Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

Elizabeth:

Very good post and great information. Have a super day.

Elizabeth - OY VEY!!!  I cringe everytime I get a call that starts out with, "I'm in escrow right now and was wondering if you could help me"?  The thing is that I will listen to their scenario but so often tell them that without knowing the details of their loan transaction, I can't say why they're having the problems they're having. 

Quite often, I even tell them to stay with the MLO/lender they're with because they may be able to save the transaction.  I do let them know that if things don't work out though, I'd be happy to assist them with any of their future mortgage needs.  Sometimes I hear from them again (just had a recent AR success story on just such a borrower) and sometimes I don't. 

I'm just one of those kinds of MLO who will talk to just about anyone who contacts me about mortgage loans, even if they don't end up utilizing my services or not.  I've always felt that part of my duty and responsibility as an MLO is to educate and inform consumers on mortgage loans. 

Elizabeth, I think everyone is just afraid nowadays.  They trust their agent, but want a confirmation.  I mean, wouldn't you?

Hey Donne: Are you telling me you engage in long conversations with every time sucker out there? I have time in my business schedule for basically two things: My clients and people who are about to become my clients.

Hey Linda: You know the old City News Bureau creed, right? If your mother says she loves you, check it out. But at some point, you've got to trust your agent or you should find one you do.

"Are you telling me you engage in long conversations with every time sucker out there?"

Love your sense of humor!!!  Rest assured, I am not wasting hours on end everytime I speak with some stranger who contacts me looking for help.  After 8.5yrs in the mortgage biz, I can tell in a few minutes with a few very specific questions whether there is a chance in the world of me ever being able to help someone with their mortgage needs.  Do I mind giving someone a few minutes of my time - not at all!  That's just me though, I'm sure there are a lot of other MLO's who don't feel that way.  So be it.  :)

I haven't had too many of those calls!  But did recently have a call that supposedly came from New Jersey.  The lady was looking for advice about a home she had in escrow.  I answered pretty much as you suggest in this article.  We cannot and must not interfere with another Realtor's transaction. 

That being said, buying a home is a major purchase for most folks.  It is understandable that some may be a little jittery in the process and second guess those advising them.  I remember having a client that was constantly getting really bad advice from an old Uncle Jake.  I had to take time out of each day to sit down and set things right again with my clients. 

The worst was when they wanted Uncle Jake's son, a lender to do the loan.  You guessed it, at the eleventh hour, the "lender" was throwing out last minute "conditions" like a volley of machine gun fire.  He wasn't funding.  So, I picked up the loan package and took it to one of my favorite lenders, who sent it through underwriting, funded and we closed!

You're not breaching the code of ethics by answering the questions of a consumer who contacts you.  In fact, you could be strengthening their relationship, particularly if you agree with what they've done.

Answering questions honestly and accurately is not against the code of ethics.  Putting your conversation into "overdrive" and pressing them to drop their agent and switch to you, on the other hand, would be.  You walk a fine line.

Elizabeth ---

So many of these folks asking questions on Trulia....when the first ones they should ask are their own realtors!

By the way, one of the folks who wrote you and whom you referred to Alain Pinel Realtors, is now working with me via our referral network. Thanks!

Hi Myrl: Agents have their own definition of what it means to interfere in another agent's transaction. But it's pretty black and white to me. I imagine to you too. But not to everybody.

Like Alan, here. He walks a fine line. I don't walk a fine line. If I think an agent has something wrong, I'm not going to tell that client unless that client is my client. I have no fiduciary to a stranger. That client belongs to another REALTOR®. And I'm not gonna interfere.

Hi Pacita: That is so cool, Pacita -- I am so happy you got the referral. I am limited regarding referrals because my broker is part of Leading Real Estate Companies of the World, so that's where they have to go. You would have had it in a heartbeat otherwise. But I agree about Trulia. Almost all of the questions come from people in escrow.

 

Elizabeth:  I had a call from a seller while I was on vacation...they weren't happy with their Realtor after two contracts fell through the cracks.   They weren't upset about the terminated contracts but the lack of communication from their Realtor.  When will we all learn....communication can save transactions that are on the verge of collapse.

Nice blog BUT my question is what is up with the penguin? Is this to prove how cool you are or something??!!

Hey Gwynn: Just answering the phone is a major accomplishment in the eyes of most buyer's.

I'll have you know, Rosalie, that I don't need no stinkin' penguin to be cool. However, a penguin trumps a turtle as a buddy. Beats saying: I like turtles.

I'll second what Donne says. I like to educate and inform so a bit of time on the phone is fine by me.  Fortunately, neither of us are inundated with those types of calls!

Elizabeth -- JUST had a call yesterday from someone who had a signed agreement with another agent but wanted my assistance. After I explained to her I couldn't help her with seeing a property, she didn't believe me and yes, she was a little ticked off.  I can't believe the number of people who get into agreeements with agents and don't have a clue as to what they are signing.  Here sign this.....oh....ok.

Elizabeth, I agree the general public just aren't aware of the code of ethics we as Realtors live up to.  Thanks for the post.

Eilzabeth, We are trying right now to explain to a short sale seller why their attorney's HUD is wrong :( We asked the attorney- who is going to pay for the errors, is it coming out of his fee or our commission or his client's pockets? The list goes on and on. We get those same calls too, we have to tell them they need to have their agent call us, we will try to help them through their agent. We also let them know we do not work as fiduciairies in most cases in Florida. We are presumed by law to be transaction agents, thus, sellers are not principles but rather customers. Katerina 

If I could get a $1.00 for everyone who has called me in the last year who needs my help (this includes agents) I'd be spending more time on the beach and less time working.

Hey Ed: I can't count the number of calls I get in a day that are totally unrelated to anything I am doing. There's a downside to being found so easily online. Some caller yesterday was certain I was an insurance company. Who knows what insurance company I slammed?

Hi Barbara: And after you tell them, they want to argue with you. They act as though you don't know what you're talking about when you say you can't help them. Hey, I wanna say: If I don't know what I'm talking about, then why are you talking to ME?

Hi Susan: Even real estate agents aren't aware of the Code of Ethics. You read 'em once, say to yourself looks like common sense, and then when would they come up again?

Hi Katerina: I hate explaining HUDs to anybody. They physically hurt my brain. Cause it severe pain. Especially when I have to explain why a seller credit is not a credit on a financed transaction to a bank negotiator. It makes my blood vessels want to pop right ouf of my head, wrap themselves around the negotiator's neck and strangle her to death.

Cindy: I think you're selling yourself short. Think of how much Equator charges. What is that? Six bucks? Yeah, get $6 from everybody and you can buy an oceanfront home and the beach it's on.

I think alot of it comes from lack of understanding . . . not lack of trust. 

One of my agents seems to get contacted ALL THE TIME by clients on the other wisde of her deals. She is impressive. They never reach out to me (smart). 

Short sales has to be a very popular niche these days. If I were considering a short sale, I would definately want someone like you who specializes in them.

Gretchen

Elizabeth --- my company, Alain Pinel Realtors IS part of the Leading Real Estate Companies, that's how they got it and it was given to me. How cool is that?

I have to trust my clients or I don't work with them.  I've had referrals that I told I couldn't talk to them until I made sure they weren't already working with another agent.  As a state C.A.R. director, I take seriously and uphold the Code of Ethics.

Good stuff.....cool penguin.

Thanks for sharing it.

Usually the first question out of my mouth is "are you working with another agent?". Good post

Elizabeth, I think clients just have so much Information out there that they are not sure what to believe. I see questions posted on Trulia all the time where you know they are already working with an agent and though i'd love to respond that they should ask their agent, I just don't respond at all. Who knows what kind of information they are getting from their agents. Curious though, how is answering questions on Trulia different than when they email you with questions?

I love the title you selected. Very catchy! I love the next sentence which is that they do not want to bother their agent to see the home.

HUH?

Elizabeth, what I find most interesting is that the client has enough money to hire an attorney to figure out a strategy to accept multiple offers. Shouldn't they be putting that money towards their home to help avoid a short sale?

Hi Joy: I agree because real estate is a complicated business that those on the outside don't really understand. If you don't understand something, it's normal to feel uncomfortable.

Hi Phil: People probably don't want to bother you because you are so busy. They might see an agent who works for you as not quite so busy as you.

Hi Gretchen: Eventually short sales will go away.

Hi Pacita: Yes, I discovered your company is a member. Now that I know that, I can actually specify you by name.

Hi Bryan: I love it when I run into like-minded individuals.

Hi Anthony: Hey, got any affordable waterfront properties in the Bay area? I am in the market.

Hi Mo: But when you ask a person if they are working with another agent -- which don't get me wrong is an excellent question -- sometimes it needs clarification. I find people don't know what it means. Or they bend the term "working" if they do.

Hi DeeDee: If I suspect a writer is working with an agent, I answer in a more general not specific sense. Then I'll often suggest the writer talk about it with their agent.

Hi Cheryl: My husband coined that term, actually. We use it in short hand to each other as a made -up acronym WYDH.

Hi Amanda: That client wasn't paying the lawyer. He might not have even had an actual conversation with a lawyer. He might have pulled that idea from something he found online somewhere, maybe written by a lawyer -- there is no shortage of stupid or crooked lawyers.

 

Elizabeth,

Thanks for sharing AND for being a good ethical agent. Unfortunately, there are unethical practices in our industry and you know what they say, "it only takes one rotten apple to spoil the bunch". It's professionals like you that do the right thing that are helping to "clean up" public perception of our profession. Thank you!

Believe it or not, home stagers get those calls, too. "I hired the other stager because she was cheaper, but we don't like what she did. Can you come in and fix it?"

Its frustrating, but all too common. Thanks for the great post.

I am constantly amazed at the number of clients who don't know what a bad job their Realtor is doing.  Makes you want to tell them but we can't.

I think the referral back to their agent is always the way to go.  Most consumers don't really understand agency even after it has been explained.  So we have to explain again

Some attorney is actually telling one of your clients to accept multiple offers on a property?????????  Is he crazy?

Trust is critical in the home buying process.  Sometimes, the buyers and sellers get too much bad advice from the family, friend, co-worker, etc.

Elizabeth I think the question of trust usually crops up when the clients want us to do something that is against our better judgement based on our experience. 

That's something I just do not get: why would a seller or a buyer contact another agent while they are in the middle of escrow? I've been contacted like that before. I don't answer their questions, but send them back to their agent. I've said if they are unhappy with their agent, they should contact their agent's broker. It's not for me to start answering questions about a transaction of which I have no clue.

As the old saying goes "If you don't have trust you have nothing".

When I get Trullia questions sometimes you can see they are double checking what their agent told them.  I never answer those.  Of course there are the sleazes who will tell you that your agent is off and imply they can do better.