A Real Estate Agent’s Expectations of a selling a home as a Short Sale.
There always seems to be a lot of talk about what a Seller expects when selling their home as a Short Sale or what a Buyer expects when buying a home as a Short Sale. But what about the Real Estate Agent’s expectations? As a Real Estate Agent who specializes in Short Sales here in Coral Springs and South Florida, I know that I have expectations of what should happen in my representation of a Short Sale. Here’s what I expect:
- That the Seller will fully participate and cooperate in the short sell of their home as this can contribute to a higher rate of success
- That the Seller will be forthcoming on their scenario without hiding anything. As the saying goes, it all comes out in the wash! You don’t want something popping up that will halt the Short Sale approval
- That the Buyer understands the Short Sale and it’s timelines
- That the Buyer understands a Short Sale and that the only thing different about a Short Sale from a Traditional Sale is that a third party, the Seller’s Lender, must approve the sale. All other typical terms, conditions and time lines are in effect with a Short Sale
- The primary condition of a Short Sale that a Buyer sometimes has a hard time with is that the Seller requires an escrow deposit with their offer. No escrow, no contract.
- That Title Companies and/or Attorney’s office practice effective communication skills. For example, when an estimated HUD is needing updating do so in a timely manner.
- That other Agents who represent Sellers and Buyers of Short Sales know the rules and what is at stake when dealing with the selling of a home or buying a home as a Short Sale. In fact, the stakes tend to be higher with a Short Sale as typically a Short Sale Seller is trying to avoid foreclosure and there is only so much time they have; they do not have the luxury of time typically.
- That Agents who list a home to sell as a Short Sale educate themselves on Short Sales and have the mindset that they’re going to be working a lot harder with a Short Sale compared to a Traditional sale. If they’re not willing to put forth the extra effort which includes perseverance, determination, effective communication & negotiation skills if they’re negotiating the Short Sale themselves, like I do, in addition to a set system for Short Sale processing then refer it out if these traits aren’t inherent. Unfortunately, a great many of Short Sales failing to close are due to Agents lack of commitment. Then when you add this in to Lenders inefficiencies, you get a failed closing. I don’t know about you but I don’t want that on my conscious.
- That the Lender(s) will communicate regularly with the Short Sale Agent
- That the Lender(s) will use common sense in their assessments. Oh I know, I had to throw that in as sometimes it is very clear that common sense is lacking.
I will be the first to tell you that as a Coral Springs Short Sale Specialist, I’ve had Short Sales where the Seller was fully cooperative, the Buyer understood all the Short Sale time lines and terms, the Title Companies/Attorneys were proactive, other Agents were on the ball with Short Sales and Lenders were too and we had a successful Short Sale closing. It can be more normal than not, yet when one of the expectations above falls by the wayside, the Short Sale can do the same and not close.
If we were all to increase our expectations we could move the distressed properties along better.