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Short Sales, an excited buyer and a list price to good to be true?

By
Real Estate Agent with Keller Williams Realty

Our buyer calls us with a tremendous sense of urgency and excitement!

"I found this listing I need you to check on! Oh my gosh, this house is perfect for us. Look at this, 5 acres,  4 bedroom 2.5 bath house, yard is fenced, basement finished, fenced yard, doesn't need much. I want to see it now!"

I am sure with the market we have all heard this! We know it is way below market value and the phones continue to ring and emails are coming in for showing requests. Stop the insanity!!

Buyers truly think if the price is listed that is what it will sell for. On the contrary. You are not dealing with a typical scenario.

It is SO frustrating trying to explain this to our buyers. 

We call the agent, who most likely doesn't even answer the phone, but when we do speak with them, REALLY? That is the best answer you can come up with? 

Me: Can you tell me why you are listed at the price you are? Who are the banks? One or two?

Listing Agent: I really have no idea what to list it at, I figured we could get multiple offers and the bank will take the highest one. Umm, I'm not sure who the banks are? 

Ok first of all, how much faith do I have in this agent to negotiate a short sale, when they don't even know market value? This puts buyer agents in a very frustrating situation because our buyers have a hard time believing us when we tell them it is really not worth your time on this one.

I have to run comps and show them what the bank is going to come back at and it is above your price range. Do you really want to waste 3+ months to find this out.

Why oh why do I have to do the listing agents job and explain to my buyers the scenario. It puts a bad taste in the buyers mouth for our profession.

This business is not bate and switch folks, be a professional and properly represent your short sale listing if you are going to take it. You owe it to the seller!

Comments (2)

Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Grrrr.  This is the kind of scenario that drives me mad.  I hate it when listing agents don't get the very basic concept of listing a short sale the way they would any other sale.  Do a freakin' CMA.  Don't pull a number out of thin air.  The banks are going to pull numbers out of thin air when they look at the BPO or appraisal they've ordered.  They will counter at whatever those reveal to be the full market value. 

Jan 21, 2013 01:06 AM
Beverly Herdman
Keller Williams Realty - Culpeper, VA
Northern VA Wine Country Experts

Amen Chris Ann!

Jan 21, 2013 05:23 AM