When I meet and work with a home buyer, there are couple steps I address before I start showing homes. First, they must be pre-approved with a lender I've spoke with or they prove they have cash for the price level they want to buy in. Second, I go over my service levels along with all the State and Federal government forms, my minimum commission and how I'm paid.
Once I go through the firming-up process, we discuss in more detail what a short sale is and who is involved. I review the following at least three times during contacting - a short is not a quick close it could take up to 9 months to close and both the owner and their bank are at odds because the owner can't make payments, with this, these two parties must come to agreement on how much the home will sell for at a loss (a short sale).
Another item I address with the home buyer is the role the listing agent plays. They are a very important person involved in the process and the more experience they have with short sales the easier the process and the more informed as to the status or progress my buyer will be. If I don't know the listing agent as to their short sale abilities then I'll let my buyer know that I'm going to ask the listing agent a lot of questions and then let my buyer know what I found out and from there they make the decision to move forward with the contract. Also, I advise my buyer during contracting, that I have no influence on the bank or do the listing agent, and that they the buyer has to be very patient. If they are not and they start to make demands to close, the bank negotiator will put their good offer on the bottom of their pile, which could be 200 deals. I also advise my buyer that it could take weeks or months before a bank will start working on our offer, and then it is very touch and go because the current home owner could stop the process, the bank could stop or delay the process for many reasons of which we are never told about. I also advise my buyer they must respond to any bank request immediately.
I have always found that the buyer gets a great deal through short sale process, as long as, they are committed to the process and they really want the house.
PDS Real Estate provides real estate services and complete access to all homes for sale posted on the local MLS in Central, Ohio. If you are looking to sell or buy a home call us at 614-527-7724 or email susan@pds-realestate.com, we will represent your interest. Visit our web site www.pds-realestate.com
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