Expert: Lori Frankfort - 3/25/2010

Question
We put an offer in on a short sale and just find it very discouraging that we can not get our realtor to work for us. We have to hound her to get us information and find it even more upsetting that she doesn't even follow up with a phone call- even just to be courteous and check in with us. Here is my situation:
There was a buyer on this property that fell out of escrow, so the house went back on the MLS. We put our offer in immediately and were told that we were the FIRST offer in to the bank and supposedly the ONLY offer. This, however, is the ONLY information that we have gotten in weeks. Our realtor never calls, never follows up and we are just frustrated and really want to find someone else to take over for us. Someone that is going to be pushy, loud and NOT back down. Our biggest concern is that maybe we didn't offer enough for the property....and are patiently waiting for the bank to counter but then are concerned that if a higher offer comes in, ours will be pushed aside while they take the higher offer. My realtor provides us with NO advice, NO compassion and honestly, I am questioning her experience.  Believe me, I understand that short sales can take a life time...and I am okay with that- BUT- as my realtor, shouldn't she still at least keep in contact with us???  I almost want to give my offer to the SELLING agent so that way I would at least get the information as she gets it from the bank. What is your advice? Can I switch agents and what does that do to my offer that is sitting at the bank????! Surely I don't want to lose my spot if I am the 'first' offer in.  Also, do banks really only look at one offer at a time? And if they already had ONE offer fall through, wouldn't they just be as EAGER to get this deal rolling again with our offer?? Please help me ease my mind. Your expertise would be greatly appreciated. Do I have a right to call the selling agent myself? The bank? I just want answers. If they want more money for the house, I am willing to give it but can't do that without any correspondence. Please advise!

Answer
You need to call your Realtor's broker at their office.  Call the main office number and ask who the managing broker is.  Explain your situation to the broker, and that if you lose the house based on your Realtor's lack of communication that there will be damages.  If he / she can't resolve the situation for you, I would call the Selling Agent and let them know what is going on.  To my knowledge, you cannot switch Realtors after submitting an offer.  You would need to rescind your offer and submit with a new agent, however your old agent could claim to be the procuring cause of you getting the house (by showing it to you) and you might still owe that agent a commission.  Your best bet is calling the Broker.

Best of luck,

Lori Frankfort

PS: I have heard of banks not responding for nearly a year, waiting for a better offer.  Nothing prevents them from doing so.