I am starting to feel like we are being misrepresented, and before I go accusing our agent of not doing her job, I would like to know exactly what she needs to be doing. We put our offer in on September 4th-which was only $100 less than asking price. Our agent seemed to think that this was a good offer, and that this would mostly just be a waiting game. Over the course of the following weeks, even despite my stating that I wanted to be kept informed of what was going on, I was the one who initiated 99% of all correspondence with my agent.
Just the other day, I called her after not hearing from her for over 10 days, and she said--Oh, I was going to call you. There are now two other offers on the house. WTH?? She was so blase, and said--'You guys might want to up your offer." When I asked her if we had any advantage because we submitted our offer many weeks before the others and she said that she didn't know. I asked if we would be able to counter, and again said, "I don't know".
A selling agent (lister) often suggests pricing below market in order to get multiple offers. It results in going over the loan balance and can take it out of short-sale range. Seller can walk away with a small amount to start over. The key is to know what the market value of the home is. Was your offer close to that? Most, not all, lenders consider one offer at a time. Being first, your offer goes in with the documentation package for the short sale. It is is close to the list price and BPO the bank has, it should be accepted. If it is not close enough, it is countered or ignored. Any agent needs to ask the sellers agent, what do they know and where are they in the process.
"I don't know," is not a good sign for getting a response let alone an acceptance. Why are you offering on a short sale? Are there no others? What exactly are you hoping to accomplish?
A good agent is going to be in your corner from "day one" making certain your transaction is heading in the right direction. The unfortunate thing with "short sales" is that the bank enjoys the ability of being a visible as they choose.
Once a contact person or loss mitigator has been appointed and both you have that contact information, it still doesn't mean you will be any closer to having your calls taken, returned, of questions answered. The fact is the system in place will work but only if both parties involved elect to be responsible. Sadly, too often banks are focused on other issues that are not in any way associated with the needs of the buyer.
It is these tactics that have pushed many agents to the brink of refusing to deal with this type of sale.
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