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Where oh Where Have the Sellers Gone........Where oh Where Could They Be?

By
Real Estate Agent with Monument, Black Forest, Falcon, Fountain homes

                             Missing sellers

 

 Thanks Mr. Listing agent for wasting a week of my buyer's precious time and placing them on an emotional roller coaster for nothing.  You already knew that your sellers were not cooperative and didn't really want to participate 110% for that short sale success

 

Yes I warned my buyers about the time frame of a "typical" short sale- if there is such a thing.  They were prepared for the process as I always educate my buyers before they make an offer on a short sale.  I don't recall you telling me during our initial conversation that you didn't know where your sellers were- did you forget to mention that? Remember me stating that I interview the listing agent to get the facts up front: is the seller cooperative, has the short sale package been started, and how many lenders are involved? I think I remember you telling me that you had a previous buyer terminate and that the process was well under way.  This is all information I pass along to my buyers so they can make their best decision prior to making that offer. 

 

But a week has gone by and no signature from the sellers on the offer.  The buyers gave them 24 hours to respond and 3 days after that for the offer to be sent to the lender.  Interesting that not a peep has been heard from those sellers.  Could it be that maybe you don't have cooperative sellers and they are letting the home go to Foreclosure?  So how do you plan to sell that home as a short sale

Comments (7)

Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

If the seller isn't willing to play the game, then it's over. The lender demands certain docs from the seller like a profit and loss statement, tax statements, ect. I just lost one short sale, though, because the buyer defaulted. I had the listing side. After 3.5 months of being under contract and cash buyers that came and went, the buyer decided to get out and she lost her earnest money. We had lender approval in 3 weeks, and all the delays were because of the buyer. The earnest money was all my sellers got. Their house was foreclosed on. It's a sad story.

Jun 14, 2011 02:22 AM
Robert Smith
Preview Properties, PC - http://www.RealEstateMich.com - Brighton, MI
SRES, Search for Homes Brighton-Howell-SE Michigan

Even if the sellers are out of town, there should be a verbal response.  Do they have another offer that they are considering? Are they 'out of time' for a short sale and considering walking away?  Short sales are not easy when things go smoothly. I feel for you and your clients.  Good luck.

Jun 14, 2011 02:23 AM
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Debbie:  You are right on that if the sellers aren't 100% in the game then it's over. That is the most crucial element in the short sale process.  I agree that both sides are affected by the process but if an agent has uncooperative sellers from the start then take the home off the market as a short sale.

Robert: That was my point to the listing agent.  Even if they were moving they could find Internet or phone within a week's time but not a peep.  No other offers on the table that we were aware of and there is no contract to forward to lender until seller signs........I'm thinking they are giving up on the process and that's a shame, I have qualified buyers wanting the home. 

Jun 14, 2011 02:32 AM
Shar Sitter
Rooms With Style - Minneapolis, MN
Home Staging and Redesign Minneapolis/ St. Paul, M

I just want to say I am so glad I am not a Realtor. LOL. Man you guys have to put up with so much from both sides.

Jun 14, 2011 02:26 PM
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Shar sometimes it's amazing that we get anything done at all when you realize how many factors have to fall into place to get to the closing table!  Still love it though.  Thanks for dropping in.

Jun 14, 2011 04:29 PM
Not a real person
San Diego, CA

Hey, Lorraine – This sounds like a mini-rant, and how wonderful it is that we have a great place to rant and get support!

Jun 15, 2011 04:47 PM
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Yup Russel you caught me!  Part rant and part sarcasm.  I interview all the listing agents on short sales before my buyers place offers so they can weigh the options carefully but when an agent doesn't even know where the sellers are then there should be no sign in the yard.  Period. 

Jun 15, 2011 04:59 PM