Profile picture for girlooknforhome

SHORT SALE - NIGHTMARE SELLERS AGENT

I've been in contract on a condo, signed 2 1/2 months ago, it's a short sale.  The sellers agent will not return or take my agents or my lenders phone calls or emails.  We don't even know if she has submitted my info to the sellers bank.  She's a part time agent with a full time job.  She's a nightmare! 

DO I HAVE ANY LEGAL RECOURSE???  Would contacting a real estate attorney do any good.  I've been told that short sales don't have any rules and I we can't really make her do anything.  At this point, if it even works I'll probably have to pay more for the property.

I'm in the SF Bay Area.  I would love some input.
  • December 20 2009 - Hercules
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Answers (6)

Profile picture for RichardMCombs
I have to say this is not acceptable that the agent isn't returning your calls.  You have every right to call the listing agents broker to help you get a return call.  Bank of America short sales can take anywhere from 90 days to 180 days in my experience.  A large part of this depends on the local market conditions, experience of the listing  agent and the strength of the offer.

Short Sales can work out well as long as there is good communication and everyone has their expectations set up front.  Good Luck!
  • December 21 2009
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Profile picture for Pacita Dimacali
First of all, when you say you've been in contract on a short sale --- are you saying that your contract is already ratified by the short sale lender?
If not, then i hope that your agent has explained to you the pitfalls of writing an offer on a short sale. Yes, it WILL take a long time. Some banks, such as Bank of America and Chase, could take up to 6 months to even respond --- to accept, reject or counter the offer.

Getting the seller's acceptance is merely the first step in submitting a short sale package and having the wheel of progress move (HA! wheels of progress, indeed!).

Besides having your agent and/or her broker calling the seller's agent's broker, you should also expand your horizons and continue to look at other properties.

If your agent is experienced with short sales, she would know to ask:
1. How many loans on the property
2. How many lenders?
3. Who are the lenders
4. Is the listing agent experienced with short sales?

Some lenders take way too long to respond. And if there are two loans, the chances of NOT getting the offer ratified is multiplied hundred-fold.

You'll be wasting your time and your money getting an attorney who can't help you.

Pour your energies on finding another property where you have a better chance to get your offer accepted and to close escrow.

If you are a qualified first time buyer or repeat buyer, you have until April 30 to get a ratified contract, and close escrow by June 30 in order to get the tax credit. As such, writing offers on short sales may not be the best avenue to take.

Good luck!
  • December 21 2009
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Amanda's advice is great.  Have your agent talk with the other agent's broker.  At the least, the listing agent should be returning calls no matter what the status may be. 

Short sales do take a long time and the final approval on price and terms will be up to the lender - no matter what the seller has signed in the contract.  However, if the listing agent submitted an accurate and complete short sale package to the lender, you may receive approval but not in a timely manner (that's from my own experience). 

Good luck and I hope it works out for you!

  • December 21 2009
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First thing you should know is this is a failure by both agents, not just the listing agent. Your agent could do a little more than make calls to the listing agent. It is time to bring in your agent's broker.
  • December 21 2009
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Yes you do want to be considerate that is can take a long time. I don't want to put down your buyer's agent but I really hope they built in some safeguard to your offer to allow you to get out if it goes south. That might be a good conversation to begin having.

That said, I agree with Amanda, the agent should be returning the calls.

Here is my suggestion. Have your agent POLITELY call the selling agent's managing broker. Explain that you're simply having a difficult time getting the transaction through because its a shortsale and you are working with a part time listing agent. See if there is anything that broker can do to follow up on it. As long as you don't turn it into a bashing session of complaints about their agent, the broker will usually be more than willing to help out.

Have your agent suggest to the broker that if the listing agent is only part time that a professional shortsale negotiator be brought into the deal that can facilitate the negotiations with the lender. There are many really good 3rd parties out there that will take on that burdon that the listing agent is not able to do herself and usually get a better outcome anyway. This may be a good compromise.
  • December 20 2009
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Ok shortsales themselves are very time consuming and take sometimes months or longer to get a response. However the listing agent should answer her phone even if she doesn't have a response for you. I would have your agent contact the listing agents broker to get in contact with her and handle this for you so that way you can at least no whats going on.. im sorry to hear this best of luck
  • December 20 2009
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