First of all, if you're the listing agent on a short sale, you should give regular (at least weekly) updates to the buyer's agent without being asked.
But, if you don't give updates and the buyers' agent asks you for updates, be happy. At least you know the buyer and their agent are still engaged.
When those requests for updates on your short sale listing stop coming, you may be tempted to feel relief. But don't be silly - that's an excellent indication that the buyer is moving on.
Maybe they haven't found another house yet, but you can bet they're looking. They have given up on your listing because the emotional toll is too high to continue waiting week after week with no feedback.
Is bad news better than no news? Yes, it is. It helps the buyer, who feels like they're waiting in the dark for someone else to turn on the light, to know that someone is at least searching for the switch.
What would short sale buyers like to know?
- that all required paperwork has been submitted
- that a bank rep has been assigned to the file
- that a BPO/appraisal has been ordered
- whether or not foreclosure proceedings have been started
- whether the seller has paid up the HOA fees, as promised
- what is being done - how often are you calling/emailing/tweeting?
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I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver.
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I write posts on the communities between Denver and Boulder, to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
Gardeners might enjoy my posts about gardening in Denver to Boulder’s front range.
Copyright © 2012 Joetta Fort, The DiGiorgio Group