11-21-2012 07:33 PM
I made an offer on a short sale.Seller accepted and sent to their lender. My offer was cash. I presented a termite I purchased on the place and that termite stated around $35k in damage. My offer was list price less amount equal to the costs to repair estimated damage. Listing agent responded 10 days later to my agent with an email showing the negotiator's "worksheet". We got no docs for my signature as to whether I'd accept or reject. Listing agent told my agent to contact me immediately and get an answer. My agent did send me copies of these emails but he was with a client until late afternoon and let me know he'd talk with me after 4pm. The listing agent told my agent he "..was an assh..." and berated him for not getting an answer from me immediately and from even tendering the offer of less than the list price (though they accepted it so ???). Then the list agent told my agent that she "..knew I would not pay..." the lender's "counter" offer however I HAD NOT YET RESPONDED!!!! ...And as of right now, I STILL have received nothing to respond to - no doc to sign, etc. The listing agent told my agent she would not "..waste any more time with either him or..." me (his client).
I am in a state of ..huh.. wtf? I spent $275 on a termite and the seller accepted my offer and sent it to the lender so... it is assumed if they did not want to proffer it to the lender, they would not have done so and rejected it immediately but even so, I don't understand - does one have more than 5 min. to make such a decision and don't you have to have something besides an email or phone call that says "no" and "it's xyz $$ and if you want it, sign here" kind of thing?
The listing agent says she has a backup offer. Of course there is no way of knowing this. Between the language used by this listing agent (I saw the emails - they are barely coherent and filled with anger and swearing - not the kind of thing you'd expect from professionals in ANY field really..) and what she has said (and the emails are in all caps - the type of thing indicative of 14 year olds doing angry texting), I just don't know what to do here nor do I understand where I stand but one thing I want to know is how to report such poor behavior and conduct. There ARE standards agents do have to adhere to some of which, if violated, could cause an agent to lose their license.
And yes, I am one who will take (and has taken) the time to file such complaints. Anybody know the deal re this? Who governs such people and anybody have an experience like this?
11-21-2012 07:34 PM
I have half a mind to post her name here so that you all can be well forewarned as I understand she does a lot of short sales. Her name, by the way, suggests as much. That might help you figure out who she is without my even having to say anything more...
11-21-2012 07:56 PM - edited 11-21-2012 08:41 PM
More than the issues with Listing agent, if your statement is correct about 35k damages due to termite, I may view it different way......It is a high concern area!
If I were you, I would not have given an offer to that home, but will ignore the $275, walk away from the home Happily
11-21-2012 08:18 PM
I did the termite to justify the offer I was making which was less than what was being asked. My architect (who happens to actually live very close to the home) and I both felt that given the area and comps there, the house was deinitely over-priced given the condition. The mold was visible just walking in the door. I had planned to tear it down, basically, and rebuild as it is really a dump - 880' building on a small lot (2500'). The termite was simply to provide evidence that my offer was not just a low-ball offer but had some reason to it.
This property already has 1 NOD on it. The thing has been on the market since August. They had a buyer. They raised the price. The buyer said 'no thanks'. And then I came along and offered on it and they accepted and sent my offer to the lender.
And of course now it's Thanksgiving and who knows what state this is all in but they will, won't they?, have to disclose the termite I did - to any other buyer, won't they?
11-21-2012 08:49 PM
I had planned to tear it down, basically, and rebuild as it is really a dump - 880' building on a small lot (2500').
I see your offer is justified as you are paying only the land, location. If the home is at this condition, only few will offer, then likely back off from offer.
The best way is to ask your agent to take up with Broker about the insufficient time...etc. Otherwise, ask her to go to DRE as an escalation. These are some tactics to bring the listing agent to control. However, you have to find out chances of getting the home during this process.
11-21-2012 10:04 PM
Very helpful but a question - What do you mean by 'an excalation'? The listing agent claims she has a back up offer. Of course there is NO way to tell whether this is just a tactic or what.
I have to wonder whether this listing agent is "compromised" (drugs or something). I read some of what she sent to my agent and it is truly peculiar - the English is barely coherent (or maybe she can't type well or something), she calls my agent names and uses vulgar language that would get anybody fired from a job such as that of a real estate agent, and her emails are typed in all caps.
A shocking experience, this has been. Really - shocking!
11-21-2012 11:45 PM - edited 11-23-2012 01:39 PM
Your offer is accepted, you have signed offer by seller and forwarded to bank. Hence, backup offer is for 2nd chance. In case you back out, they can choose 2nd offer. Until you back out, you still have the control to negotiate etc.
Step 1) If Listing agent is not giving any sufficient time, your agent has to first talk to LA. If she does not listen properly, your agent has to talk to LA broker about the mis-behaviour with proper documentation like how long LA gave time to respond etc. LA broker most likely will resolve based on your agent's proof. Now, LA will know your agent is talking about the rights of buyer agent. This will bring her/him under control.
Step 2)If that does not work out, your agent has to go further to DRE reporting. This will likely affect both broker and LA practice. Hence, LA broker normally try to resolve/bring the LA under control as the Broker does not want to get a hit from DRE.
This is a step by step escalation or reporting so that LA has to follow proper procedure and stop abusive languages.
Step 1 will give you leverage to still get the home, but step 2 widens the gap.
My only concern is <Listing agent responded 10 days later to my agent with an email showing the negotiator's "worksheet">
Even though you have given reduced offer (with termite damages), bank will take its own appraisal after your offer is submitted. They will not go down very much from the appraisal amount. This will be revealed in negotiator's "worksheet" - I guess.
If you know the appraisal amount, it will help you to decide as bank are very tough to Negotiate/yield from appraisal value.
11-22-2012 07:26 AM
This is a bit off topic but some pest inpsection companines grossly exaggerate the dollar amount of the damage. One report I saw included $2500 to tent a small shed, $3200 to take a few rotted pieces of wood out of a landing and splice in new ones, and $2900 to replace a rear door which lead from an enclosed back porch to a deck. Some problems can easily be addressed with spot treatment rather than tenting. Most homes never get inspected, let alone treated, until they sell and can go decades without a look; how many get badly undermined as a result? Some of those termite companies know everyone is under the gun to close and back in the saner days of home purchases the seller would often address section 1 issues prior to close. So always take those reports with a grain of salt ansd shop thigns aroudn for quotes. Home inspectors may refuse to act as contrators because they view it as a conflict of interest - but not so pest inspectors!