The Last Thing a Short Sale Agent Needs to Hear When She's Sick...
A little over two weeks ago, this Northern Virginia Short Sale Agent was diagnosed with a raging case of strep throat. After my antibiotic course, I felt like a million bucks...until last night. The sore throat started again, accompanied by swelling and white sores. You tend to pick stuff up when you touch as many door handles as I do. I really need to get better about using antibacterial gel, but I digress.
So while I was waiting in the doctor's office, feeling like crap, I was subjected to Property Virgins playing on the TV in the lobby. I'm not a huge fan of the way "reality" TV portrays house hunting, but this episode really made me mad. There was a couple of first time buyers looking at a Short Sale. They were asking their agent if, after the Seller accepted their contract in writing, if the bank could accept another offer.
In my mind, I was rooting for Property Virgins to get it right. "Sure they COULD, but once a Short Sale is under contract, the Listing Agent shouldn't be submitting additional offers to the bank. Short Sale sellers take one CONTRACT and submit it to the bank. They don't throw all their OFFERS at the bank for them to decide."
That's not the answer Property Virgins gave. The twit agent on the show advising the buyers said something like, "Once the Seller accepts an offer, they send it to the bank, but they have an obligation to send every offer to the bank...especially if there is a higher one down the road. So yes, the bank can accept another offer."
Even in my weakened state, I let out with an annoyed, "Wrong!" It's no wonder that buyers think they can write offers on Short Sales all over town and not be committed to any of them. Shows like Property Virgins have absolutely NO CLUE who the Listing Agents in a Short Sale represent. Here's a clue: IT'S NOT THE BANK. It's the SELLER. And it is the Listing Agent's job to help the SELLER negotiate the best contract to send to the bank for approval. ONE CONTRACT. NOT MULTIPLE OFFERS.
You'd think if you were going to be featured on a television show, that you would get the facts straight before opening your mouth. I don't remember Elizabeth Weintraub saying anything like this when she was on House Hunters. But then again, Elizabeth is working at a level that other Short Sale Agents would have to poll vault to even come close to. Thankfully, I work every day to maintain an Elizabeth Weintraub mastery of Short Sales. I don't fly by the seat of my pants like this gal was.
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