Blogging Broker

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So, I just mentioned in my last blog an offer made 5 or 6 weeks ago on a Short Sale and said I had still not heard back from the agent, well this afternoon I did. The home is/was (havent looked to see current status) listed as an ” APPROVED SHORT SALE” at $119,000 According to the agent this mean that she had an “approval” from the lender that if she brought an offer at the listed ask price it would be approved by the lender. Well, that sounds promising. Unfortunately, my buyer’s offer was under the ask of 119k but apparently it would not have mattered.

Here is what I was told this afternoon. The agent received multiple offers on the property. Some of the offers were over the ask and went as high as $135k so now the bank is countering back to all the bidders at $160k (or give us your highest and your best). This is complete bullshit and should not be allowed to take place by NAR. The listing agents on these properties don’t really give a rats ass; they will lay down and take it in the rear from the lenders all day long. The buyer’s agents shouldn’t tolerate it either. If, in fact, the lender had indicated that they would sell at the price listed by the selling agent then they should sell at the listed price, or the highest and best offer above the listed price..

The broker who listed it is from ANOTHER county. I just reported the matter to FAR and advised them to boot the broker and her business off the Fresno MLS.

[update - FAR tells me the broker didnt pay her MLS dues so she got the boot - good!]

If you’re a buyer, I would strongly urge you to forget about bidding on a Short Sale. Find a competitively priced REO and go for it.

Oh - by the way - remember this REO I mentioned. The agent has recently lowered the price $10,000 but his Marketing Remarks still say: ” 3 bed/2 bath in established neighborhood. Great starter home or investment” ——— SIGH!

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