When Tampa Realtors Decide There Are No Rules but Their Own

I had a client that wanted to buy some homes in the Tampa Real Estate Market.  They were a good client and we got along well.  The homes that they wanted to buy were inexpensive investment property, around $20-$40k and their cause was good.  They wanted to purchase for church use.  Anyway, the Real Estate Office that had the listing was one of these companies that take a bunch of offers (this is a short sale) and do not have the seller sign the offer, they sit on the property for some 60 days and pile up offers, at which point they submit the offers as a package to the bank for review.  Now you may say, “Hey, that sounds legal”, well it is and it is not.  The Bank is a contingency and not the seller so there is no official offer until the seller signs it.  The order in which things are suppose to happen per our MLS and Real Estate Board is that the Seller makes the decision and then the contingencies need to be met, and not the other way around.

So, we get word after about 4 months that the first lien holder accepted the offer and now off to the second.  In the mean time, our client thinks we don’t know what we are doing so they go with another agent, even though we have informed them on a weekly basis regarding the status of the contract.  For some reason, they think that they should have heard a long time ago.  So now we loose the client but they are still on the hook for the property.  Ok, so now we hear back that the first has changed their mind and went with another offer even though ours is just shy of full price and cash.

My recommendations to all of you out there that are working on a short sale…keep in mind that it could take a very long time especially if the company that you are dealing with is pulling crap like this.  Our listings that are short sales are worked vigilantly, get approval quickly because we know all the players and because we have control of the transaction.  If you are one of those companies out there doing what we highlighted, and you know who you are, your hater base is growing and eventually there will be enough agents out there that will no longer deal with you and in turn, you will go out of business or conform to the rules…until then, I know who you are and I will make sure others steer clear, you made me loose one client, and that is all you are going to get.

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~ by ToughGuy on August 1, 2008.

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