This has been quite an unusual year for real estate in Springfield Mo. I haven't watched a soap opera for over 30 years......all I have to do is go to work every day. There's no telling what's going to happen.
This year has been a never ending battle to save so many home owners from foreclosure. Contacting the bank and successfully getting them to agree to a "short sale" could be so much easier if the bank's weren't overwhelmed with the process.
Marketing the home is just as much of a battle to make sure it stays in show condition because the sellers may not be living in the home and it's ends up being the agent's responsibility to maintain the yard, turning the utilities on for repairs, and keeping the home secured.
Unlike foreclosures, realtors are not reimbursed for all the maintenance issues that go hand in hand with short sale. Don't get me wrong, I'm not complaining.......I go into every short sale knowing the possibility that what I am doing may end up as a loss to me. And many homeowners are able to help with the expenses. What does bother me is going thru the process, then having the buyer decide to back out of the offer after waiting for 3 months because the garbage disposal doesn't work! They don't remember the contract says sold "AS IS, WHERE IS'.
One condition of a "Short Sale" should be: The buyer is NOT allowed to withdraw their offer until the bank makes a decision. There should be a clause in the offer that states: if a buyer withdraws their offer before the bank approves or denies the offer, a heavy fine will be imposed for wasting the agent's and seller's time and effort, not to mention what the bank had to process. Actually there is a clause in our contracts that gives a deadline for the offer to be accepted. If the deadline passes, the buyer has the option to extend or cancel the contract.
I guess what I'm trying to stress here, is if you are a buyer, looking for a great deal, have the time and patience to wait for an answer from the bank, THANK YOU! I'd be happy to present your offer to the bank. Oh, by the way, I just listed 4 new short sales this week.
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