Buyers don't know what a short sale is. Many real estate agents don't even know what a short sale is. So why would we, in the real estate profession, expect a buyer to understand the process? I talk to buyer's almost every day. One of the first questions I ask is, "Do you know what a short sale is?" Even if they tell me they do, I explain the process.
We all need to do a better job at educating our buyers.
I would love it if all my buyer agents would educate their buyers about how the Short Sale process works.
Just a few things to talk to our buyer's about:
1. Short Sales can take a long time. Every lender is different, and every negotiator who is assigned a file is different. Some are very good and do their job well, others not so good.
2. Short Sale Lenders are not like traditional sellers. The transaction is only about the numbers. There is no emotion involved. The lenders do not care about the buyer’s time lines nor the sellers.
3. Every Short Sale approval letter is specific to one buyer. They are not interchangeable. The process starts all over again with each buyer.
4. Short Sale lenders will communicate only when they want to. Nothing we as agents can say will light a fire under them to hurry. Most asset manager won't communicate with the agent until they are ready to approve the file. At best, we get to speak to customer service and they will tell us if there are any notes in the file.
My short sale listings have all been approved.
My shortest listing went 50 days from listing date to close of escrow. Not one bump in the road. Many thanks to the buyer's agent.
My longest short sale listing is going on 524 days. It's a lovely property and I have had many offers but every one of the 6 buyers, got tired of waiting for the approval and canceled. The agent's always tell me they have counseled the buyer and the buyer understands, but obviously they don't really understand how frustrating this process can take.
My short sale buyers always stay the course with the contracts we write. Sure they get discouraged and frustrated but I tell them of the successes. They have all gotten great buys and always thank me.
Spending time and educating our buyers will save us all alot of time and energy.
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