclosed that I was the agent for both buyer and seller--a bit easier to swallow when it is a short sale because the seller just needs approval and to be forgiven of the debt instead of getting a high net profit.

After the lender discovered the dual agency, they wrote back and said I was only going to get half of my percentage of the commission instead of the whole commission. They wrote, "sorry, their rules." and that was that.

Our office did not take this lying down. After a few calls and some firm words, it was remedied to my satisfaction. I found out later that this was a new tactic negotiators are allegedly using. I know this because my sources revealed that an earlier escrow with the same short sale lender just closed with dual agency (both buyer and seller represented by one office) and was paid full commission. I never used that piece of evidence in my dispute, but I was ready to.

The short sale lenders are perhaps praying on the tired disposition of agents who have become exhausted after months and months of work with commissions dangling by a thread. A lot of agents see that anything is better than zero when it comes to getting paid.

So, short sale lenders out there. Give a listen. Agents work very hard contrary to what some may feel. We make real estate move and fully represent our clients seriously. Lately, it seems like you are simply throwing us a small bone for a job well done. I will be glad when this short sale era goes away.

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Comments

By Pacita Dimacali,  Wed Sep 22 2010, 21:46
i run into this just once --- two agents, same company. Seems these negotiators just have absolutely no concept of how much harder realtors work, and how much longer it takes to do a short sale than a regular sale.

So why do we do short sales? Truly, it's to help people in distress and who are running out of options. When they have no other place to turn to except us realtors, we certainly hope they will remember us with kindness for what we do for them in their time of distress.

Good luck!
By Scott Miller - REALTORĀ®,  Sun Sep 26 2010, 04:00
They should be taken out to the town square and horsewhipped. The banks are responsible for the state of our housing market we're in and they do whatever they want to do with -0- regard for anybody else.

In '92, they were forced to close if they were insolvent. Simple. You made the loans, bet the wrong way, you lost. You're done, gone. This is what should have happened 3 years ago. We wouldn't be playing these games now and the economy would be back on an upswing. THANK YOU, senor obama.

Scott Miller, Realty Associates, Boca Raton, FL

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