I was talking to a Birmingham Short Sale Seller who happened to be listed with another Realtor (no one is perfect :) ). The Seller happened to have read my blog and was calling me for advice. His/her agent, a well known and accomplished local Realtor, was not as proficient in Short Sale negotiations as the seller thought they would be. The Seller became aware of this after signing a six month listing agreement. The problem was the listing Realtor was barley communicating to the bank at all with an offer that was 2 months old and getting older. The seller had picked up the slack and was calling the bank in hopes to get the Short Sale through.
In theory the Seller calling the bank is a good idea, especially if the listing agent is with out a team and lacks the people power needed to get a short sale through.
I have a team of people who in conjunction with my efforts are all calling the bank. But the difference between The Mike Realtor Team calling the bank instead of the Seller is:
1. We log our calls, I know exactly: what the last team member did;
a. What number they called?
b. Who they called, name, extension, ID#, Dept...
c. What was said, so we can quote them later...
d. When was it said, date, time?
e. What does the time line look like?
f. What is the next action for this file?
g. Do we have a negotiator?
h. What is his/her name?
i. How can I reach them?
j. Has a BPO been completed?
2. If the seller talks to the bank, they could be pressured into a commitment that they would like to avoid.
a. Since we our not principals of the Short Sale, we are able to avoid;
i. The banks efforts to pressure or threaten the seller.
ii. Give the Seller the opportunity of time to consider all of the bank requests.
3. The Mike Realtor Team does this for a living;
a. We never get angry.
b. We never get frustrated.
c. We know the right questions to ask.
d. We know when we are getting the run around.
e. We keep our Eye on the Ball and focus on the closing!!
f. And we are aware of all aspects of the Real Estate Transaction.
In short, whose job is it to call the banks, the party best suited for success. This may be the Realtor, the Seller, or an Attorney. BUT, before you sign the listing ticket, make sure you know what to expect, what will be expected and who will be calling the bank?
Mike Sher,
Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
CDPE (Certified Distress Property Expert)
MCAR, Short Sale Trainer
Max Brook and Real Estate One Short Sale Specialist.
The Mike Realtor Team Blog - Metro Detroit/Oakland County
Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City
But, We Can Help!
This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.
