Poor behavior is alive and well

[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.

[Eugene]

Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale.

I thought about this possibility. The thing is, the listing was off MLS almost full 24 hours before the trustee sale. So the listing agent must have known that there wouldn’t be any more postponements. (They had already postponed it once before I made an offer) He took it off the market but neglected to inform my agent.

[Eugene]

Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale.

I thought about this possibility. The thing is, the listing was off MLS almost full 24 hours before the trustee sale. So the listing agent must have known that there wouldn’t be any more postponements. (They had already postponed it once before I made an offer) He took it off the market but neglected to inform my agent.

[Eugene]

Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale.

I thought about this possibility. The thing is, the listing was off MLS almost full 24 hours before the trustee sale. So the listing agent must have known that there wouldn’t be any more postponements. (They had already postponed it once before I made an offer) He took it off the market but neglected to inform my agent.

[Eugene]

Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale.

I thought about this possibility. The thing is, the listing was off MLS almost full 24 hours before the trustee sale. So the listing agent must have known that there wouldn’t be any more postponements. (They had already postponed it once before I made an offer) He took it off the market but neglected to inform my agent.

[Eugene]

Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale.

I thought about this possibility. The thing is, the listing was off MLS almost full 24 hours before the trustee sale. So the listing agent must have known that there wouldn’t be any more postponements. (They had already postponed it once before I made an offer) He took it off the market but neglected to inform my agent.

[sdrealtor]

esmith,
I’ll answer your question with 4 letters. BoNY. They dont seem to want to bother with short sales and have been pushing most things to foreclosure. I’d almost go as far as to say you are wasting your time in trying to sell/buy a home that involves BoNY in a short sale. Some lenders can get a short sale done in 3 weeks while while others can’t or won’t do one in 3 months.
sdr

[sdrealtor]

esmith,
I’ll answer your question with 4 letters. BoNY. They dont seem to want to bother with short sales and have been pushing most things to foreclosure. I’d almost go as far as to say you are wasting your time in trying to sell/buy a home that involves BoNY in a short sale. Some lenders can get a short sale done in 3 weeks while while others can’t or won’t do one in 3 months.
sdr

[sdrealtor]

esmith,
I’ll answer your question with 4 letters. BoNY. They dont seem to want to bother with short sales and have been pushing most things to foreclosure. I’d almost go as far as to say you are wasting your time in trying to sell/buy a home that involves BoNY in a short sale. Some lenders can get a short sale done in 3 weeks while while others can’t or won’t do one in 3 months.
sdr

[sdrealtor]

esmith,
I’ll answer your question with 4 letters. BoNY. They dont seem to want to bother with short sales and have been pushing most things to foreclosure. I’d almost go as far as to say you are wasting your time in trying to sell/buy a home that involves BoNY in a short sale. Some lenders can get a short sale done in 3 weeks while while others can’t or won’t do one in 3 months.
sdr

[sdrealtor]

esmith,
I’ll answer your question with 4 letters. BoNY. They dont seem to want to bother with short sales and have been pushing most things to foreclosure. I’d almost go as far as to say you are wasting your time in trying to sell/buy a home that involves BoNY in a short sale. Some lenders can get a short sale done in 3 weeks while while others can’t or won’t do one in 3 months.
sdr

[Eugene]

Well then I’ll just hope that they push the house to foreclosure as fast as they can. The house has fairly amazing landscaping, but the water has been shut off for close to two months. I’ve actually worked out an agreement that the listing agent would turn on the water in his name as soon as the offer was officially accepted. If it takes another three months for it to get relisted, I’d have to redo much of that landscaping from scratch. (Also I’d have to rent/buy a truck and make a number of trips to the local dump carrying dead trees and bushes)

[Eugene]

Well then I’ll just hope that they push the house to foreclosure as fast as they can. The house has fairly amazing landscaping, but the water has been shut off for close to two months. I’ve actually worked out an agreement that the listing agent would turn on the water in his name as soon as the offer was officially accepted. If it takes another three months for it to get relisted, I’d have to redo much of that landscaping from scratch. (Also I’d have to rent/buy a truck and make a number of trips to the local dump carrying dead trees and bushes)

[Eugene]

Well then I’ll just hope that they push the house to foreclosure as fast as they can. The house has fairly amazing landscaping, but the water has been shut off for close to two months. I’ve actually worked out an agreement that the listing agent would turn on the water in his name as soon as the offer was officially accepted. If it takes another three months for it to get relisted, I’d have to redo much of that landscaping from scratch. (Also I’d have to rent/buy a truck and make a number of trips to the local dump carrying dead trees and bushes)

[Eugene]

Well then I’ll just hope that they push the house to foreclosure as fast as they can. The house has fairly amazing landscaping, but the water has been shut off for close to two months. I’ve actually worked out an agreement that the listing agent would turn on the water in his name as soon as the offer was officially accepted. If it takes another three months for it to get relisted, I’d have to redo much of that landscaping from scratch. (Also I’d have to rent/buy a truck and make a number of trips to the local dump carrying dead trees and bushes)

[Author]

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