Short Sale Agents: If Requests for Updates Stop Coming, Time to Worry
As a short sale agent, I am on the phone with the bank at least once o week if not more. What harm does it do me to shoot the selling agent a quick note once a week with an update? None whatsoever and it's just good business to try to keep them in the loop and their buyer in the game. Great post Joetta.
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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Joetta Fort, Realtor 720-353-8031
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