Tampa Bay Real Estate Blues… and the Tampa Short Sale woes

I don’t think it will be any time soon that we will stop suffering at the hands of short sales, preforeclosures and foreclosed/bank owned property sales.   Two weeks ago I lost a sale because the bank would not accept the terms of a preforeclosure on a second home that an investor was letting go.  We waited for more than two months, the offer was above list price… the bank decided that the house could go to foreclosure! 

Another contract that I have on the table (different clients) for full price, asking for the usual closing costs and prepaids and mind you that the listing agent has already had two other contracts on this property and stated in the MLS that the price was approved by the bank and it would be a quick turn around…  The counter came back that the bank would only allow half of the closing costs and prepaids, and the commission would be a total of 3%!  Good!  That’s my commission right?  Wrong!  The bank is telling me we have to split it!  Excuse me… where does it say on the contract that my commission is up for negotiation?!?!

I don’t care what verbage the listing agent puts into the MLS; it states that the commision is 3%!  End of story.  The listing agent had the nerve to call and let me know that she understands the MLS rules and yet the property is not pending as the rules state and that commission is not something that is to be negotiated; yet here I am.  The listing agent says she has accepted the terms (yeah, because she is hoping that I will cut my commission in half so she can have some, otherwise that leaves her with a check of just a quarter of what she charges).  She says I can withdraw my contract…. hmmmm she doesn’t care because she doesn’t make much if I refuse.  My clients want the house and I have to suck up and lose money on this deal?!?!?

Isn’t part of a job of a Realtor is to negotiate the best deal for our clients?  THEN WHY CAN’T WE NEGOTIATE THE BEST DEAL ON OUR COMMISSIONS!!!  THEY ARE NOT UP FOR NEGOTIATION!!!  Get over it banks!  I did not get you into this mess that I am now trying to clean up!  And other Realtors take note:  My commission is not up for discussion!

Okay, so I think you get my drift.  The problem I am having with this one over the eight others that I am working on right now is that the listing agent knew that the commission would be cut in half yet she did not change the commission on the MLS to a lower percentage.  To me that is an unfair advantage since I have already written the contract and how do you explain this to clients that we are withdrawing our offer because I am not being paid for my services as stated in the listing?  

It’s bad enough our market is a mess because of banks, our commissions are already being cut because the price of homes is on the downward trend, so why do we have to go even further in our pockets to take less than what is owed for our services?  If anyone has done any kind of these deals (and who hasn’t? There are more than what 82% of the market in some sort of short sale status?), these contracts are difficult and lengthy and frustrating BECAUSE OF … YOU GUESSED IT!  THE BANKS!!!!! 

Wake up people!!!!  Let’s stand together and give the banks the WAKE UP CALL THEY NEED!

 

Tampa Real Estate|Tampa Foreclosures|Tampa Real Estate Blog
Team Masse services the Tampa Florida Real Estate market and the following areas: Tampa, Apollo Beach, Riverview, Ruskin, Brandon, Lithia, Valrico, Gibsonton, South Tampa, and Channelside District.

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~ by ToughGuy on June 13, 2008.

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