Agents for short sale sellers frequently complain that
- earnest money checks are not deposited and
- buyers cancel contracts after several months and
- buyers write contracts on more than one short sale
I respect the listing agent's right to represent the seller's best interest. That doesn't make it a one way street. The buyer is as much a part of the contract as the seller and has interests to be represented.
Misleading Statements By The Listing Agent
- Recently, I wrote an offer on a short sale.
- The listing agent advised my contract was accepted by the seller and sent to the lender
- Two months later I was told there were multiple contracts being reviewed by the lender - mine was not the only one as I had been told
- At the end of 3 months I learned they had accepted another contract a month earlier and had just gone to settlement
- My buyer was an unwtting and unwilling backup
- My buyer's check had not been deposited, but they had wasted three months
Bankruptcy
- Over a month ago my offer prevailed over 26 others on a short sale
- Contract was sent to the lender
- Buyer changed their minds and decided to file for bankruptcy
- My buyer had wasted a month of their time
Foreclosure
- We've all experienced or heard of situations where the lender decided to foreclose on a property duing the time when buyers were waiting to hear about their purchase offer
Too Many Assets
- An agent in my office went to settlement on a short sale. Nobody had bothered to tell the sellers they had too many assets and would have to sign a note to reimburse the lender for the difference.
- Sellers refused to sign and the sale fell apart
To Conclude
- There is no question the short sale seller does not have as much control over an unpleasant situation as most property owners would like to have.
- That doesn't mean buyers need to bear the brunt of it for months on end not knowing whether or not they have purchased ahome.
- All agents who work on short sales have to respect the rights of all parties to a contract and not expect the buyer to just sit back and wait months only to learn the transaction will not be completed
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The Kruschka Team has 33 years full time experience in Prince William County
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