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for a short sale train to come, the Buyers walk away when the train is pulling to the station.
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33 Comments on Restless Feet Short Sale Syndrome
Elizabeth - this is 99% where the problem is. When we say "Buyers" we forget that they are heavily influenced by their agents, and if their agents are not to par, Buyers walk.
If they tell their customers what to expect and then say that the expectations was not met, thhey always come with the Listing agent to blame. So Buyers walk from the transaction not understanding where the problem was
Jon, Happens all the time. I do not deal with Buyers, I deal with their agents, and their demands are often not realistic
Liked the image of a "joint". Very cool collage.
Jon, I am not familiar with short sales, only from the media, so it is new for me. Interesting blog and comments. Funny diagnosis
Unless the buyer has decided not to buy a home after all, the "I'm tired of waiting" is a very lame excuse. They'll be waiting even longer if they put an offer on another listing.
Sometimes it works to the next buyer's advantage. I was the FIFTH back up offer on a short sale a couple years ago and by the time the bank got around to accepting the offer, mine was the only offer still interested. Great post!
Vadim - agreed
Inga - it may not be medical, but is still a serious condition (LOL)
Cynthia - it is. But it happens. And sometimes it happens because they get upset with their agent, and making a break, and then start with another agent
Jeanne - excellent point, thank you. We also try to factor Restless Feet Syndrome and work with the Lender, and even when the buyer walks away, we do not tell the lender, as we are close to know the agreed price, and then try to bring another buyer, who will not have to wait more than any regular sale takes now.
Hey, Jon! I included this post in Last Week's Favorites.
Which is why I always tell my buyers not to avoid short sales. Let's look for those that are 'back on market'. They a lot less painful to wait out.
Great diagnosis for the malady Jon. Wonder what those true numbers are . . . perhaps if the lenders knew just how many buyers got cold feet which turned into the case of restless feet they'd be a little faster on their files.
I agree with Donne, Jon - we see a lot of "pull-outs" due to multiple offers being floated simultaneously. Controlling buyer expections only works for so long. In this world, we all have come to expect instant gratification. However, one thing that seems to help is to constantly update the buyer so that he/she feels progress is being made. Short sales should be called Terminal Sales...maybe that would better prepare everyone involved!
Patricia - thanks
Kkaren, thisis a very smart approach. The third in line has a very good chance, and second has the best chance
Carla- I am sure lenders know. I do not envy them too
Gwenn - and it is this way evenn when we tell them that it would take certain time. They say "yes" and then fade out
I'm still amazed that so many buyers are willing to wait for a short sale. If I needed to move, I'm sure I'd never go looking at short sales. I don't have that kind of patience.
Marte - it is the price that attracts people. In our area we often deal with buyers, who are looking for properties, while they are not yet ready to retire and come and live, and for them the longer it takes, the better
Jon - While the scenario that Marte mentions may not be a factor in your short sale market, I am afraid that is exactly the problem with short sale buyers in so many other areas of the country. Buyers have no concept of what it means to wait for a short sale and they'll tell Realtors/agents that they're not in a hurry.
The reality is that once they decide to buy and move, it's not long before they realize (typically after 2-3mon waiting for a short sale) that they are in a hurry and they simply don't want to wait anymore, especially now that rates are ticking up and they're seeing really nice properties passing them by. This is just my personal opinion based on the personal experiences of so many of my own buyers short sale experiences here in Los Angeles & Ventura counties.