Ultimately, when it comes to your scenario, one comes face to face with reality. In the eyes of those for whom you represent, you are not saying NO to the bank. You are saying NO to the home owner and home buyer. "No, you can not have/sell this house because I will not permit the banks/servicer/investor to take the bread from the table of my children!" Unfortunately, you are the only one your buyer sees. Of course, you may have embedded in your buyer agreement a minimal compensation clause in anticipation of just such a situation.
Situations like this, which many have encountered, make it tempting to place on the front yard of these homes the names of the banks involved. Perhaps even a running dialog regarding status. Maybe public exposure can create a motivation to close rather than obstruct getting these homes sold.
I have to say I feel for you. It is terible to be at some listing agents negotiator who fails at the norm.
There is only one or two banks I know of that is that difficult on the second lien and they luv to pull shenanigans and I can not mention them on a board, but the first one rhymes with emc and the second one is an ending to a action verb. Other than that I would say the negotiator is LAME. If I was the listing agent I would say OK good luck with that and say enjoy foreclosing. My pay is not up for auction by a bank. They do not have the right so I escalate til the cows come home.
I think good short sale agents GUARANTEE the buyers agency side at 3% and know how to negotiate so if there is any loss it is on the negotiator / listing agent. At least that is what I do.
Would I ever give in?
If I knew the deal was way under market value and the deal was easy I might.
Otherwise I would say no. The banks will not let something fail for 1%. Especially an agent commission.
I think if it is accepted someone is doing a disservice to our profession.
I know the negotiator is messing with the listing agent for the fun of it.
You can always bat it back to the listing agent and say hey, it is time for the seller to chip in or you the listing agent to chip in. I'm stand firm on my end.
Then you mention you had to pay 300 out of your pocket for HOA. who are you kidding?
The seller or the listing agent should eat it.
Ask your broker.
I would bet you will make sure of who the bank is in the future before you put the next short sale offer in.
Shenanigans at closing.
There are a lot of homes for sale. Or at least there appear to be. It sure would be nice if agents put them in "backup" when they signed a buyer.
Please let me know the name of the bank. you can email it.
I guess you are stuck with accepting it all for you buyers sake.
I can not believe this was not ironed out prior to the start of escrow.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
The second is trying to make up for their larger losses. I would do what Jose suggested or as a last resource let the second know you would meet them half way at 4.5. They are negotiating, why should you not, unless of course you find it to the best interest of your clients to accept the 4% and move on.
Good luck and please share the outcome.
It appears that this may be over by this week! I appreciate all of the support and input you have given me. Bottom line the buyers deserve to be in their home! Dear Mr. Bank, the file that you have on your desk is not just a stack of paper it is someones life that you are playing with!!
Thanks again guys!!
HomeSmart Real Estate
Thank you for your help, suggestions.
Much appreciated, Jodi