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It is a short sale, why do you care if we offer that much lower than it is worth?

Photo courtesy of vuk011Do I slap you now or later? First of all, my fiduciary responsibility is to my seller and I guess in the case of a short sale it really is the bank, so my job is to get them the most money for the house so they lose the least amount of money and not have to foreclose on the property.

But, guess what? I have a seller who doesn't want to do a short sale, but has too! What does that mean to your buyer? My seller is going to turn around and tell you where to stick your offer because they plan to payback every dime that the bank doesn't get in the form of an unsecured loan.

I know it sounds crazy, but guess what? I have a seller who was taught if you borrow money then you have to pay it back. It may not be as agreed to, but you agreed to pay it back, so do it! I think what the seller is doing is certainly above and beyond the call of duty, but they said they can't live with themselves if they short the bank and they will pay it as soon as they have the money.

Now, this home is going to be short only about $20,000 after commissions and closing costs, but it still will come up short. So if you offer $100,000 less they would feel pressured to pay that back to the bank. So please take your offer back and take it to someone who doesn't care, MY CLIENTS DO!

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 12 commentsRespect Realty LLC • October 26 2008 10:58AM

Comments

This sure says a lot for your clients. Quite frankly I think too many people are running away from their problems by giving the homes back to the bank. I understand their are special situations but homeowners also need to take some responsibility to the debt they got themselves into.

jared.pro

Posted by Jared Wangsgard over 9 years ago

There is one more reason you should care if the offer is much lower than value:  The bank will not approve the offer!

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 9 years ago

You are right you do have a responsibility to your sellers.  It is a tough situation I wish you luck on your short-sale.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) over 9 years ago

Best of luck, short sales aren't an easy decision, but there home is obviously worth far less than what they barrowed, there are a lot of people in this situation.  Best of luck.

Posted by Kim Sellers, Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow (Lake Arrowhead, CA Coldwell Banker) over 9 years ago

Todd, they are good people. Hubby is one of those. All the way down to sending the money for donations that I so easily get HOOKED INTO. If you say you will....you must. Good for them. I hope someone steps up to the pump for them. Does it make you think of kicking in compensation? JC

Later in the rain~Deb

Posted by Deb Brooks (Brooks Prime Properties Wichita Falls Texas) over 9 years ago

Good for your sellers.  However, their situation is no obligation for a "buyer" to make an offer that addresses it. 

Definition of market is where two parties of free will agree on a price to transact a trade (or some such thing).  There's no market until a deal is done. 

Your sellers agreed to perform on their loan.  None of the loan conditions addressed market conditions or property valuations for th future.  Buying RE is always a risk.  They happened to get caught, either through personal situations or markets turning against them. 

So to demand that someone bring a "legit" offer the first time is unrealistic.  When the markets were hot, noone was complaining about the "bid" mentality of offers coming in over asking price. Now its the same thing, only in reverse.

 

 

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) over 9 years ago

Wow Todd! This is really a first in my experience. It may be an excellent retort to my buyers who think they have all the power, then go about blowing the deal with an insulting offer. I tend to walk away from those buyers anyway, but it puts some perspective back into the writing considerations.

You're fortunate to be working with such honorable people. You know you'll get paid! With shorts, it's never a guarantee.

Posted by Jennifer Monroe, Real Estate REALTOR®/Broker in Beautiful Charlotte (Savvy + Company Real Estate) over 9 years ago

Todd, this isn't heard of much but I am glad to see it.  While I'm sure as suggested that you might wanna throw in your side .... bet these are the people whose values are so, so that they want to make sure you are compensated as well.  Kind of a nice story and am glad I stopped by today.  Catch up with you, in the rain!

Posted by Barb Van Stensel over 9 years ago

I love the do I slap you now or later???? lol.......oh todd that is such a good walk up and kick in the pants for realtors.........we're dealing with real people, real debt, and some with real integrity ....time for both purchasers and Realtors to get Real!

Posted by Liz Moras Migic, Chilliwack, British Columbia - Realtor over 9 years ago

What do you mean by get Real? 

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) over 9 years ago

Wow, I haven't heard of that one.

Posted by Fran Gatti, Managing Principal Broker - RE/MAX Integrity (RE/MAX Integrity) over 9 years ago

I think this very honorable of your sellers. Very Honorable! I felt my stomach tighten when I read Jared's comment because I don't feel that people are running away from their homes. I feel they are getting the big boot. And it stinks!

Posted by Lori Franks, Brookings, Oregon (Real Estate Consultant) over 9 years ago

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