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Northern Virginia Short Sales Require Stamina

By
Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

I was sitting on my couch last night, doing some reblogs and I noticed a message from a Buyer's Agent on one of my Short Sale Listings pop up in my email. 

"I sincerely regret to inform you...."  I knew the rest.  The Buyer wanted out.  And here were are, expecting Short Sale Approval anyday.

I've come a long way as a Short Sale Listing Agent.  News like this two years ago would have keep me awake.  I know now that it's par for the course.  We'll put the house back on the market, get another contract, and we'll be back on the road to Short Sale Approval.  The Sellers took it in stride too.  They had been expecting this as much as I had.  They had been copied on the emails between myself and the Buyer's Agent.  The Buyer had gradually been losing patience and the emails portrayed that.  

The key to Short Sale success is communication and managing expectations.  I'm good at those two things, so I do well with my Short Sale clients.

There will be a very special Black Friday sale coming up in Northern Virginia.  That's the day the soon-to-be available Northern Virginia Short Sale will hit the market again.  So if you're planning a shopping trip, make sure to leave time to tour a truly magnificent home.  This is one you'll want to be under contract to buy before Christmas.

 

 

Comments(12)

Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Murphy's law is that as soon as you get the release in hand the bank will respond. Maybe you can coach the buyer back!

Nov 22, 2010 01:24 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Chris Ann,

Buyers who back out pave the way for the next buyer to have a shorter wait. If lenders would take so long to process short sales they wouldn't have to incur the extra losses of the delays.

Nov 22, 2010 01:25 PM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Hopefully the next contract will be forthcoming soon and you'll get these sellers under contract quickly.  Once you have been through the process with a property, does this help hasten the process?  

Nov 22, 2010 01:43 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

I know that feeling, too. Now it's par for the course -- I immediately email the office to put that home back on the market, I change my status update on my website, and go back to marketing the home again. Well, I do charge the buyer a cancellation fee for the prelim. I have them send me a cancellation of contract so I have their signature canceling. Then I have the seller send them a cancellation requiring them to pay for the prelim. We're not in conflict about the cancellation, just the disposition of the earnest money deposit.

Nov 22, 2010 01:46 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Ellie:  I think they are truly gone, but I will certainly give it a try.  It's the path of potentially, least resistance. 

Dave:  I'm not so sure about that thing about the wait being less.  My experience with this particular bank is a prior approval is meaningless.

Susan:  Depends on the bank.  This one doesn't care about prior contracts or approvals.

Elizabeth: You are full of good ideas.  We need to talk more often.

 

Nov 22, 2010 01:49 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Bummer but you are right not to lose sleep over it. 

Nov 22, 2010 02:26 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Chris Ann...we've all gotten use to it or we'd have ulcers i'm sure...it is a shame but the next buyer will have it easier & speed you to the sale..

Nov 22, 2010 10:55 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Cindy:  There's nothing good that comes from losing sleep.  All you lose is the rest you need to get up and go full force at it again.

Ginny:  I'm hoping you are right, but my experience tells me no to the quicker approval time frame.  Maybe with another bank, but not this one.

Nov 23, 2010 03:38 AM
Anne Clark
Metro Referrals - Gainesville, VA

You definitely have the stamina for short sales.  Sorry the buyers walked, but I bet you'll get an even better offer down the road.

Nov 28, 2010 01:58 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Anne:  My belief is that everything in life happens for a reason.  And I'm likely to believe the same thing as you.  There's a better offer coming.

Nov 28, 2010 02:15 PM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Chris Ann,

I couldn't agree with you more that managing expectations is always the key the a happy client and the best way to achieve that is through constant open communication even if it is not positive news.

Dec 21, 2010 07:09 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Steve:  Lack of communication is the reason so many real estate deals get rocky, no less Short Sales.

Dec 21, 2010 07:30 AM