Foreclosure in Las Vegas>Question Details

Steve, Both Buyer and Seller in Las Vegas, NV

I listed my property and put in an offer on a short sale 2 weeks ago and since then I have called the agent 3

Asked by Steve, Las Vegas, NV Wed Jan 2, 2008

times and e-mailed once and just now got a call back. He posted generic pictures on the MLS, there is no lockbox for our unit and he didn't bother to call once the offer on the house we were looking to buy expired. He is both the listing agent and buyers agent for the short sale were offered on and listing agent for ours with another out of state client looking at out paticular community so i know there is alot of money to be made on his end. My condo is staged and upgraded but i pratically had to beg to get him to take pictures of my actual unit. Where do i go from here???

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Steve, How did you select this Realtor?
The Calif. Association of REALTORs annual buyer and seller surveys consistently show that communication is key to a smooth transaction. I cover how we will communicate with all my clients. It sounds as if you need to send a letter outlining your concerns to the Realtor (or email, or fax).

There is a rule is real estate "time is of the essence". If your Realtor is not treating your activities promptly, I would call his or her broker and complain. Remember, YOU are the boss. YOU hired the Realtor. If he/she does not perform, then I would immediately document the issues and after trying to work it out directly with the Realtor, complain to the broker and ask for another agent.

Sorry to hear of your misfortune. Hang in there.
Keith
2 votes Thank Flag Link Wed Jan 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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There are a lot of average frustrated realtors out there. And EVERYONE in this market has to do something original to attract the FEW buyers out there. 1st mistake - not firing this realtor and getting one that has 40-50 investor clients in his/her back pocket. That way, you always have a plan b if you need to sell quickly by dropping price. 2- mistake - going after a DEAL in the foreclosure market... That has got to be the icing on the cake.

Foreclosure reality check.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.

It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer. I know you know this, but those 50 million+ "buy foreclosure" tv ads are blurring your vision. BTW - It's those 50 million+ ads driving people to think that they get deals on a short sale.

Come out of a coma and start talking to realtor who is not afraid to drop a 25%-40% discounted offer.
1 vote Thank Flag Link Wed Jan 2, 2008
Is this a full-service, full-time real estate agent? If so, has he/she gone over the marketing plan for your unit?

Price and pictures is what gets buyers and Realtors in the door. It's crucial to be priced right and have several attractive pictures on the MLS and a combination of online/print adversting. You have to have a lockbox on the door so that Realtors can make appointments and show them to their clients. Is your unit even on the market or is it a pocket listing??

Like Cheryl said, the first 3 weeks were crucial. This is the time that your home is "new on market." Call your agent first thing in the morning. Ask for a lockbox asap, ask what the advertising plan is, and ask how much cooperating compensation is being offered to the other real estate agent that may bring a buyer...(the lower it is, the less likely other realtors will be motivated to bring their buyers to your listing...).

I certainly don't know if there's more to this story; however, a lockbox and a marketing plan is a must regardless of anything else that we don't know.
Web Reference: http://www.RotarTeam.com
1 vote Thank Flag Link Wed Jan 2, 2008
Gosh, Steve, I get frustrated to hear stories like this. If I were in your shoes I'd review the agreements I've signed with this agent closely and have a heart to heart -- let him know your frustration and clearly let him know what your expectations are around communication. You can also give his broker a call with any questions. It's important to have a good fit with the agent you choose, and a good idea to interview 3 agents when listing your home. Good luck.
1 vote Thank Flag Link Wed Jan 2, 2008
Thanks Steve for sharing your frustrations. All Real Estate Agents in Nevada have a fiduciary responsibility
as categorized in the Duties Owed and Consent to Act forms you signed triggering the listing and submitting the short sale property offer. It is important to establish a meeting with your agent and have meaning communications regarding your questions and your agents mindset. Do you need to sell your property in order to proceed with closing the short sale? Short Sales successes rely 100% on the listing agents organization in providing the seller's lender all the specific, general and financial information they need to process the sale. Short sale lenders are extremely short handed and it is not uncommon for each of their loss mitigators to have 200 to 400 files they are each working. As you can see the process becomes compounded by the additional seller's secondary lender that has an equal participation in allowing the sale to proceed. All seller's lenders must give approvals to the short sale and grant lien releases . By understanding the processes and armed with knowledge Steve you will be in a much better position to have more favorable outcomes.
0 votes Thank Flag Link Mon Aug 25, 2008
Wow Steve!! This is unreal. Regardless if you are handeling one transaction or multiple this person is not operating under any realtor code of ethics and has a complete disregard for you or your needs. You should if you have not already is cancel the listing with this company and write a explanation why. Then you need to call me . I will photograph, have a virtual tour , these should be basic marketing tools any agent should have, also making a purchase on a short sale takes a experienced agent to work those type of deals. Thank you and best of luck.

Dave Grant
0 votes Thank Flag Link Tue Feb 5, 2008
Write him a letter stating that you are pulling the listing from him and explain your reasons. I would also get in touch with your local Realtor Board and report him for not doing his due dillegence. Short sale? Really? Man, I hate to say it but Perry is right when he says that's the icing on the cake! Has this realtor of yours held any open houses? Sent and flyers to the neighbors? You know, the Average Realtor stuff?
0 votes Thank Flag Link Fri Jan 4, 2008
Great response, Keith! I couldn't of stated it any better. Best of luck to you, Steve, for a quick and successful sale.
0 votes Thank Flag Link Wed Jan 2, 2008
Vicki Masell…, Real Estate Pro in Duluth, GA
MVP'08
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