I LOVE that we get actual consumers coming to this site to ask questions. We get alot of buyers and sellers alike who are trying to navigate their way thru a short sale and they come to the best place for short sale information, right here at Short Sale Superstars.
Lately I have been observing alot of really great questions from buyers and sellers who are very confused about the short sale process. The fact that they are trying to learn is a great thing but the part that worries me is "WHERE IS THE AGENT?" Many of the questions are pretty basic questions that should easily be answered by their agent. Simple questions about equator and counter offers.... I am amazed at how many only "hear something" from their agent and do not ever see the counter offer worksheets that are on all equator offers. Something very simple to save as a PDF and email.
I am also seeing alot of people who feel left in the dark about where they are in the process. Again, why is the listing agent not communicating with the buyers agent OR why is the buyers agent not chasing the listing agent down for information? Email is pretty darn easy to use and it is pretty simple to send and email to give an update or the fact that there is no update.
Agents need to get more involved with their customers! While I love to see the customers come here for advice, it is sad that they feel the need to come here for advice because they might have hired the wrong agent to represent them.
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I've seen this for all the years I've been listing and closing Shorts here in the Palm Springs Valley. Sellers MUST hire experienced listing Agents! There is nothing worse than NOT knowing what's going on! Updates are part of the process. As a list Agent, part of my job is to keep the Buyer's Agent updated so that Agent can keep their Buyer fired up. It's a job..List Agents need to take it seriously.
I completely agree with you, Jeff. A lot of agents have gotten into the short sale market that do not know the process. It is a bit like the blind leading the blind.
I think the we need to remember that there will always be agents who either disappear or do not fully communicate with their clients. Just as many husbands and wives do not communicate or parents and children. Everyone does not communicate as effectively as they should. Unfortunately, when pre-licensees sit for the state exam, they are tested on what was crammed into their head, not effective communication, skill, tact, and the ability to practice due diligence. As a result, we all suffer and the client suffers the most.
We have a very active real estate market here in the East Bay area of Northern California. Having sold many short sales, as far back as 1996 (in business for 23 years), it amazes me that to this day, many agents do not know how to write a clean offer which would be accepted by the bank. I listen to agents complain "this is our 5th offer, my clients keep getting bumped". My advice to Buyers; not only should you ask about their experiences with short sales, but do ask them "how often do you have your offer accepted in a multiple offer situation". It's not always the highest offer that wins, but the offer that is perceived to be iron-clad, represented by an agent who understands the process, can convince the listing agent they are the ones the listing agent wants to work with, and have educated their client in what to expect. I have had so many of my clients' offers accepted in multiple offers situations (the highest I competed against was 28 offers, and we were $47,000 less than the highest offer) based on being able to provide a clean offer which does not require any countering (less work for listing agent) and offering to help the listing agent with the process, should they need it. I think Jeff and others who do a lot of short sales know the value of a trusted, professional and experienced short sale agent.
This rings LOUD AND CLEAR. >>>OK PAT ON BACK HERE<<< I think many people here I negotiate for homesellers and work with many many other agents. I have a new sale with a new list agent and I explained the process to her. She's been great. We also put buyer's agents on our "communications" list and she emailed me Friday and said the buyer's agent has been SO impressed with the way the short sale is coming that he is considering talking to us after the sale and referring us to his potential short sale homeowners. That to me is the BEST compliment I can get. It's SOOO frustrating when I read buyers who are angered with the process. It boils down to communication. Either the selling agent or buyer's agent is NOT communicating effectively. It's such a simple thing too.
For me as a Realtor who works with both buyers & sellers it is very frustrating to have to respond to my buyers with the old I don't know, the listing agent does not communicate with me.
With a short sale a Realtor also has to be a coach to keep everyone on the same page. Buyers agents also need to interview their buyers just as a sellers agent should interview the short sale seller. If a buyer cannot wait out the process then the buyers agent should advise them to look for a standard or REO listed home to buy. But as everyone here has said communication is the key!
It's sad that the majority of short sales being listed throughout the nation are listed by agents who have no clue. Buyers and Sellers should do some preliminary research before even calling an agent. Google is great for that! Ask friends and professionals they respect for a referral. And when calling the agents, ask questions. Most reputable agents provide both buyer and seller consultations, free of charge, where they not only answer questions, but ask them to make sure everyone is on the same page and the consumer can be helped. I know I do.
Saving a person from foreclosure is a huge undertaking and should be done by an experienced agent who is willing to not only put in the work, but communicate with all parties every step of the way.
Right you are Maggie. It bothers me when I hear people are losing their houses to foreclosure. Maybe you and I are in a special category among other great short sale agents who welcome the challenge. Tenacity is key, and not all agents have it in them. But it's the only thing that will save the poor chap from getting the rug pulled out from under him. Advice to Sellers who have a successful short sale transaction close, disregard the commission they made and buy your agent dinner. They deserve it. You could have lost your home to foreclosure.
xxx
I went to a friend of my family, who is a mortgage loan officer. I sat down with her and had an in-depth conversation. I asked her to provide me with 3 names of agents who:
That was the best hour I've spent in a very long time.
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