We had a call yesterday from an agent considering writing an offer on one of our short sale listings...he said he knew all about short sales....and he had prepared his buyers that they may have to wait at least 21 days for bank approval....oh yeah...now there's a thought. I asked him if they had a home to sell..."They have 'just about sold theirs." (Huh ? How is that almost commission working for you ?)
If your buyers are not prepared to wait...can't rent month to month...bunk in with whomever for a little bit to gain the benefits of a great house at a below market price....let's save the tree for the paper it will take to write the offer, addendum, etc. The seller doesn't need to take the property off the market and have it be "active with offer" in MLS for your buyers on day 22 to say they have waited long enough and are on to another house as their new home. They are closer to foreclosure with time on market lost...and all the "I told you so's" won't change the mess that has been created because you weren't listening in the beginning.
Patience CAN be a virtue....you will be paid with the opportunity to own a wonderful home at a great price...if waiting is not an option for whatever reason....Moooove on please and let someone else grab this opportunity.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Sally and David, that is good advice for buyers. Although I think short sales are starting to move along just a bit faster if they right well trained Realtors are involved, they just are not the best choice, in my opinion, for the buyer on a tight time frame or any buyer without a very good amount of patience.
Experienced or not...no agent listing a short sale can make deadline promises...daily follow up doesn't guarantee a "timely" closing
You speak well, "daily follow up doesn't guarantee a "timely" closing". Good post.
Unfortunately guarantee and short sale should probably not be used in the same sentence :) !
Hey Sally & David, this is an excellent post to teach patience and also teaching people that it is ok to say NO. People get so desperate that they will take anyone. Many buyers have no patience and you are 100% correct when you state that they will change their minds on day 22. I constantly tell people that patience is a virtue. Excellent post and well written!
Thank you....no patience...and we would soooo rather you didn't write !
How interesting, I just saw that exact scenario happen within my office - Good advice! For us agents and the buyers out there. I agree.
From my experience, one short sale can take place within a very normal time frame while another is handled outside a timely manner - part of it is What BANK are you dealing with? !!
Right you are Marilyn....that is why we submit as complete a package as possible and have one stay with the transaction from start to finish to make it go as smoothly and quickly as possible.
LOLOL! Each day that passes it becomes more & more evident how very few agents who claim to "know all about how short sales work" really nothing at all.
Got that right....and if you don't have it right...don't write !