Home Selling in 01702>Question Details

Aligan, Home Buyer in 01702

How about if the agent is not showing any interest in sell his property?

Asked by Aligan, 01702 Fri Jan 14, 2011

I had made an offer for a short sale house that we loved. but now, my agent cant get in touch with the house agent, or broker. They never answer or respond emails back. The house is short sale. It seems that the agent has some "deal" with the owner, because my agent said he never saw an agent acting as she is acting.

What do you think?

There's any way to send this offer straight to the bank? Because if she doenst want to pass this offer to the bank, we will never be accepted!!


thank you

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Unfortunately this all too common! I have had this experience on behalf of my buyers too many times.! I would instruct your buyers agent to contact the broker/owner of that company and demand a response. If that gets you nowhere you can report them to the Department of Professional licensure in Boston. It's outrageous that calls and emails are not returned. Beware of the final figures!! Have your agent call the town and check with the water department and tax office too see if they owe LOTS of money!! Make sure those figures are on the HUD or come closing day they will be looking for you to pay them.
1 vote Thank Flag Link Mon Jan 17, 2011
BTW, regarding the new HAFA rule that banks have to respond in 30 days to SS applications. The article says, "It does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA)."

Does this not eliminate something like 90% (my guess) of the SS out there?

How is it enforced? A law is only good if there is some penalty for non-compliance.
1 vote Thank Flag Link Sat Jan 15, 2011
Aligan:

I can share your frustration as I am dealing with a short sale myself. The seller still owns the property and the listing agent is the gateway to the bank. Even if you could go to the bank directly without an authorization form from the seller they will not talk to you. This arena is the wild, wild west and I wish you the best.
0 votes Thank Flag Link Tue Jan 18, 2011
Great observation Mmyk72, and it would appear to eliminate majority of SS! I too read the fine print of this documentation and again the SS farris wheel goes 'round and 'round once again. I am impressed with your observation. Unfortunately, It is a totally useless to the masses. Great answer from Heidi Zizza!
0 votes Thank Flag Link Mon Jan 17, 2011
I've also put in an offer for a short sale single family with similar un-responsiveness from the listing broker. First, the open house was only for 1 hr, and we couldn't get in to see it any other time. After I submitted an Offer (thru my Buyers Agent), It took 20 days to get it back signed from the sellers. In the meantime, would not answer any questions (via email) pertaining to the SS details. Finally after what seems like arm twisting, the listing broker gave us the name of the attorney (paralegal) who is handling the SS and we finally got things going. P&S signing will be in the next few days for me.

I don't understand why the listing broker is making it difficult to sell the house.... I also wonder if there is an alternative motive going on between the sellers & their listing agent.

BTW, when I got the P&S proposal, it seemed like it was a version used for a previous buyer with a closing date that would've been the date of the Open House. The Listing Broker never said they already applied for SS before (I asked this when I met him in person, and my Buyers Agent also did). I don't know whether this is good or bad..... Good would be the previous Buyer walked after waiting too long and the SS is already in process at the bank. Bad would be if the bank already said 'No' to them with the previous Buyer and they are simply trying again.
0 votes Thank Flag Link Sat Jan 15, 2011
some agents hate to break the bad news that there isn't any updates. the best thing is to wait or move on to another property. that is why it's good for short sale homeowners to work with investors so the investor can put in an offer. at least if the offer isn't accepted then the process would have already started.
0 votes Thank Flag Link Fri Jan 14, 2011
Aligan,

There could many different speculations about this situation but it would seem that some response is necessary. Is your agent is also calling (instead of just emailing) the agent and the managing broker? Do you know if it was a pre-approved short sale?

Keep trying! There might be some very legitimate reasons behind this.

Amy
0 votes Thank Flag Link Fri Jan 14, 2011
Why doesn't your agent contact their broker?

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 14, 2011
Aligan - I sense your frustration with the business of trying to purchase a home that is in a short sale situation. Hopefully the new regulations that take affect on February 1 will help the industry react to client's offers more readily. I have included an article from Inman News by way of the NAR that was just posted on January 10th. Good luck and hopefully you and your agent will find success.

HAFA Posts New Rules for Short Sales
Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don't qualify for other government loan modification programs.

Once a sales contract has been initiated, loan servicers then have 30 days to approve or reject the transaction.

The stricter timelines are believed to help speed up the short sale process, which has faced numerous complaints for how long it takes lenders to review and approve short sales often causing buyers to walk away.

The stricter timelines were apart of several revisions the Treasury Department recently announced to its HAFA program — the second major revision to the program since its launch in 2009.
0 votes Thank Flag Link Fri Jan 14, 2011
Aligan
I would have your agent's owner/broker call the selling agent's owner/broker. You agent could try and get it touch with the bank, but I doubt very highly if they would respond. Also I would have your agent notify the local MLS system. Always you can call the board of realtors also.
Good Luck
Margie McShane
CBRB Scituate, MA. 02066
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Aligan,

This is one of the common problems with short sales: unresponsiveness. I recently had two situations as the buyer's agent that were almost identical. We wrote and presented offers, and the listing agents didn't respond to repeated calls, text messages and emails. It's enormously frustrating! In fact, I advise my buyers to stay away from short sales unless they are willing to wait for months.

Part of the reason is that lenders are dealing with a huge volume of short sales, so it may be a long time before your offer gets to the top of the pile. This is no excuse for the listing agent not to answer your agent's questions, though.

There's little you can do to push it along, but the first place I'd start is to have your agent's managing broker (the agency's boss) contact the other agent's managing broker. They may be able to at least get the listing agent to answer your questions.

Hope this helps. Good luck!
0 votes Thank Flag Link Fri Jan 14, 2011
The owner would have to sign the offer first. If your agent is having trouble getting in contact with the listing agent, then I would call the Listing Agent's office directly and ask to speak to the broker in charge of that office. It is not good customer service that the listing agent is not responding back to your agent. While it is listed with the listing agent, you unforunately would have to go thru them vs having your agent send an offer directly to the bank. They are under contract. The short sale process can be a pain and is more like a " long process". I hope it works out for you!
0 votes Thank Flag Link Fri Jan 14, 2011
Not likely going to happen without the owner signing it first. The question is why is the listing agent ignoring you. You might call the listing agents office and ask for the managing broker or the principal broker or the broker in charge (each state uses a different name for the boss). Speak to the Broker of the office and see if that helps. It sounds like something else might be going on, but it's hard to say based on what you told us.
0 votes Thank Flag Link Fri Jan 14, 2011
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