Choose Your Northern Virginia Short Sale Listing Agent Carefully

Choose Your Northern Virginia Short Sale Listing Agent Carefully

If this story about a Northern Virginia Short Sale Listing Agent weren't so sad, it would be funny.  I have to admit, when I first heard the story, I laughed.  I am in the position, as an onlooker to the scene of the accident. The outcome of this transaction won't affect anyone I am representing.

Yesterday, I received a call from a fellow Realtor®.  She is representing a Buyer on a Northern Virginia Short Sale transaction.  Not too long ago, this agent brought Buyer's to one of my Northern Virginia Short Sale Listings.  It was a successful transaction because I knew what I was doing on the Listing Side and she knew how to communicate my updates to her Buyers to keep them in the transaction.  The reason she called was that she was in utter disbelief about what this Northern Virginia Short Sale Listing Agent asked her via email, nearly three weeks into their Short Sale transaction.

"My Seller's bank is asking for a Harship Letter.  What's that?"

We shared a few chuckles over the stunning lack of knowledge of this Northern Virginia Short Sale Listing Agent.  After the laughter died down, I said, "Time to pack up the Buyer and find another house."  My friend seemed to think that the transaction will be fine once she defines a hardship letter for this Short Sale Listing Agent.  While that may be true, I think this cluelessnes is just the tip of the iceberg.  Even if the transaction closes, the time it will take to get to settlement is going to be lengthened by her lack of knowledge and preparation for this Northern Virginia Short Sale.

If a Northern Virginia Short Sale Listing Agent leaves a Short Sale Listing appointment with only a signed Listing Agreement, and no further documentation, there are troubles breweing.  A good Northern Virginia Short Sale Listing Agent will bring a Letter of Authorization for the Seller to sign.  They will have already asked the Seller to have a Hardship Letter written and signed.  They will also know the necessary financial documentation needed from their Short Sale Seller and have already informed that Seller to have it ready.

My friend already knows this transaction is in trouble. She's been through successful Northern Virginia Short Sale transactions.  She can advise her Buyers about the situation and give them options.  The person who has no clue about the already botched job is the Short Sale Seller.  Sadly, this Seller, who is attempting to avoid Foreclosure and thought they hired a Short Sale Professional, has no idea how their Listing Agent's lack of knowledge will negatively impact them.