Just an observation from what actual short sale sellers and buyers are asking on Short Sale Superstars

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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Permalink Reply by Deidre St. Romain on January 13, 2012 at 7:03am

I too wonder about their agents....not communicaticating w/their clients or ....are the sellers/buyers just coming here to see what else they can find out about a process?  I really try to keep both parties informed all the way through.  Like you said email is pretty easy to use and makes people a lot more comfortable and understanding if they know you are "working it" and keeping them informed about the process.  If you think it's crazy for us to manuever this maze of short sales imagine how it is for our clients!  They are just trying to buy/sell a house!!  Here is our opportunity to show them how hard we actually do work for them - you know it, now just communicate it!!

Permalink Reply by tejas on January 13, 2012 at 7:39am

Agree with above,

Those agents out their sucks, I have seller Realtor (Specialty: Short Sale) , doesn't even know to save a PDF and send.

I thought buying house was suppose to be simple any chump could do it. Now, I completely change my mind. I

ask a new Realtor tons of questions and also ask them, which is the best online Short sale Forum

-Thanks,

Tejas

Permalink Reply by Jeff Payne on January 13, 2012 at 7:48am

Tejas, I can certainly appreciate that for sure.  Choosing an agent is something that most take too lightly.  Nearly every seller out there interviews only one agent, something that frightens me.  Buyers tend to find their agent thru sign calls or the internet and rarely interview more than one buyers agent.

What makes your Realtor a short sale specialist?  How many short sales have they closed?  How many short sales has the listing agent closed?  If you don't know that answer, that might be the reason you are frustrated. 

We sit down with EVERY buyer to do a consultation to see if we are able to meet their expectations and to see if they can meet our expectations.  We don't work with every buyer that we meet but the buyers that we do work with find out quickly the benefit of sitting down to consult BEFORE ever looking at a property.

We also interview the listing agent if it is a short sale to see if the property has a chance to get to closing before we ever show the home

Permalink Reply by Laura Rivera on January 15, 2012 at 6:12am

Jeff, So true about the initial consultation, whether representing a buyer or a seller. Some listings may not be qualified as a short sale and may not close, and some buyers may not qualify to be a short sale buyer and will not be engaged in the process through closing.

 For a listing, qualifying the property from the get go by checking on title to see if there are other liens besides the unpaid mortgage liens, property taxes, HOA dues, how about a child support lien, tax liens, mechanics liens, etc. And if the seller is not going to be cooperating with the whole process of providing initial documents, and updated documents thereafter, showing the property to buyers, appraisers?

A buyer that needs to buy and close a property in the next month should not consider even looking at short sale properties.

I agree that seller should enlist agents who have a proven track record of closing short sales. One agent advertises on MLS "Experienced short sale agent", yet, have the buyer paying 1% of negotiators fee  to get his job done... (this is not allowed, but the agent still does it)

Permalink Reply by Wendy Rulnick on January 13, 2012 at 8:09am

Jeff - I think customers, both buyers and sellers, need to interview their agents better before hiring them.  Communication and trust (faith in their agent) are top qualities that should be sought.

Permalink Reply by Katherine Muhs on January 13, 2012 at 10:13am

Thanks for the great observation Jeff. Through experience, I've learned that on short sales, we agents really need to track every little detail, whether we're representing the buyer or the seller. If representing the buyer, keep asking the seller's agent for detailed updates, and if you receive an unacceptable answer, keep pushing. The last thing you want is to wait and wait for short sale approval only to find out too late that things aren't correct and all that waiting has been for nothing. The more you involve and engage your client, the more likely they are to see the process through.

Permalink Reply by Bryant Tutas on January 13, 2012 at 11:04am

Jeff. Most of the consumer concerns get back to the same things they always have......lack of communications from their agents. Most agents suck at communicating. I have never understood that since our business is all about communicating.

I have buyers of my short sales contact me all the time looking for updates. The first question I ask is "Doesn't your agent forward the extensive weekly updates that I send him?" And of course they have no clue what I'm referring to. That pisses me off since I specifically make my updates "buyer" friendly and ask the agent to forward them. That's all they have to do. Just hit forward and they would NEVER have an issue with their buyers not knowing what's going on. How much easier could it be?

Permalink Reply by Richard on January 13, 2012 at 12:00pm

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:

  • was licensed and she thought very highly of and respected in the real estate environment,
  • had plenty of traditional, foreclosure and short sale experience,
  • had advanced education in college along with great business and accounting skills,
  • had a great closing record with her company regardless of sale type,
  • had a very good familiarity with real estate law and,
  • treated potential clients honesty and integrity regardless of buyer or seller.

 

That was the best hour I've spent in a very long time. 

Permalink Reply by Bryant Tutas on January 15, 2012 at 1:22am

xxx

Permalink Reply by Maggie Dokic, REALTOR ® on January 15, 2012 at 2:03am

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.   

Permalink Reply by Isabelle Javier on January 15, 2012 at 8:12am

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.

Permalink Reply by Jimmy Williams on January 15, 2012 at 3:19am

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!

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