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32 Comments on I Shall Not But Love You Better After Short Sale Cancellation
Hilarious post. I have heard of exceptions but they are rare. And really, who the heck wants to wait for a few more weeks or months for a small price change? That is crazier than the request itself!
There is a huge difference between a $20,000 pest report, for example, and a $200 service call to tune-up a furnace. I think the problem is buyers are under the impression the negotiations are just beginning when they get short sale approval, and they don't realize that negotiations are over. Long over. They need a buyer's agent who can explain how short sales work, and some unfortunate buyers are facing this struggle alone, without adequate representation.
Buyers also forget that we listing agents represent the seller. We do not represent the buyer. My interests are aligned with the sellers: to close this short sale in the most expedient manner. There is no confusion whatsoever over whom I represent.
Besides, in this market, it's just too darn easy to turn around and step on another buyer who is waving money in your face.
Elizabeth, I can feel the pain. Short sales are never a joy ride - and I am on your side, given a chance, I do not want to go closer to that unless there is an expert on other end.
I'm with you on this one Elizabeth. I actually am planning on writing a similar post. More about what some agents put in their offers on my short sale. They ask for warranties, seller paid pest inspections , repairs and clearances, etc. Don't they understand that most of the time these sellers don't have the money to pay for this and the banks certainly aren't.
Hi Elizabeth, And just what part of " Sold As Is " do they not understand !?!?
I actually had a lender cover half the cost to put in a new septic tank when it was discovered that is was cracked. It was Freddie Mac and the servicer told me no a few times. I pushed the issue showing them how much the comps had dropped since it took so long to get an approval, which had dropped by 20k, the cost for them to throw in was $2800. I had to go to higher executives but got the repairs approved. That outcome is not the norm for sure!
Yes, that outcome is not the norm, Pam. But we're also talking about $200 ding, not a new septic tank. As a listing agent, you need to look at how long it will take you to obtain a minimum of 3 bids, get an addendum signed, obtain a new HUD, submit to the bank, and push, push, push before the bank will respond, and even then you have a slim-to-none chance of approval; it's not worth your time. You can sell to a new buyer and get a new approval within that time period for less half the aggravation and time expended.
Time is money. I had an agent tell me today it didn't cost him anything to write an offer, even if the offer was worthless. Ha, I'm gonna write about THAT tomorrow.
Elizabeth:
Those buyers should be happy they got an approval from the bank and just keep quiet. They got what they asked for, what more do they want.
I had one where the buyers wanted to renegotiate the price of the short sale after approval because while waiting for approval, the stock market took a nose dive and their investments (which they weren't using for the purchase) were worth less. NEXT!
Ah yes defining "AS-IS" for short sale buyers and their agents. It never ends. But that being said, I too have seen exceptions most recently in the case of a failed septic system. The short sale lender did agree to pay for the cost of repairs. So maybe some figure you never know unless you ask. You might be the lucky one and get an asset manager who is reasonable.
Elizabeth, I love the way you wrote this. Whining is one of my least favorite things to listen to.
No price reductions no fixes. But buyers do not get this. They don't hear this until they are faced with high radon, mold nad other issues the inspector finds.
If it is a major issue, usually I know about it before I list it as I conduct an inspection.
There are three responses:
1. If it is a major issue, approach the bank.
2. Minor issues, like what you described, just have them call the home warranty.
3. Major issue which bank doesn't budge, have seller file an insurance claim.
Elizabeth - I would expect by now the buyer's agent should know that repairs won't be made in a short sale.
Elizabeth - congrats on excellent blog post.
Sometimes it is a cheap trick used (or suggested) by agents. They think that when you are at the very end, you can try to twist arms.
Very well stated Elizabeth. I could not have said it any better myself. I will be adding 3 new short sales to the MLS today. I'm even thinking about some new sign riders... AS-IS / WHERE-IS =)
It sounds to me like this buyers agent hasn't dealt with too many short sale transactions. It's not a normal sale...you're dealing with a bank that doesn't care about all that stuff and nothing is normal with them! lol
Pick one and quit whining-I LOVE THOSE WORDS. More, I love confident and experienced agents who don't quibble when it comes time to draw the line.
Great comments, short sales are still an art.
Problem is, its surprising how many agents (buyer and listing) still are confused by short sales. No matter how many disclosures I provide - its like "did you not read that or listen to my conversation when I explained. Unfortunately, when these buyers and agents walk - the one holding the bag is the homeowner.
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