How are other real estate professionals practicing the art of short sales.
---Do they take the listing, submit the total package to the lender for approval with a signed contract and wait with 1 seller and 1 buyer?
---Do they submit the package, wait to hear the lender(s) will approve a certain amount or need a contract to continue, then find a buyer for the property?
---Or maybe they list the property, gather tons of offers and submit the best 3 to the bank like a REO-Foreclosure listing?
Those of us who are listing and selling short sales these days are always seeing new ways the banks want these short sales submitted... and we feeel we have to conform.
The seller's lender picks apart the terms of our contracts such as not allowing the seller to pay backed taxes, HOA fees and/or seller concessions ... we again conform. Then the lender decides they will not allow the REALTOR® to be paid the contracted commission. Once again we are asked to conform.
When did the lender/asset manager become our client? The last time I checked, the seller hired us, signed our listing agreement and it's the seller who signs a contract to sell. Then why are licensed professionals, allowing a 3rd party lien holder the right to negotiate the terms of a listing agreement and contract to sell a property?
Is it becoming normal for a listing agent to work directly with the lender instead of the seller? I am recently finding more and more REALTORS® that have active short sale listings and without disclosing their plans, are collecting offers with no intention of allowing the seller to accept any of them. Instead the listing agents are sending all offers to the lender to choose and negotiate their favorites. Their plan is to have lots of buyers hanging on 45 to 90 days while the lender decides which offer to accept.
It is hard enough to do short sales these days without a commitment from the lender, but to not have any commitment between a buyer and seller can be fraught with frustration.
My Personal Opinion: I find it generally rewarding working with Santa Rosa Sonoma County Short Sales, it is usually a win, win, situation for those who are patient. But recent experience is finding many professionals conforming to the banks and what is easier, instead of protecting our clients.
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