Home Buying in 90043>Question Details

Phyllis Gilk…, Home Buyer in 42217

Is it okay for the buyer to contact the sellers agent to find out the status of a short sale?

Asked by Phyllis Gilkey, 42217 Wed Jul 25, 2012

We have been under contract since early March and 3 weeks ago the bank finally came back with a counter offer. We accepted this offer and our agent has been trying to contact buyers agent and she does not return his phone calls , or voicemails. Would it be okay if we tried to call her and find out what is going on? She(sellers agent) also sent us the wrong condo association docs months ago and never sent us the right ones. Our agent keeps saying he doesn't think this sale will go through but doesn't give us a reason other than the sellers agent doesn't seem to be doing their job correctly. Any advice? I feel like I'm in the dark here and will be in this deal for 5 months next week.

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The seller's agent or the listing agent would normally refer back to your agent if he/she is doing the right thing. If the selling agent or the buyer's agent is not responding, either go to his/her broker or office manager to see what is going on. Good luck.
1 vote Thank Flag Link Wed Jul 25, 2012
No, let your agent contact the agent's broker. We work hard for our commission in this competitive field.
I agree that your agent should be the one contacting the Seller's Agent and her Broker.
As hard as it may sound, I honestly believe that everything happens for a reason, and hopefully at the end, you will see that in Real Estate, things like this happen but at the very end one will say "I'm so glad this or that".

Good luck!!! :)

Michael Nava
Rodeo Realty, Beverly Hills
323.371.0405
http://www.michaelnavala.com
1 vote Thank Flag Link Wed Jul 25, 2012
The good news is that the bank gave you a counte,r which you accepted. Did the bank give you a closing date, normally only 30 days to close. Have you opened escrow? Have you reviewed and/or approved written escrow instructions? Have you received a preliminary title report? Do you have access to do your inspections? Has escrow ordered the correct HOA documentation and delivered it to you? Have you submitted your loan application? Was the appraisal ordered by your lender and have you seen it?

Each of these items are the important steps to be completed within the first 10 days of the escrow cycle. Depending on how many "YES" answers you can make here will be a good judge as to your progress.

It is your agent's job to communicate with the listing agent and keep this process on target.

Good luck with your closing.

Best wishes,

Bill Hooper
RE/MAX
bhooper@remax.net
1 vote Thank Flag Link Wed Jul 25, 2012
We are actually paying cash (we are doing a home equity loan which we were approved for in March and sent the paperwork then) so we will be the only ones needing the homeowners association docs. My understanding was that we could do an inspection after the bank accepted the offer the they wanted. We don't even know if the bank even accepted the offer even though we are giving them the price they wanted. Thanks so much for the feedback. I didn't realize doing a short sale would be such a headache, but since this is an investment property, we are willing to wait if we need too. (Within reason of course!)
Flag Wed Jul 25, 2012
The simple answer here is no. If the listing agent is not returning your agent's calls then, unfortunately there isn't too much you can do about it. They also may not take too kindly to you contacting them. It really isn't the way things work. I presume this is a short sale, and I understand how frustrating this must be, as many short sales are. The listing agent is totally in the wrong here. I would ask your agent to contact the listing agent's broker to get some kind of answer.
1 vote Thank Flag Link Wed Jul 25, 2012
No, only as a last resort!
You are undermining your own Agent.
Ask your Agent to contact her Broker and tell him your concerns.
Let your agent do his job.

Adopt the attitude that you don't care if this fails; that is the nature of Shortsales and you cannot get stressed out because of it.

Good luck and may God bless
1 vote Thank Flag Link Wed Jul 25, 2012
We pulled out late last year after waiting 6 months. A few days later an offer was made by another buyer ......six months later the status of this property is now listed as withdrawn. I'm not sure if it was by the buyer or seller but it was never sold, I will never waste my time and energy on another short sale again. Lesson learned..........
0 votes Thank Flag Link Sat Jun 22, 2013
Seems like you have a non responsive seller's agent. There is two sides to every story. But if seller's agent is not responding to buyer's agent there is a problem. Seller's agent may not be on top of lenders requirement for accepted offer or close.

- Has seller accepted final counter offer?
- Are you in escrow?
- Is there any Good Faith Money in Escrow?

Or could be lender not responding to agent and combination of the two. You can contact seller's agent to consolidate your deal. I Do agree with buyer's agent and do not think you have a deal because non-responsive sellers agent. This is high drama and do not know if necessary. After
buyer(s) have exhausted all channels look for any other property. Short sale inventory and REO listings have deceased. Looking for new property focus on standard sales and I do like REOs.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Sat Jun 22, 2013
Have your agent contact the buyers broker or office manager asap. If you are still unable to make contact, you may need to cancel and start over with another buyer.
0 votes Thank Flag Link Mon Mar 25, 2013
1. email your questions to your agent and have your agent BCC you on the emails going to the Listing agent.
2. have your agent forward all emails regarding the transaction to you.
3. See where the problems are at for sure.
4. make sure everything you do is in writing.
5. if the problem lies with the listing agent, have your agent send the info to the listing agents broker on the second occasion by email. Bosses aka brokers just love agents who fail to do their job.
6. If the problem lies with your agent then contact your agents broker.
7. you can find your agents broker on http://www.dre.ca.gov

Bottom line don't buck protocol but make sure you do it right and in writing.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@socalhomes.biz
http://www.socalhomes.biz
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sat Jul 28, 2012
Ask your agent to give you the Tips for a short sale buyer C.A.R. form TSSB and the Short Sale Process, C.A.R. Form SSP. This will help you understand more.
0 votes Thank Flag Link Thu Jul 26, 2012
Hi Phyllis:

Have your agent or your agent's broker manager contact the selling agent and/or their broker manager to find out what is going on.

If you have an accepted offer, with a contract signed by both the buyers and sellers, it is binding, however, in a short sale, the bank must give final approval.

This sometimes takes time to get a short sale approval.

Good luck.

All the best,

Kat
0 votes Thank Flag Link Thu Jul 26, 2012
Dear Phyllis,

If the listing "agent" does not return your buyer agent calls, she for sure will not return yours. I would not waste your time. Your Agent can call the listing agent's broker, that might get you some answers. Sad to say, I have seen this situation before with distressed property.
0 votes Thank Flag Link Thu Jul 26, 2012
Sorry to hear that your experiencing such difficulties. I would recommend that Your agent contact the office manager of the sellers agent, or the agents Broker. Returning phone calls is essential in any customer relations business and I think it is highly unprofessional for agents not to return phone calls.

I know that the whole short sale process can be frustrating, hang in there. Also you can ask your agent to contact the condo association directly to get the right documents.

Good luck
0 votes Thank Flag Link Thu Jul 26, 2012
It is best to let the proffessionals ( Agents/Brokers) do their job and let them talk to each other - update on the status.



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0 votes Thank Flag Link Wed Jul 25, 2012
Thanks for your responses. We having been searching for other property in this price range, , but the inventory is very low and the market is making a turn in this area. Good for the real estate business, but possibly bad for us if this doesn't go through. We have dreamed of living in Florida one day and wanted to buy an investment property there and so that we could hopefully secure a place there when we are able to move one day. I believe as another agent said everything happens for a reason, but I am still hoping and praying it works out. If not, in time I will understand why. I appreciate the time all of you took to give me feedback. I will definitely NOT be contacting the sellers agent now. I definitely don't want to do anything to hurt the possible progress of this sale!
0 votes Thank Flag Link Wed Jul 25, 2012
My advice to you is start looking for other properties as a back up solution. Also, having worked with your agent already for at least 5months, I'm sure you have developed a nice relationship, and you should feel comfortable and confident being able to ask your agent for more details into the situation to back up his remarks about it not going through. Unfortunately short sales are very complicated and if the seller's agent is not experienced enough, it very well can fall through because the sellers agent is not doing her job properly. Keep in mind that until you have actually opened escrow, you are under absolutely NO obligation to your offer. And even once you do open escrow, you have a contingency period in which you can still back out as well--in other words you can keep your options open by still riding out your current situation, and looking for other properties just in case. You never know, you may find something you like better in the mean time! If your agent has not already encouraged these activities and advised you of your options, I would suggest you consider a new agent for yourself as well. It is not really an accepted thing for a buyer (who has their own agent) to contact a seller's agent directly, and honestly she would be even less likely to answer or return your calls than those of your agent:(
Best of luck to you, and happy to answer any further questions!
Angelica
0 votes Thank Flag Link Wed Jul 25, 2012
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