Home Buying in 07202>Question Details

Brownsugaribm, Home Buyer in 07202

i am the buyer and my attorney is advising me that the lender on the sellers part is requesting documents from the seller and is being stonewalled

Asked by Brownsugaribm, 07202 Thu Apr 7, 2011

and if they donot receive the documents requested they are going to close the file and i have to start looking for another house shouldn't my agent know this fact and if the deal falls through at this point am i in the clear to look for another agent since the contract will be void.

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As stated below, short sales can be very complex. As far as your actual question "Am I in the clear to look for another agent since the contract will be void", for starters, did you sign an exclusive buyer's agreement which would allow your agent to get paid on no matter what house you buy? If no, then you can certainly look for another agent but may I ask why are you unhappy with your agent? Are you using the listing agent to pay through i.e., the agent is now a dual agent representing both buyer and seller? Depending on the answer - if no, then why are you blaming your agent for the seller's lack of providing documents? If you are using a dual agent, do you think the agent is at fault for the sellers not providing the docs to the bank? What kind of documents are they looking for? Is it the short sale package or something else that the listing agent really has little or no control over?

I'm not looking to defend listing agents of short sales or get into any disagreements but sometimes a listing agent has done everything they possibly can but the seller has no motivation to short sell and its not the agent's fault. Although there are times when inexperienced agents list short sale properties and part of the blame is the listing agent's fault.

Getting back to your question -you can work with any agent you choose to but if you signed the exclusive agreement, the first agent may get paid no matter what. Look through your documents and see what you signed.

Good luck,

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office
0 votes Thank Flag Link Fri Apr 8, 2011
Presumably, you're in contract on a short sale? Then the homeowner's bank holds the cards.....if the seller is not cooperating in providing the information needed to move forward, it's the bank's prerogative to close the file, maybe even foreclose. The homeowner may even be contemplating filing for bankruptcy (and temporarily halt the pre-foreclosure proceedings)

Unless your buyer's agent "sees all" he wouldn't know the reasons why this process is delayed -- why the seller isn't cooperating.

If the deal falls through, yes, if you could find another agent ---- BUT what agreement(s) have you signed with your agent? Some buyers representation agreements state how long your agent works for you. Make sure you aren't obligated.

But before you change agents, please discuss the reasons of your perceived unhappiness....give that agent the benefit of either performing better, or illuminating the reasons why your offer is not progressing. Just know that short sales are very time-consuming and energy-sapping. It's not for everyone unless you are clear on what to expect and you are knowledgeable about the process.

Good luck!
0 votes Thank Flag Link Thu Apr 7, 2011
First the Seller must provide documents if they want to do a Short Sale they take patience on everyone part except on the banks time. Theymake the rules in the Seller does not give them then they will just go to foreclosure Period

If the deals falls apart you are free to look for another property and also another agent if " Your Buyers Agreement has expired or is property specific. Your agent if he is not the agent for the seller really cannot do anything or in most cases will have no clue what is going on unless the sellers agent fills them in. THe attorney's don't take with anyone unless they need paperwork or the are the ones working on the short sale for the seller.

This being said you are just the contract purchaser if the time expires on you contract you are free to walk away and go to another property.

If you would like to learn more about short sales I would recomend that click the link below and receive a Free cipy of "My Book Should I short Sell my home" It will give you insight into the process. It can't give you the deal or the patience
0 votes Thank Flag Link Thu Apr 7, 2011
Short sales are difficult transactions for both the buyer and seller and, also their agents and lenders. If your agent is not already experienced with short sales the anxiety level will undoubtedly ramp upwards. If you do not have a written contract with your agent, you are most likely free to seek new representation. Caution: there may be more to you situation than we know. I suggest that you talk to your agent’s broker about your displeasure. It may be appropriate for the broker to introduce another agent to you who is more knowledgable about the twists and turns of buying a short sale property.
0 votes Thank Flag Link Thu Apr 7, 2011
I suggest that you instruct your agent to speak with the seller's agent as maybe the seller's agent can speak with her clients about it and express the urgency of getting the documents to the lender also letting them know that the sale might not close otherwise.
Hope this helps.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Apr 7, 2011
This is your 3rd question on the last 24 hours. You are in a short sale situation and short sales are not easy to do at all to say the least.
The seller's attorney and seller's agent (both or one of them) usually take care of all the short sale transaction.
No matter what, It seems like you are not happy with your buyer agent. If this transaction is cancelled, of course you can get another agent and another house.

Best wishes.
0 votes Thank Flag Link Thu Apr 7, 2011
Have a discussion with your agent, it may be not be your agent's fault that the seller isn't providing requested documentation; there is only so much one can do to force a seller, or anyone else for that matter to react....
0 votes Thank Flag Link Thu Apr 7, 2011
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