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
- 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
- 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
- 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
The Kruschka Team has 33 years full time experience in Prince William County
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