Home Buying in 33572>Question Details

Frustrated S…, Home Buyer in 33572

Can you change relators after making an offer on a short sale house?

Asked by Frustrated Shortsale Buyer, 33572 Mon Mar 29, 2010

A few months ago, we put an offer on a short sale house with one realtor. The realtor who put in the offer for us left and went to work with another realty firm. The original firm then assigned us to another agent. This assigned new agent is very difficult to get a hold of - she never returns calls in a timely manner and she isn't very well informed, her answers to questions don't seem to add up. I was wondering if it would be possible to change realty firms and switch agents. Or would this hurt our short sale offer? We have been waiting a long time to hear from the banks and everything that I have read says any changes to the contract will result in it being thrown out and having to start over with the banks again, thus prolonging the process? Is this true?

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10
You can have the agent assigned to you cancel your offer and start over or talk with the broker and have him give you another agent which would probably be the best way to go.
1 vote Thank Flag Link Mon Mar 29, 2010
Hi,

Did you buy this house? I see you posted this back in 2010.

All the best,
Alma
0 votes Thank Flag Link Mon Dec 9, 2013
Good morning!

I am so sorry to hear that you are having a hard time with this transaction. Short sale are already nerve racking by nature to start with.

I love all the answers bellow! I would make sure your contract is still up to date. If the agent's office is near by, I would schedule a meeting with both the agent and the Broker. Bring the contract and go over everything with both of them. It will be a good time to bring all concerns you have at that time.

I am sure they will hear you and find a solution for you. But listen to your heart. if it does not feel right, it might not be. You have to feel taking care of.

Tart the week positive!

Cheers,

Fanny
0 votes Thank Flag Link Mon Dec 9, 2013
Start!!!! not tart!!!
Flag Mon Dec 9, 2013
Even if you did write the offer with a new firm and the same Realtor, you could possibly be involved in a precuring cause suit because the Contract actually belongs to the broker of record and not the individual agent. I would personally explain your concerns to the broker and ask them to provide you a written guarantee that if you are not cared for that they will release themselves from the contract.

Sticky Sticky Sticky, we as Realtors will always recommend you hire and seek advise from a real estate attorney.

I wish you all the best getting your short sale approved ;)
Katrina Madewell
0 votes Thank Flag Link Thu Apr 1, 2010
Talk to the broker. A new agent will start the process over or create other complications. The broker will likely be very accomodating.

Also, being the buyer of a short sale is frustrating. There is usually little information, as you have found. The seller's agent may be calling the bank frequently but weeks can go by where the bank is doing nothing at all and they won't pick up the phone, return calls or answer emails (should we be so lucky as to have an email address.) For the buyer, there is little you can do but wait, and wait, and wait.

Ask how many banks are involved and who they are, if you have not already. Is there PMI? Are there other lien holders? Is it a government backed loan? Some short sales are much easier than others, but most are complicated and frustrating for all!

Good luck.
0 votes Thank Flag Link Tue Mar 30, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
If the offer is already submitted with one firm your best bet is to contact the managing broker of the firm, explain yoru problems and let them know you want an agent who is going to be able to take care of you or you want a release from your buyer broker contract. You shoudl make sure you have copies of any contract you signed with them and copies of your offer and associated paperwork. Worst case you will want to at leats take advantage of teh free first meeting with attorney to get an idea of your options. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 30, 2010
First of all make sure you have an actual contract in your hands that is signed by the owner (per public records). Unfortunately some short sale listing agents are involved with I believe to be fraud. What they do is have an insider investor submit a lowball offer to a lender with overpriced repair estimates to get an approval below market. Then they attempt to "flip" the property to the next buyer.

The other scam is a 3rd party negotiator will attempt to extract a ridiculous fee from buyer, seller or the realtors. I've seen $5k in some cases for performing about 2 hours of clerical tasks.

So if you're not being treated fairly by your new "assigned" Realtor, I would immediately call your original Realtor and have her modify your existing contract on the short sale so she will be compensated. The approval letters I've seen have the Buyer's name but do not specificy the Real Estate firm so I'm thinking the change of firms may not delay your approval.

Most importantly, you must continue to look until you get a copy of the written approval letter from all of the seller's lenders (i.e. Home Equity line must approve,too). And be well aware that the "price" listed by the Realtor may not be acceptable and you will get a "counteroffer" close to market price.

Keep looking!
Alma
0 votes Thank Flag Link Tue Mar 30, 2010
Simply stated, since your current agent is likely identified on your purchase offer, this would require a change in the terms of the contract.

The solution of your proplem may be founf with a "heart-to-heart" with the new agent's broker. He/she should know that the level of service you are getting is not meeting your needs. Any broker worth their "salt" would resolve this issue ASAP.

Good luck

Bill
0 votes Thank Flag Link Tue Mar 30, 2010
Hello,

Oh... this is a tough one. Have you tried speaking to the Broker to inform him/her of your frustration? You may want to start there. You have every right to be happy with your realtor.

Good luck to you...

Best Regards,

Lisa Snow

Lisa Snow
Keller Williams Realty - The Battiste Team
925.519.0329
http://www.thebattisteteam.com
DRE# 01717575
0 votes Thank Flag Link Tue Mar 30, 2010
Hello Frustrated and thanks for your post.

I am in complete agreement with Richard, below, regarding your options. You can cancel your current contract and hire a new agent from another company or your old agent, but this will very definitely "reset" the clock on your short sale or you can speak with the broker and have him or her assign another agent to you that will better assist you in this transaction. Let the broker know your frustration and ask for someone who is qualified and familiar with short sales to help you.

There is nothing more frustrating than waiting to get approval for a short sale, and the situation can be greatly helped (or hurt) by the lack of experience of the listing or selling (buyer's) agent, so working with someone who is familiar with the process and with the banks in the short sale can go a long way to explaining the procedure to a buyer and to working with the listing agent to keep the pressure on the bank to review the file.

Good luck!!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
0 votes Thank Flag Link Tue Mar 30, 2010
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