Saturday, October 8, 2011

Everyone Must Stay in their Lanes in This Real Estate Market

I typically try and only write positive and useful blog entries. However the events of the past week have compelled me to blog and vent about some recent developments:

•an agent in New Jersey refused to relinquish a listing 45 minutes after it was signed and despite my directive to her (as the home owner's attorney) and the home owner himself, the agent listed the property in the MLS and is refusing to terminate the agreement. Worse still, is her buffoon broker threatened to place a lien on the property if the listing is not honored. The agent admitted that she had very little short sale experience and this is a complicated matter.
•another agent in New Jersey advised my clients that they should not file bankruptcy. The sought legal counsel and that attorney recommended that they file;
•an agent in California has refused to relinquish the short sale negotiation even after the home owner signed an agreement with a 3rd party firm. The agent is demanding an additional 1/2 percent for the short sale negotiation and she advised the client that the lender will pay it at close of escrow
•an agent in Florida advised my clients that they should not appear before a hearing officer in a foreclosure matter. Although I may have agreed with her, time was of the essence and she should not have advised the clients of this. It was the only option that we had but her advice severely upset the clients and she should not have commented on this,,,,

As the market becomes more challenging, there will be more bizarre occurrences. However, if everyone works together and stays in their lanes, more transactions will successfully close escrow. All of the above occured THIS week!!! It takes so much additional time for me to handle these matters because time is wasted on non productive matters.

Paddy Deighan

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