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Giving Up On Short Sales - New Buyers Agent

My husband and I have waited for 5 long, frustrating months for a short sale property in Farmington Hills, MI. At this point we have been thrown back and forth between approval and denial, had our calls go unanswered for a week or two at a time, and quite frankly we are sick of it. We were told the deal was off and we needed to sign a release. The second lein holders decided they would not accept a lower payment and were forcing the house into foreclosure. Twenty minutes pass and we receive a call that the attorney is working on a new deal with the second bank and they'd have an answer for us by the end of the week. Well that was last week and we've decided to stop putting all our eggs in that same, very unstable, basket.

We would like to start looking at properties again in the following areas:

Farmington Hills
Livonia
Canton
Plymouth
Westland
Novi

We have had a pretty horrible experience with our current buyers agent and have decided to pursue someone who will actually work for us to get us into our dream home. To make matters even more interesting, I am 6 months pregnant and we are hoping to move into a new home before our little bundle of joy gets here at the end of November.

If you think you can take on this challenge, please, help us find our dream home! We were prequalified when we started this process in April and since then have kept in close contact with our mortgage company, keeping our filed updated so a mortgage can be prepared in a very short period of time. We already have a list of about 20-30 properties we are interested in, we just need someone to actually look out for our best interests. We are new to the home buying process and need your assistance! Thank you!!
  • September 13 2010 - Royal Oak
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Answers (10)

Keep in mind that when dealing with the Bank you are at the mercy of the Bank, who can do anything they want...including never respond and change their mind about anything that they promised.

The listing agent may have limited control, but usually  the buyers agent's
hands are tied.

If you want to close by november it is best to avoid any short sales.

Eve in Orlando
  • September 13 2010
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If you want to close by November, deal only with bank owned or regular sales. Most short sales still never close, and those that do can take a very long time. Though ironically, I closed one in 2 months not long ago...
  • September 13 2010
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bbybee - your unfortunate experience is the reason I discourage my buyers from bidding on short sales. I think the consumer isn't always aware of what an extremely long and frustrating process it can be - often ending without the sale gong through.
 
I just had a bank - after 5 months, and sitting with a signed contract for 320,000  - finally give a counter offer that was OVER the original list price, The counter was 375,000 (supposedly based on a recent appraisal)..... the buyer increased from 320,000 to 345,000 - bank still  said no - after all those months of sitting and waiting.
There often is no rhyme nor reason to how the bank may act or respond.  Your agent may have been doing the best he or she could under the circumstances.

My advice is to steer clear, and stick to homes that are really for sale by sellers or bank owned, where you can actually have a signed contract that means something!
If you want to close in November, then you will need to be under contract in the next few weeks, allowing for a 6 week closing timeframe.

As much as you want to be in the home in time for the baby, don't rush into buying something unless you are sure it's the right one for you. Buying under pressure, especially in this market,  isn't the way to go.

One issue with looking for agents here to step up and offer their help, is that telling you to "call them" is against zillow's  rules - it is considered "spam".

Perhaps you can do a search for agents in your area, and begin the process of "interviewing" them.


Best wishes........with your home hunting, AND new baby!
  • September 13 2010
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Dear bbybee09:   typical short sale horror story - so sorry you had such a difficult time - it's a wonder to me that any of them get closed.

I think I have a great agent for you in Royal Oak who can help.   I'll contact her and ask her to get in touch with you.  

If you would like to speed the process along, feel free to email me directly at [contact info removed by moderator]

I lived in Farmington Hills, Livonia, Sterling Heights over a period of several years.   Our son was born in the hospital at Royal Oak - special memory there for sure!  

Hope to hear from ya. 
  • September 13 2010
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Short sale properties can take a long time to close especially if there is more than one lien holder ... enough said, we're moving on.

If you are looking for a new agent, I would be more than happy to assist you. But you will have to send a letter to your current realtor explaing that you are not satisified with their efforts and you are enlisting the services of another realtor.

Next, we can sit down and discuss you needs and set up a search criteria. We can look at listings online from your home or my office. Once I know what you really want, I can send you listings and we can look at houses. We don't have a lot of time, but it can be done!

Lets buy a house!
  • September 13 2010
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The important thing to understand is that short sales take a lot of time but in the end you can get a great deal. If you are in a time crunch then it's best to move on to a bank owned or hud home. There is only so much an agent can do because they are pretty much at the mercy of the lenders.
  • September 14 2010
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Profile picture for bbybee09
Thank you so much everyone for your responses and advice. We have learned a lot of the last few months, and certainly will not be looking at ANY short sales this time around.

I understand there is not much the buyers agent can do to get the banks to move on this type of deal, but I believe the least my agent could have done was return my calls and e-mails. It is especially discomforting to be ignored for a week, when the last time you spoke to them they didn't remember why they even needed to call the listing agent. I am a very patient and understanding person, so much so that I put up with the lack of communication for three months now. We will be signing the release this week from our current offer and agent, then the house hunting begins! :)
  • September 15 2010
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"but I believe the least my agent could have done was return my calls and e-mails. It is especially discomforting to be ignored for a week"
..............................

bbybee - you are absolutely correct - there is no excuse for an agent  not staying on top of a transaction, or staying in touch with you, the  buyer (or the seller) on a regular basis. Not returning calls is inexcusable.

I don't blame you for losing  confidence or patience in this person, and for not wanting to continue the relationship.
Good luck in the future, and interview a couple of agents before moving forward with anyone.

I think you also made a smart decision to steer clear of short sales - this way when you ultimately find a home, and  make an offer, you will have a real life seller who will respond in a timely manner.

Best wishes!
  • September 15 2010
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I agree with you and Debra ... there is NO excuse for a realtor not to return a phone call! One of the reasons I got into real estate was because I wasn't real impressed with some of the realtors I delt with when looking for a house. They made it sound like they were doing you a favor by returning a call ... nonsense!

Feel free to utilize my websites to start your house search now. You will be asked to register to perform a detailed search. I will not be contacting you just because you use my site, but I will return your calls and answer any questions you may have. Just use the site, get comfortable with it and have fun.

Jim
  • September 15 2010
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short sales can truly be the best buy on the market!

 Bank owned houses typically need more work and the process of buying one when you are competing with some many other buyers make them a online auction. I tell my customers if it looks to good to be true it probably is/ Not to say I have had some great deals that my customers have got.
  • September 16 2010
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