Give me a 2nd chance

By
Real Estate Agent with Keller Williams Realty, Independently owned and operated

Sometimes I wish the banks would allow the Short Sale listing agent the opportunity to sell the home as a REO.

I have about a 70 percent return rate on short sales.  Even though I am certified as a short sale agent, I do not do a lot of marketing for this kind of business, but I do list them.

Usually it is a referral of a past customer or friend; is how I get these listings.  I do try everything in my power to get it sold, and market it just like any other listing.  I work very hard to get them to the closing table.

However if the bank/investors bottom line is more then the market value, I loose.  It is not because I did not have offers.

So I was checking on a couple of homes I had listed as short sales, and I did not get them sold, as I always wonder what the difference is from their bottom line for a short sale VS what they will list as a bank owned. I know I should not do this, as it is always salt in the wound!

Today, I found 2 that are listed for so much less then what they would take as a short sale.  One was so low, it listed and sold in no time!

Well I can do that!  List low and sell!

With this particular home I had a ton of showings, so I am interested to know ( and probably will never know) is the buyer a person who came through the home with their agent to preview.  It sold so fast it makes me think it was.

It would great if the bank/investor would give the option to the agent who worked so hard to get it sold as a short sale the option to list as a REO.  You know business to business respect and all!

 

So wondering if any agents out there has tried to solicit this business, and if you were successful?

 

 

 

Posted by

Michelle Gordon is a Realtor with Keller Williams Realty - Grand Rapids Michigan - voted the best Real Estate company by readers poll 2009 - 2010 in the Grand Rapids Magizine.  Focus on 1st time home buyers, Relocation and listings in the Kent County area.  You may find Michelle on facebook, twitter or linked in and she invites you to join her.

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Rainmaker
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Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

It's probably a different group of five-daily-goalers handling the REO vs. the short sale negotiation.  Your hard work and your effectiveness is irrelevant. 

Five daily goals of a bank's cubicle dweller:

  1. Punch in
  2. Morning break.
  3. Lunch
  4. Afternoon break.
  5. Punch out.
Jan 26, 2011 10:33 AM #1
Rainmaker
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Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Michelle, this story could unfortunately be repeated over and over.  From a financial perspective, I find it odd that lending institutions would allow this to happen.  The loss on many homes in foreclosure and REO Sales is often much larger than it has to be or should be.  Hoping that common sense makes a comeback soon.

Jan 26, 2011 08:56 PM #2
Rainmaker
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Michelle Gordon
Keller Williams Realty, Independently owned and operated - Grand Rapids, MI

E.J.  I have to say I have worked with some great negotiators........and some very bad ones.......I think it depends on the company standards and what they expect.

Lola - I keep telling myself they will get common sense, still waiting - I wish I understood.  I think if the banks were willing to give us more information at the time of the listing of the short sale we could expedite our sales.  To many games from some banks.

Jan 28, 2011 06:26 AM #3
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Rainmaker
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Michelle Gordon

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