Am I a bad Maryland Short Sale agent because I use leverage to get the Short Sale approval?

Am I a bad Maryland Short Sale agent because I use leverage to get the Short Sale approval?

Back in the "Good ol' Days" you take a listing, fulfill all of your listing agent duties with marketing and negotiating and go to settlement. Since the arrival of the SHORT SALE the process has increased substantially. My first short sale in 2007 was before "Short Sale" was a daily word. I recall spending hours and hours AND HOURS on the phone to different departments in different Countries across the world, hearing different versions of where the process was. It was very frustrating and time consuming. My business suffered because of it too.

As the short sales became more prevalent and common place I established a relationship with a Central Maryland Title Company & Attorney who specialize in Short Sales & take on the burden of communicating with the bank in full. Once I have the listing agreement from the seller it includes an authorization to speak to the bank on their behalf. The Attorney immediately opens the lines of communication. The seller no longer has to speak to the numerous and sometimes borderline harassing phone calls, from their lender. The Attorneys office address, in a timely fashion, the mountain of paperwork that the seller needs to complete and documents that need to be submitted. Every bank is different.

Meanwhile I do my job as the listing agent to market the home and find a qualified, ready, willing and able buyer to purchase the short sale.

Once the buyer and seller have negotiated an acceptable sale price and conditions (The seller still owns the home after all), the ratified contract is sent to the Attorney. From there the contract is uploaded to the bank(s), the comps are provided, the HUD1 is completed and all documentation required is accounted for.

There are weekly updates and both agents are made aware of the progress. The fee for this service is charged to the lender on the HUD1. The seller pays nothing up front. The Attorney now has a financial interest in getting the property to settlement as quickly as possible too.

I had an interesting conversation today with a listing agent on a short sale property that my buyer is currently under contract on. The lack of communication has been making my buyer nervous and antsy. The listing agent said that he ALWAYS does 100% of the communication with the bank because he feels that that is part of his job and obligation to his seller.

I explained how I use an Attorney to undertake the communication on short sales and that means I can spend my time being a Realtor. He basically said that I am a bad agent because I use a third party to do my job. He thinks I am delinquent in my responsibilities to my clients because I use an entity that are dedicated to getting short sale approvals.

We agree to disagree.

Am I a bad Maryland Short Sale agent because I use leverage to get Short Sale approval?






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If you are planning to move to the Central Marylandarea and you want a BUYERS AGENT that really knows the area and all that it has to offer, I can help. (Personal tours of the area included in the service)


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These are the areas that I serve Buyers orSellers in the Metro Baltimore area : Howard County, Baltimore County, Baltimore City, Harford County, Anne Arundel County, Carroll County, Montgomery County or Prince Georges County . If you would like more information please call me, Ellie McIntire at 443-418-7668or e-mail EllieMcIntire@MRIS.com

Ellie McIntire

The McIntire Team Real Estate Services.

Keller Williams Realty Centre

443. 418 7668 (cell)

443.766 1768 (O)

443.766 1769 (E-Fax)

E-mail: EllieMcintire@MRIS.com

www.EllieMcIntire.com

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