All signs pointed to this weekend being slow but I managed to put four short sales into escrow. Even with our gorgeous weekend weather in Sacramento, most agents continued to work through Saturday and Sunday. One of these short sales going into pending status even though we haven't yet received approval from the bank. Why? Well, for one thing, agents keep calling. It wouldn't be so bad if it were buyer calls, but agent after agent calls about it.
Buyers I can put on a waiting list or perhaps suggest another property to buy. But agent calls are considered by many in the industry as time wasters. Or are they? I don't mind speaking to agents, even if it's a non-income producing call. Because I might run into that agent down the road of life -- either as a listing agent and they have another buyer -- or as a buyer's agent, and they have the listing.
It's networking that sells homes. If you don't believe that for one little minute, you've never been a listing agent with multiple offers from multiple agents. All things being relative, which do you guide your seller to choose? If you're me, it's the agent most likely to perform without a lot of hassle. If a buyer's agent doesn't follow MLS instructions and sends an offer with a lot of errors, it doesn't matter too much how much that buyer offers. That buyer is probably not going to be the winning bid.
The truth is buyers' agents can sabotage their buyers' offers, and they don't even realize they are doing it.
The second reason one of these is going into pending status is because the seller does not want any more showings. The seller has a dog, and it's difficult to keep a home on the market and shield your dog from foot traffic. Showings are a huge disruption.
If I could count on an agent to read MLS confidential agent remarks, I would put "no more showings" into MLS. But they don't read confidential agent remarks. I know this because an agent set off an alarm this weekend on an active short contingent listing. I also know this because I've had agents show listings with "no more showings" clearly noted in MLS. And this doesn't count the plethora of offers I receive that routinely differ from MLS offer submission comments.
I received an offer yesterday that involved an FHA loan when FHA financing is excluded from the listing. It's not just the confidential agent remarks that are often overlooked. I love the calls I receive from agents who say, "It says 'call first, lockbox,' " but those are another blog, another day. Besides, I have patience. I was once in their shoes. As a Sacramento short sale agent, I see it all these days.
Although an active short contingent listing means an offer has been accepted, it could also mean the seller will accept a back-up offer. If the home is truly exceptional, the buyer's agent would do their client a favor if the buyer's agent were to call the listing agent and inquire.
A pending status on a listing removes it from homes for sale and active listings. Agents should not show pending listings without express permission.