The games these banks are playing right now regarding short sales is driving me bananas! Now I'll be the first to tell you my experience is not long when dealing with these because I've done just about whatever I can to steer clear but every once in awhile I'll find myself in the middle of one. What I can say is this:
If an agent were to behave like some of these banks are, we'd have our licenses yanked so fast it would make your head spin. Bait and switch pricing...not responding to offers....shopping contracts. UNBELIEVABLE!
I remember when I first started real estate and having to learn all of the consumer protection laws and thinking to myself...ga, I can lose my license so many different ways! I remember starting my career and being super careful to remember all of the things I must do and say to keep out of trouble. Then I realized if I just treated people right then I could avoid all of that. I also remember thinking how twisted some people had to be because something bad had to have happened for there to be a law like that in the first place...and now I see banks doing those things all the time. It's a recipe for a really crappy time in our industry and all the while all I hear on tv is health care issues...our politicians and media seem oblivious to some crazy goings on right now...sigh!
Of course the only reason why banks have any say in the deal is because the seller promised to pay their loan back...ok...back to work!
Best Regards,
Your Naples Smart Girl!
Serving my purpose through content rich informaton about Naples, Florida real estate!
Best Regards!
Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223
www.ShannonLefevre.com
“The opinions expressed herein are those of the author and do not necessarily represent the views of John R. Wood Realtors.”
In an ideal world, banks would be held to the same standard as any other seller and would feel the pinch when they don't comply with the terms of an offer (such as expiration, inspection contingencies, etc). In the real world, we know that is not going to happen. Sigh.
As a Realtor working in the short sale arena you better know what you are doing. It is very easy to make mistakes if you have no experience with these types of transactions.
Lisa...seriously! :)
Bill...of course that's the same with any real estate transaction but I hear ya! :)
Smart Girl--I "feel your pain". It's extremely hard to juggle the realities of"Time is of the Essence" contracts signed to by anxious borrowers vs. various bank departmental layers and extended, unknown timeframes.
Hey Smart Girl! We've missed you around here! Have you been slammed with clients or just on the phone night and day with these banks?! Like you, I didn't want ANYTHING to do with these, then representing buyers who aren't in any hurry to Close on a property, I found myself knee-deep in them and had to learn everything I could so that I would know if the LA was doing the right thing or not. I took the NAR, SFR (Short Sale and Foreclosure REsource) designation and a couple of others. Broker Bryant and Wendy Rulnik did a fabulous series on short sales and have started a site, www.ShortSaleSuperstars.com, which you can join at no charge and find a wealth of information that is updated on a daily basis. For me, that has become my primary resource for short sales--those two have done tons of these things and most of the members are heavily active in them as well. So, the advice is sound and up-to-date there.
Best of luck! Like you, I can't WAIT for 'normal' times again--I'm not talking about a 'booming' market--just steady and NORMAL! ;-)