Mdn31, Both Buyer and Seller in Milwaukee County, WI

Working with two separate Realtors at the same time for different properties (short sale)?

Asked by Mdn31, Milwaukee County, WI Sat Jan 14, 2012

I need to sell one or both of my rental properties (duplexes). I found a Realtor for one, but he was not willing to list the other one. They are both short sales. This means I have to find another Realtor or drop him altogether and start over. It is very hard to find short sale specialists in my town. I feel uncomfortable working with two at once, but maybe I am overthinking...thoughts?

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Annette Lawrence’s answer
There is way too much we don't know.
Each and every real estate transaction is different. Add short sales into the equation with up to six parties having VETO powers on a deal and you have a real mess that must be resolved.

Add to that your ownership status, the financial encumbrances that may be involved with each property, including the possibility of city or county issues. Then, top this all off with the fact this is investment real estate, you may or may not hold additional properties, makes the outcome very uncertain. If the prospect of success is not high, an agent, rather than doubling their losses with two properties, may choose to limit the incredible amount of time and resources short sales requires.

Involving a second agent should be no problem what-so-ever..ESPECIALLY if the lenders are different. If you have the same lender, and you get the same lender negotiator, this could create mass confusion.

As you look for another agent, ask them their strategy for resolving your short sale. If they all sound the same you have not found the right agent. The number of people on the phone is less important to how the short sale is controlled. You will, as an investor, recognize the right organization.
0 votes Thank Flag Link Sun Jan 15, 2012
BEST ANSWER
That is strange - why didn't the agent want both listings??? You may want to visit shortsalesuperstars website and find a local agent that specializes in short sales.

If you need assistance finding a good short sale realtor please email me at leecountyrealtor@earthlink.net and I will put you in touch with someone in your area.
0 votes Thank Flag Link Sat Jan 14, 2012
Mdn31,

Yes, it could become confusing and more involved than necessary to list with two different agents when selling your properties.

Our recommendation is to use a realtor to list and sell your property but to also enlist an attorney to review your personal situation relative to your needs, recommendations, and possibly to expedite your short sale. The fact of the matter is that banking staff is more responsive to attorneys and paralegals than RE professionals.

In a world of specialization, it makes sense to realtors list and sell property and lawyers deal with legal issues.....the fact that a "short sale" could involve a "deficiency judgement" may be reason enough to put an attorney on your team to negotiate for you. Hope this is helpful.

Best wishes,

Bill
0 votes Thank Flag Link Sat Jan 14, 2012
I wish I would have something to add to all that has already been said, but I do not really have any deeper advice to give, except agreeing that you should work with the Realtor you trust most, two different agents,
if these properties were two different homes in different areas of your town you potentially would deal with
2 different agents, just because the listings are too far away from one another, so in other word what difference would it make at the end. Except did the first agent tell you why he or she did not want to take also the listing for the second duplex? At least you would know why......

Take care and good luck to you --- you received a lot of good remarks and answers below.

get back to us.

All the BEST to you...
Edith YourRealtor4Life! and Chicago / Northern Illinois and North Shore Expert
Working always in the very BEST interest of her clients... Buyers, Sellers and investors alike ....
http://www.tinyurl.com/MeetEdithHere and find out about how the expertise and experience
and various services of a Realtor will make the buying and selling of a home a pleasant and
successful experience..

Have a happy and healthy 2012
0 votes Thank Flag Link Sat Jan 14, 2012
I agree with most of what was previously said. However, there may be an advantage to having one agent if both are short sales and both are with the same bank.
0 votes Thank Flag Link Sat Jan 14, 2012
Hello,

The most important thing to consider in listing a short sale is finding an agent that specializes in short sale transactions. You may want to ask the realtors you are interviewing to provide a list of short sale listings they have closed in the last year.

Also, check to see if the agent has taken any short sale training to perfect their skills. Don’t just pick an agent who promises you everything, but take the find an agent that dedicates their business servicing short sales.

You can find trained short sale agents at the CDPE, Certified Distressed Property Expert, website.
Go to http://www.cdpe.com/

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Sat Jan 14, 2012
Just so you know, it makes no difference what agent you have, the listing belongs to the company and NOT the agent. If you have XYZ realty for property #1 and another agent for property #2 that also works for XYZ realty then you have the same agent since it is the company and not the agent themselves that you are hiring. As Donna said, it is 2 separate transactions so I don't see any big deal. I have listed homes for investors that have other homes listed with other companies and it's no big deal at all.
0 votes Thank Flag Link Sat Jan 14, 2012
Hi, You have to do what you feel is right for you and your needs. If you have some time to interview agents then do so and make a sound decision.

Chris
0 votes Thank Flag Link Sat Jan 14, 2012
I don't understand why you would feel uncomfortable. It's two separate transactions. The agent you've hired may have thought the property he chose not to list would be too difficult to get to a closing, too time consuming for too little compensation, or maybe he's had a negative experience with the lenders that would be involved. I applaud his honesty in not taking on something that may have been beyond his capabilities to see through to a successful closing on your behalf. I would continue to seek out another realtor willing to take this on. If you continue to interview candidates and they choose not to list this property, I would be questioning what the issues are related to the residence rather than the realtors. Good luck!!
Web Reference: http://www.scwihomes.com
0 votes Thank Flag Link Sat Jan 14, 2012
Working with two but might be a little more work for you but may pay off in the end.
Advantages of having two agents 1. you will notice what agent might have more expertise in short sale.
2. you can have each agent pass all good info along.
3. Both Agents can have clients who are out buying to pass along

google short sale for info
Web Reference: http://www.AMYPFISTER.COM
0 votes Thank Flag Link Sat Jan 14, 2012
Mdn, if you have listed (signed a contract) with the first Realtor, you will need to honor that contract. That only leaves you the option of finding a second Realtor for the second unit.

Finding a new Realtor will also not relieve you of the obligation to disclose information. Moreover, if it happens that you disclosed negative information to the first Realtor, but are considering not disclosing it to the second, you put yourself in a very perilous legal situation. (Not legal advice, I am not a lawyer, perhaps you ought to consult one?)
0 votes Thank Flag Link Sat Jan 14, 2012
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