Don’t take it if you can’t work it…

I have been working with a couple who want to purchase a shortsale or REO. I understand the buyers want to take advantage of these deals right now. However, I am horrified at the lack of service that the listing agents are putting into these transactions. I cannot believe that agents will use excuses like "I have too many transactions, and your offer just got lost", or "I am doing too many transactions to respond to the offer you faxed, I only accept offers by email." In Florida, a listing agent has an obligation to present any and all offers. The idea that you would ignore offers that come in is astounding, irresponsible and potentially a legal liability. If a bank discovered that they accepted a lower offer because the agent lost or rejected an offer based on the mode of delivery, they would have a case against that agent for the loss of income due to the offer not being presented. Additionally, the foreclosed home owner could legitimately claim that the bank undersold the property as a result of negligence, and therefore the judgment against them should be considered illegitimate.

In short, if you can't handle the business, don't take it. I have heard excuses like, "Well I am only getting paid X," or "Sorry, I have 30 listings right now, and I just can't update everyone." These are inappropriate excuses for providing bad service, and most often result in making the selling agent work both sides of the transaction. Unfortunately, these agents have secured properties in high demand, and the buyers are looking for their properties. However, this will change, and if they don't learn how to behave more professionally, they won't last through the next change in the market.