Poor behavior is alive and well

[an]

[quote=esmith][quote=asianautica][quote=esmith]You can’t even edit if someone has replied to your post. (By clicking ‘reply’ in the body of your post) See for yourself.

[/quote]
You can edit. I just tried it with my post above.[/quote]

Try to edit this one.[/quote]
Hmmm… weird, I guess if your post is quoted, then you can’t edit. Either that or no one directly replied to my post at the top, so I could still edit that one. Good to know.

[ronnybosh]

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[SD Realtor]

ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.

Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.

I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.

[SD Realtor]

ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.

Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.

I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.

[SD Realtor]

ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.

Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.

I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.

[SD Realtor]

ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.

Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.

I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.

[SD Realtor]

ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.

Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.

I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.

[urbanrealtor]

SD, give me your read on this.

It has been my experience of late that the common threads in shorts dying have been:

-Irritation/lack of attention on the part of listing agents. They don’t stay on top of the lender or they stop caring, or, as in your example, they piss off the buyers/buyer agent by not communicating their goals or action properly.

-Delay by lender. The lenders in my listings state that they need 30-60 business days to consider a listings. 3 months is an unreasonable time to leave a buyer wondering. Also, the buyer/buyer agent is left wondering if the listing agent is actually moving forward and staying on top of the lender.

-Impatience by the buyer. This is directly related to the last issue.

-Prejudice by all parties. Shorts have such a negative rep in the industry now that many agents have stated that they will not handle them anymore. Some offices have a policy that their agents are not permitted to handle them. The horror stories that abound right now are also creating a largely derisive folk knowledge among the buying public themselves. Recently, I saw a pre-approved fast track short listing. The seller was an asset manager or wholesale loan rep for a major lender (yes ironic). It took the agents months to get any offers. Now this is the kind of short where the owner’s office mate or former coworker is approving it. Still popular opinion drives down demand heavily.

Anyone with inside or useful info, sound off.

I would like to really construct a model of short sale dysfunction. Maybe we could learn how to address it better.

[urbanrealtor]

SD, give me your read on this.

It has been my experience of late that the common threads in shorts dying have been:

-Irritation/lack of attention on the part of listing agents. They don’t stay on top of the lender or they stop caring, or, as in your example, they piss off the buyers/buyer agent by not communicating their goals or action properly.

-Delay by lender. The lenders in my listings state that they need 30-60 business days to consider a listings. 3 months is an unreasonable time to leave a buyer wondering. Also, the buyer/buyer agent is left wondering if the listing agent is actually moving forward and staying on top of the lender.

-Impatience by the buyer. This is directly related to the last issue.

-Prejudice by all parties. Shorts have such a negative rep in the industry now that many agents have stated that they will not handle them anymore. Some offices have a policy that their agents are not permitted to handle them. The horror stories that abound right now are also creating a largely derisive folk knowledge among the buying public themselves. Recently, I saw a pre-approved fast track short listing. The seller was an asset manager or wholesale loan rep for a major lender (yes ironic). It took the agents months to get any offers. Now this is the kind of short where the owner’s office mate or former coworker is approving it. Still popular opinion drives down demand heavily.

Anyone with inside or useful info, sound off.

I would like to really construct a model of short sale dysfunction. Maybe we could learn how to address it better.

[urbanrealtor]

SD, give me your read on this.

It has been my experience of late that the common threads in shorts dying have been:

-Irritation/lack of attention on the part of listing agents. They don’t stay on top of the lender or they stop caring, or, as in your example, they piss off the buyers/buyer agent by not communicating their goals or action properly.

-Delay by lender. The lenders in my listings state that they need 30-60 business days to consider a listings. 3 months is an unreasonable time to leave a buyer wondering. Also, the buyer/buyer agent is left wondering if the listing agent is actually moving forward and staying on top of the lender.

-Impatience by the buyer. This is directly related to the last issue.

-Prejudice by all parties. Shorts have such a negative rep in the industry now that many agents have stated that they will not handle them anymore. Some offices have a policy that their agents are not permitted to handle them. The horror stories that abound right now are also creating a largely derisive folk knowledge among the buying public themselves. Recently, I saw a pre-approved fast track short listing. The seller was an asset manager or wholesale loan rep for a major lender (yes ironic). It took the agents months to get any offers. Now this is the kind of short where the owner’s office mate or former coworker is approving it. Still popular opinion drives down demand heavily.

Anyone with inside or useful info, sound off.

I would like to really construct a model of short sale dysfunction. Maybe we could learn how to address it better.

[urbanrealtor]

SD, give me your read on this.

It has been my experience of late that the common threads in shorts dying have been:

-Irritation/lack of attention on the part of listing agents. They don’t stay on top of the lender or they stop caring, or, as in your example, they piss off the buyers/buyer agent by not communicating their goals or action properly.

-Delay by lender. The lenders in my listings state that they need 30-60 business days to consider a listings. 3 months is an unreasonable time to leave a buyer wondering. Also, the buyer/buyer agent is left wondering if the listing agent is actually moving forward and staying on top of the lender.

-Impatience by the buyer. This is directly related to the last issue.

-Prejudice by all parties. Shorts have such a negative rep in the industry now that many agents have stated that they will not handle them anymore. Some offices have a policy that their agents are not permitted to handle them. The horror stories that abound right now are also creating a largely derisive folk knowledge among the buying public themselves. Recently, I saw a pre-approved fast track short listing. The seller was an asset manager or wholesale loan rep for a major lender (yes ironic). It took the agents months to get any offers. Now this is the kind of short where the owner’s office mate or former coworker is approving it. Still popular opinion drives down demand heavily.

Anyone with inside or useful info, sound off.

I would like to really construct a model of short sale dysfunction. Maybe we could learn how to address it better.

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