Don't Bother?

I have a client who is interested in a house that is subject to "third party approval."  This means the house is on the verge of foreclosure and the seller is hoping for a short sale.  What does "short sale" actually mean?  It's when the seller owes too much or the market will not bear enough to satisfy his mortgage.  Therefore, the seller's lender(s) have to agree to take a "short" when/if the house sells.

This process is nothing new, but since the U.S. economy entered this period of funk and dysfunction, short sales have become more common as a means to help avoid foreclosure.  After all, banks don't want to hold properties and to go through a foreclosure costs them dearly (thank you lawyers and your unbridled passion for billing!)

So, my client is interested in this home.  Her permanent home is in another state, but wants a second home here.  That means she has time on her side, no urgency, no house to sell.  And, she wishes to purchase in cash, meaning there are no financing contingencies and closing can take place in a matter of days, weeks, whatever.  Before proceeding, I contacted the listing agent to inquire if there are any additional forms I need to present with the offer.  And do you know what he said to me? 

"Don't bother." 
  Click here for shock and awe!

What?  He proceeded to explain that six weeks ago he received an offer which has been with the lender all this time waiting for a response.  He didn't want the buyer who wrote this offer to lose out because he/she has been so patient.  Again, what??  

I politely reminded him that if my client wants to write an offer, BY LAW, I have to write it.  And, if I forward that offer to him, BY LAW, he has to present it to the lender and seller.  That's right, folks.  South Carolina law states that real estate agents must present ALL OFFERS to the seller, even an offer that is presented after the seller has already accepted one.  A real estate agent is NOT empowered to make decisions for his/her client.  So, as soon as I brought this fact to light, this agent began to sing a different tune.  Problem is...I'm not sure if I trust him after he said that to me.  

I also pointed out that short sale procedures tend to take a long time because the bank is evaluating not only the shortage they can accept, but also the buyer and their stability,.  I'd be willing to bet that they would be interested in comparing this existing offer to a cash deal that can close at any time.  I'd be willing to bet on that all day long!

Call me a "goodie two-shoes" but the lesson here is that you must protect yourself by choosing a Realtor(r) who not only has experience but who knows the LAW in your state.  I'm a rules player.  Rules and regulations exist for a reason and we all must follow them for everyone's protection.  Continuing education, being active in the marketplace and doing things right the first time are vital to providing the client the service that they deserve and that they expect. 

Elmwood Park bungalow

2222 Clark Street

Elmwood Park is one of Columbia's oldest neighborhoods.  Often, when people visit Columbia or move here from elsewhere, we get questions like "Why aren't there any Antebellum homes here like in Charleston?"  The short answer?  Because Sherman didn't march through Charleston burning everything in his path.  So, most of our old neighborhoods went up in smoke. 

Consequently, Elmwood Park is a beautiful, historic area that is highly desirable. Its architectural detail and style is unique and full of flavorful character.  So as you can probably surmise, finding a home available for sale in Elmwood Park can be difficult.

Enter this little beauty on Clark Street.  It features classic bungalow design with charming Southern "robin's egg blue" style.  The main level includes the formal living room with smooth ceilings and crown mouldings, updated kitchen, dining room, casual den, half bath, master suite with private bath which includes a corner whirlpool tub and bedroom #2.  

 

Upstairs, you'll find the 3rd bedroom, full bath and a bonus room that is great as a craft or media room.  Since it has no closet, it's not considered a bedroom, but could certainly serve as a guest room.  

Enjoy quiet time or entertaining on the large front porch or out back on the deck.  Most of the backyard is privacy fenced and offers a peaceful retreat. The neighborhood is minutes from the downtown district, dining, shopping, entertainment and access to the Interstate.  This is a great opportunity for you to move into this fantastic old Columbia neighborhood.  Get in touch and we'll give you a personal tour!