Blog: Short Sale Sellers Self Sabotage
http://wp.me/p8JO4-7c

Advertisements
Published in: on August 30, 2009 at 10:51 am  Leave a Comment  

Short Sale Sellers Self Sabotage

When a seller requests an agent to list a short sale,  they are in effect asking us to help prevent them from going to foreclosure – they are seeking a dignified way to exit their state of default. 

At the outset,  the seller is easy to work with and willing to do what is necessary to market the property, by de-cluttering, and allowing the REALTOR® to paint and stage the property for a faster sale.  The seller is also more than willing to allow agents and buyers to preview the home and to vacate the property during Open House days.

Having spent 4 days painting and staging,  the once dingy house looked magnificent – clean, tidy and perfectly color-coordinated and everyone who viewed the house during that first month commented favorably.  We got a SLEW of Offers! 

What mental transformation takes place in the seller from the second and third month, resulting in the total sabotage of the sale?

  •  The seller leaves the house with socks hanging out of draws, toothpaste ‘spit’ in the bathroom sink, remnants of last nights dinner still on the stove top and dirty dishes in the sink
  • The house has not been cleaned since the first day on the market, the dog has not been bathed in weeks and is stinking up the house and his promise to not smoke inside the house has clearly been broken!
  • There are ‘things’ growing inside the ‘frigerator and the garden is overgrown!
  •  The seller says that it is not convenient for the agent to bring a buyer at that time (ANY time)! 

When my seller and I had our ‘Come to Jesus’ talk,  his reasoning was simple: “While you are out celebrating at the sale of my house,  just remember that I have lost everything and have no reason to be happy!”

At this stage,  both REALTORS® and buyers have become the enemy and the seller believes that if he/she cannot have the house, no-one will, but sadly,  they don’t consider the alternative:  Foreclosure, eviction and devastating effects on their credit.

As with any loss,  a short sale or foreclosure comes with a grieving process for the seller/owner and REALTORS(R) need to explain this to them at the first meeting.  They need to be advised of the various levels of grieving and that each level is followed by another, but that each level does pass.  If they know this up front,  they will be better prepared to handle it.

 

Althea Garner

REALTOR (R) MBA, MCI, e-Pro
Exit Beach Cities Realty
Your House Of Homes Online
(714) 264-3458

Search over 50,000 listings at my web site:
http://www.HouseOfHomesOnline.com

http://www.BuyCheapHomesToday.com

Women’s Council of REALTORS(R):
Treasurer – 2008 (Coastal-West)
Education Chairperson – 2009 (South County)
Education Committee – 2009 (California State)

Orange County Association of REALTORS(R):
Education Vice Chair – 2009

Selling Your Home Yourself

The following appeared in a Blog by a Texas company:

“Posted on August 17th, 2009 by Kimberly Edwards

If you’re into Los angeles California Real Estate, and if you’re selling your home, be sure to get it seen by the masses for  a quick sale.

 

MomsHouse

 

Sometimes that means you’ll want to list it with a realtor, but be sure you’re still trying to sell it privately yourselves – that means you’ll want an exclusionary clause in your contract with your seller’s agent. This will allow you to “buy out” your realtor for whatever agreed upon price if you actually sell your home yourself.

Are you dealing with Santa Monica Real Estate? No problem, LAHomeSearch.com can help you sell your home quickly and they provide you with Seller’s and Buyer’s Resources.

* Tip: Nowadays, you can pay to list your house on the MLS and not use a realtor! How cool is that?

Also, if you’re selling your home, that likely means you’re also looking for a new home to live in.

LA Home Search still has all of your bases covered because you can search their Los Angeles Homes for Sale too!

Now, you know we advocate selling your house on your own, but there are lucrative ways that could help you in the sale of your home, especially if you simply don’t have any time to put into it.

However, still try to sell your property on your own, even if you do list it…again, just make sure it’s in your realtor contract that you can and have a pre-determined amount you can give your realtor if you do sell it yourself!”

Whether this clause is in your contract or not,  your REALTOR(R) is under no obligation to assist you with the documentation or the Escrow,  which leaves you doing all the work and taking all the risks,  while still paying your REALTOR(R)!

In addition,  during the contract period,  the seller is not permitted to advertise the property as a ‘For Sale By Owner’ because he is legally contracted with a brokerage.

The best scenario, would be to include a clause that permits the seller to inytoduce buyers to the REALTOR(R) and that the REALTOR(R) take the buyer to fruition. 

Remember,  the REALTOR(R):

  • is covered by E&O insurance – the seller is not!
  • pays for and does all the marketing/advertising, Open Houses, signage etc
  • keeps abreast of new law changes and scams
  • is qualified at negotiations
  • is knowledgable about the Escrow process, what has to be done and when
  • knows what CAN go wrong and how to avoid it

Remember also, that the REALTOR(R) does this day in and day out.  For the seller,  this is a ‘sometime’ thing!

There’s a reason that selling property requires a license!

 

Althea Garner

REALTOR (R) MBA, MCI, e-Pro
Exit Beach Cities Realty
Your House Of Homes Online
(714) 264-3458

Search over 50,000 listings at my web site:
http://www.HouseOfHomesOnline.com

http://www,BuyCheapHomesToday.com

Women’s Council of REALTORS(R):
Treasurer – 2008 (Coastal-West)
Webmaster – 2009 (Long Beach)
Editor – 2009 (Long Beach)
Education Chairperson – 2009 (South County)
Education Committee – 2009 (California State)

Orange County Association of REALTORS(R):
Education Vice Chair – 2009

Buyers: Beware Unlicensed Agents!

When an agent receives a call requesting to show buyers their listing, the rules are simple:

1)  Get the buyers agent name

2)  Get the buyers agent Brokerage name

3)  Get the buyers agent license number

With this information,  we are able to grant permission for a buyers agent and his/her buyers to enter the property.

Such was the case with my listing last week and as expected,  I released the combination code to the ‘agent’, granting permission for the buyers agent to take his buyers to view the property.

My seller called me about an hour later to say that the key, together with the front of the lockbox was laying on the floor in front of the front door,  and HUGE RED FLAGS went off in my mind!

I immediately called the agent (Joe Chaides) asking if he was WITH the buyers at the time and his answer was “No,  I’m in Bakersfield” – the house is in Long Beach!  When I questioned him,  he just hung up!  A second call obtained the same result.

When I called the Brokerage,  the Broker was unavailable (and the e-mail address I was given, bounced – I was also told that this Broker was away and did not have a cell phone!).  I was told by a man at the Brokerage,  that the agent in question did not work there anymore, so I ran a check on his license and sure enough, his license had lapsed!

What does all this mean?

1)  That there is an unlicensed agent in Bakersfield, posing as a REALTOR(R).

2)  The buyer/s that he represents, have no qualified advisor and therefore no legal recourse.

3)  The Brokerage name that the agent used is ultimately responsible – Castita Realty, Inc 

4)  Good agents who work according to the rules and regulations of the DRE (Department of Real Estate) are likely to be judged according to this unlicensed agents unlawful behavior!

5)  Both the Buyers and the agent are guilty of unlawful entry into a private residence – breaking and entering!

As a result of the above,  I immediately had the sellers home re-keyed and a new lock box applied to the property.

It was abundantly clear to me that the man at the Brokerage had contacted the unlicensed agent because I got a message on my cell phone (a message that will be retained for legal proceedings) that clearly stated “I just received a call from the office…..” .  Had this man not still been working for this Brokerage,  his message would likely have said: ” a call from my previous office” or “a call from Casita Realty, Inc”,  but to call that Brokergae ‘the office’,  indicated posession and therefore,  this unlicensed agent is STILL conducting business as a REALTOR(R) AND under the umbrella of Casita Realty, Inc!

I also still have the unlicensed agents phone message from the day before which states: “My buyers would like to see your listing at [address in Long Beach]” in which he admits that the buyer is HIS client!  This message will also be retained for legal purposes.

During the ensuing conversation with Joe Chiades the following day,  he freely admitted that he did not have a valid real estate license and that he knew that he was doing wrong!  I daresay that he did not inform the unsuspecting buyers of this fact and I wonder how many other home seekers and sellers are falling prey to this type of indiscriminate ripoff?

I have reported this man to the DRE and feel very strongly that this is a person who should NOT be allowed to hold a real estate license, because when one is an agent,  we are placed in a position of trust.  How can anyone (buyer, seller, Broker, REALTOR(R)) trust a man who has so blatantly and knowingly, broken the law?

So,  here’s the crunch:

Joe Chaides,  told me that he felt that it was OK to grant access to his ‘buyers’, because he assumed that the house was vacant.  If he had been a member of his local MLS board (Bakersfield Association of REALTORS(R)) ,  he would have seen that the house is indeed, occupied by the owner,  so now he is also not paying Board fees!  A simple search of this Board, reveals that neither the agent, nor the Broker of note, nor the Brokerage, come up in the search! Why should some agents feel the need to do business honestly, by adhering to the rules and regulations of the Department of Real Estate, by maintaining a valid license and by paying Board fees,  while others do not?  For those who do not,  is it right that they continue to conduct business in real estate?

If his buyers wanted to put in an Offer on this (or any other property),  how was he going to complete the Offer documents,  which REQUIRE the agents name, license number and Brokerage name and number?  Very simple…….  this unlicensed agent would have put the buyer in touch with someone at Casita Realty, Inc, to process the documents,  which means that Casita Realty, Inc is ALSO at fault for circumventing the system.

Brokers are required to ensure that agents working under them are in fact holders of a valid DRE license. Buyers and sellers are strongly advised to perform their own due diligence in checking that the real estate individual that represents them, is in fact licensed,  by going to the DRE website and searching for the name of the licensee or broker.

 

Althea Garner

REALTOR (R) MBA, MCI, e-Pro
Exit Beach Cities Realty
Your House Of Homes Online
(714) 264-3458

Search over 50,000 listings at my web site:
http://www.HouseOfHomesOnline.com

http://www,BuyCheapHomesToday.com

Women’s Council of REALTORS(R):
Treasurer – 2008 (Coastal-West)
Webmaster – 2009 (Long Beach)
Editor – 2009 (Long Beach)
Education Chairperson – 2009 (South County)
Education Committee – 2009 (California State)

Orange County Association of REALTORS(R):
Education Vice Chair – 2009

Awesome day! Nothing can spoil the achievements or the interaction of amazing people who have enhanced my life!

Published in: on August 11, 2009 at 9:26 pm  Leave a Comment  

Listings coming in thick and fast – sellers see the value of staging!
http://ping.fm/GCMyF

Published in: on August 11, 2009 at 9:20 pm  Leave a Comment