Why would you hire less than the best?

By
Real Estate Agent with Luxury and New Construction in Katy & Cypress TX

I was just browsing through the MLS, looking for some of the "best" deals that I could find for buyers and investors that we are working with right now when I stumbled on a great deal in a very nice neighborhood. 

This home was listed as "SHORT SALE" meaning that the owners are selling for less than they owe on it.  It's becoming more common in our markets as banks seek to cut losses and not compete in the foreclosure market. 

So I start looking and upon researching, I find a couple of interesting things. 

1. It is listed with a company that is known for being a "discount" firm with also lower service (we get calls all the time to come list after this particular company and we do well with what they were unable to move).

2.  It has been on the market a LONG time. 

3.  This home is not being very well distributed online (exposure is VERY limited, another thing that we have come to see from lower service companies).

4. This home is in a market area that is doing well right now.

5. This home is in a price range where we are seeing the MOST buyer activity ($200,000-$300,000)!

In a SHORT SALE, time is of the essence...if something is not working, you have to do something else.  Now I know that sometimes the lender can hold things up when processing an acceptable offer, but that is not the case with this property...they simply do not have an agressive enough agent or a visible enough agency to get the job done. 

Anyway, since the very nature of the SHORT SALE is that the owner's are selling for less than they owe in most cases,  they are not usually on the hook for the REALTOR® comission...so why would you skimp and hire a less experienced or less capable agent to work your short sale? 

My dad used to always tell me "if you don't know then you don't know" and I think that's applicable now.  People DO know they need the best to handle a critical situation like a short sale to avoid foreclosure!  What they DON'T know is that they CAN have the best handle it...

In short sales, EXPERIENCE is the name of the game.   At ANY price...

 

Short Sale Katy Texas

KNOWLEDGE IS POWER, ESPECIALLY WHEN TIME IS OF THE ESSENCE!

Short Sale Katy Texas Specialists

Call Ron-- 281-935-7152 Direct or our Toll Free information line

Call (877)472-5390 and use the code to hear about our guarantees and to hear about our SHORT SALE programs:

SHORT SALE INFORMATION: Code 7002

Easy Exit Listing Guarantee Code: 7003

$5000 Buyer Guarantee, Code: 7004

Your Home Sold in 29 Days GUARANTEED, Code: 7005

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Topic:
Home Selling
Location:
Texas Harris County Katy
Tags:
short sale katy texas

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Rainmaker
697,750
Barbara S. Duncan
CRS, GRI, e-PRO, Searcy AR
RE/MAX Advantage

We have agents and companies that are not cut rate that still do a very poor job of exposing the properties.  I wonder how a seller can advertise a short sale.  Do they have permission from the bank that the bank will accept less?  Are they just hoping the bank will take less?  Or do they have the money to pay the difference?

January 13, 2009 08:40 PM
Rainmaker
272,517
Ron Tarvin
Broker, Katy, Houston, Cypress 77450,77494,77095
Luxury and New Construction in Katy & Cypress TX

Barbara, that's where the experience comes in.  Knowing the market and being able to price correctly so that the bank will accept and the market will pay it. 

You are right that there are full service companies (agents) that do a poor job, but why would you hire a less than full service company right off the start?  Why not the dominant company?  Or the one who actually advertises their experience in the matter...it's not a normal Real estate transaction by any means!

The seller is sometimes responsible, when able, for shortages...I have not worked many where the sellers ended up responsible and with the legislation passed last year, even a 1099 isn't issued on most.

January 13, 2009 08:52 PM
Rainmaker
449,271
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

Ron - Sellers definitely need experience when hiring a short sale specialist.  Thanks for writing your post!

January 24, 2009 05:22 PM
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Rainmaker
272,517

Ron Tarvin

Broker, Katy, Houston, Cypress 77450,77494,77095
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