Special offer

When Your Short Sale Buyer Goes Bye-Bye

Reblogger
Real Estate Broker/Owner with Hector And Associates 01832572

Many things can go wrong on a short sale.

I lost one today, Buyers agent forgot to ask for closing cost help from the seller..

She doesn't have the money so buyers agent asked me "can you put it back on the market, I don't think the buyer is going to purchase it because she don't have money for closing cost"

WHAT?? 60 days in escrow and this is what you tell me know???

Well is back in the market and I got 2 solid offers to present my seller

 

Aww yeah the live of the short-sale!!

Original content by Melissa Zavala Cal BRE #01324959

short sale buyersIt has probably happened to you before. In fact, it is all too common. The short sale negotiation process is long, the short sale contract wasn’t airtight, and the short sale buyer disappears. S/he is ‘gone with the wind.’

There are many things that a short sale listing agent can do in order to promote a really solid short sale transaction. One such thing (and it is very, very easy) is to be a good communicator. On all of our short sales, for example, we send out a weekly status email. An email such as this one can go to the buyer’s agent, to the seller, and to any other designated party to the transaction. This simple 5-minute activity demonstrates that the short sale is still progressing—albeit often very slowly.

Another thing that can be done in order to ensure that your short sale does not evoke memories of Scarlett and Rhett is to write an airtight counter offer. Consider all of the items in the contract that may not be approved by the short sale lender. Create a counter offer that addresses those items. (Still stuck? Download our free short sale ebook and follow the tips for writing an airtight counter offer

A third way to help ensure that the buyer does not walk away in the midst of the short sale negotiations is to open escrow or put the buyer’s deposit into trust. Depending upon where you live, this may not be an option. However, in the state of California, agents using the Short Sale Addendum (SSA) can opt to open escrow upon acceptance of the contract by the seller (not the bank). Unless a short sale buyer has unlimited funds, this action may help to avoid a cancellation at a later date. 

So, the next time you are negotiating a short sale contract, try these three methods. They might actually help you to close the short sale transaction with the very first short sale buyer that comes your way.

 

(photo credit)

 

Melissa Zavala 
BROKER/REALTOR® ● DRE #01324959

If you enjoyed this post, why not connect with me in these other communities?

    

 

 

Posted by

 

"Building Relationships One Home At A Time"

If you plan to buy or sell a High Desert home or property contact Hector by Email or call me at 877-611-2288. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in the city of Adelanto, Victorville, Hesperia, Apple Valley or the entire Southern California Area.

Hector Reyes, Short Sale Specialist
¡Hablo Español!


Want to know more about me?  Just Google me!

 

Cellular: (760)881-4274 | Website: hectorreyes.net |DRE Licensee: 01832572

Neighbors Of Hope Now Realty |BRE ID: 01976968 | Victorville, CA 92395

Properties shown may not be listed by the featured agent/office.
All information deemed reliable, but not guaranteed

Comments (5)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Yes we have all lost a short sale in the past 3 years however most go through.

Dec 13, 2011 06:21 PM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

My personal experience is that most short sales have not worked out, but we have one that looks promising now.

Dec 13, 2011 06:33 PM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Banks are doing a bang up job on screwing up many of these. I use the reference of swallowing the elephant and choking on its tail??? To get the property sold is the goal but I have never seen so many try to do all in their power to mess them up once they get in contract? Anyway a little common sense would go a long way and also be a bit refreshing from the nightmare closings we have run into recently on these.

Dec 13, 2011 07:18 PM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Hector: Thanks so much for reblogging my post. Have a great week.

Dec 14, 2011 01:34 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

I always ask buyer's agent for buyer's proof of funds to close escrow before submitting their offer to the bank for approval. I've been burned like this before myself.

Dec 26, 2011 10:53 AM