Some agents go running out the door to a list a home as a short sale the minute a seller calls. I generally hold back a little bit, because unless we have a Notice of Default filed, a short sale probably does not require immediate attention. First, I need to determine whether the home must be sold as a short sale. Some homes have enough equity now that they no longer fall in short sale territory. Then, I need to qualify the seller. I need signed permission to speak with the seller's bank. The sellers need to gather documents, not to mention, clean up the house for photos.
I was a bit astonished today when a seller's bank called me today. I don't yet have the home listed. I will list it when the seller is ready and, right now, the seller is not ready. The bank wanted to know when the home was going on the market and how much I think it's worth. Given the way prices are moving, I don't establish a price until just before we hit the market. Price is the last thing I am concerned with, because whatever market value is, that's the price. The bank kept pressing me as to when I would list, to the point that I wanted to say: Whoa, Charlie, hang on to your horses. Besides, since when does that happen -- banks calling us?
Not only do I have banks calling, but I have other sellers who are presently under contract calling. They want to switch agents and go with me. I have a lot of listings that are "in the works" but not yet finalized. People don't realize how much work is done upfront before a home is listed.
Read more in my professional blog today about If You're Tired of Your Sacramento Agent.
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