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Simple question, what normal frequency do seller's agent provide updates to buyers.....a common courtesy?

Posted by Richard on August 5, 2011 at 6:38am in Short Sale Discussions

 

This is one thing that really bug me about people.  Have the common courtesy to keep your potential buyer informed, they are an integral part of the equation.  Is this so hard to do?  Is this too much to ask when you're asking a buyer to commit to the long term?  Regardless of the news, buyers are big boys and I don't think they're going to get their feelings hurt much.  Update them.

 

 

 

 

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Replies

  • Thom Colby CA Brkr 888-391-5245 August 8, 2011 at 8:02am

    Richard -

     

    Note that the answers are generally that Listing Agents update Selling Agents (Buyer's Agents) each week - it is truly the Buyer's agent's responsibility to update the buyer.  If your agent is not updating you - that's a different issue altogether...

     

    Best of luck !



    Richard said:

    Thanks a billion ladies and gents!  My initial makeshift resolution to the update issue after the 2nd month of the short sale was an easy fix, or so I thought.  Originally, I had requested updates every other week to take a little pressure off the agent at the start of the process and since it was never mentioned by either agent.  After not getting the requested updates, my agent and I backed off to monthly updates.  That's not what I really wanted to do, but as a professional you compromise sometimes.

     

    What I've come to currently in order to resolve the lack of communication with the listing agent and, the somewhat laxed approach on my buyer's agent part is to having my agent e-mail or call the listing agent first.  There are times when my buyer's agent don't get returned e-mails.  Additionally, my agent has given me the green light to call the listing agent directly.  Again, I'd rather work directly with my agent.  For me, it's a professional thing.  However, whenever I call the listing agent, I always follow up every telephone conversation up with a well written and precise e-mail.

     

    My point is, it shouldn't really matter whether I'm spending $200k or the $400k plus in this case, as a buyer I shouldn't have to do this.  I fully realize this sale is not his only sale, but courtesy and professionalism should matter.

  • Richard August 8, 2011 at 7:36am

    Thanks a billion ladies and gents!  My initial makeshift resolution to the update issue after the 2nd month of the short sale was an easy fix, or so I thought.  Originally, I had requested updates every other week to take a little pressure off the agent at the start of the process and since it was never mentioned by either agent.  After not getting the requested updates, my agent and I backed off to monthly updates.  That's not what I really wanted to do, but as a professional you compromise sometimes.

     

    What I've come to currently in order to resolve the lack of communication with the listing agent and, the somewhat laxed approach on my buyer's agent part is to having my agent e-mail or call the listing agent first.  There are times when my buyer's agent don't get returned e-mails.  Additionally, my agent has given me the green light to call the listing agent directly.  Again, I'd rather work directly with my agent.  For me, it's a professional thing.  However, whenever I call the listing agent, I always follow up every telephone conversation up with a well written and precise e-mail.

     

    My point is, it shouldn't really matter whether I'm spending $200k or the $400k plus in this case, as a buyer I shouldn't have to do this.  I fully realize this sale is not his only sale, but courtesy and professionalism should matter.

  • Mike Ashcraft August 8, 2011 at 4:49am
    I make sure and update AT LEAST once a week.  Even if the update is just "I'm still waiting to hear back about the BPO value".  I also make sure I notate anytime I give an update in my file notes, so just in case by chance I forget, the next time I open up my file notes for the file I will be reminded to do it.  I know what it feels like to be on the other side of things and its not fun to wonder.  I have a client that has an offer in on a Short Sale and its been 2 months and I have been able to drag 1 update out of the agent so far.  Not cool.
  • Kimberley Kelly August 8, 2011 at 2:07am
    EVERY SINGLE WEEK!  As the List Agent for Short Sales in Palm Springs area of CA., it is part of my Listing presentation, and I do NOT forget to do it.  Expect it and don't settle for less.
  • Corinn August 8, 2011 at 2:03am

    Any agent that has sumitted an offer on the short sale property is updated every Monday.  It is their responsibility to inform their buyers.

  • Richard August 7, 2011 at 3:03pm

    Hi Toni,

     

    You're absolutely, correct!  Good point, I think that most buyers are aware that even an update of no movement within the lenders office is very common during the heavy backlog of files on the market.  It may not be the best news, but its news.  It's not only a courtesy to everyone, but from a seller's standpoint I've heard the disatrous stories of times when the buyers walk away with very little time prior to a foreclosure date being issued and therefore leaving very little time for back-up offers and closing processes in between. I'm told that at this point some lenders may not be as sympathetic towards extensions.  It not fair to the seller as well.

  • Toni Campbell August 7, 2011 at 12:26pm
    It is so easy to send an email or make a quick phone call to update the buyer. Once a week is great and really helps to keep the buyers feeling like they are in the loop and have not been forgotten about. Even if there is nothing new I have seen the difference it makes and keeps the buyers happy and more likely to hang in to "win the prize" at the end. Thanks for the putting this discussion out there.
  • Wendy Rulnick August 7, 2011 at 8:25am
    I ask the buyer's agent to check in with me anytime they want.  I feel if I ask them to "tickle" me, they are helping me, and we are a team.  They seem to like that.  Otherwise, I update them with "news".
  • Annette Whitehead August 7, 2011 at 8:20am
    Anytime! As an agent that works with both buyers & sellers, it only makes sense to approach this from a standpoint of what I expect for my buyers.
  • Thom Colby CA Brkr 888-391-5245 August 7, 2011 at 8:08am

    I call the banks every Wednesday morning and the Selling Agents every Wednesday afternoon whether I have any updates or not.  I think it's important to keep the bond with the Buyer's agent strong and build that relationship more every week.  Silence or lack of communication will cause the Buyer's agent and the Buyer to keep looking.  Information and updates will keep them committed.

     

    Cheers,

    Thom Colby

    Broker

    Newport Beach CA

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