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Short sale = patience

By
Real Estate Agent with Keller Williams Realty Cupertino

home

My buyer purchased a short sale transcations two months ago. I checked in with the listing agent for status bi-weekly.

After two months the listing agent told me that he talked with 10 different workers for last 2 months. We are talking about a file is completed in fast track but just no actiion. They put me through different people for the same file.". The listing agent said: " He called every day 4 times 10 AM, 1 PM, 3 PM and 5 PM."He said:"When they realized they don't want to hear his phone call, may be this file will be on the top of the list." 

I don't even recall how many time I called. He always told me I just talked to the bank or asset manager. They should give us an answer 72 hours. It was at least 3 weeks ago, however, no answer. We are not going any where.

I have more article of short sale at www.gracekeng.com

Toni M. Rose
Prudential C. Dan Joyner Realtors - Easley, SC
Easley SC Real Estate

I think short sales are the biggest pain in the butt in this business. Um, well....It's a tight race between them and "Superdummy" lenders that is.

 I don't even try short sales anymore. Good luck honey!

Sep 02, 2008 05:56 AM
Patty Carroll
Vancouver, WA

We have found that it is best to let the listing agent do their calls and then they will call you when they hear something from the bank. The process takes time and calling the listing agent repeatedly is doing nothing to speed up the process and only adds in frustration to both parties.

It can take 3-6 months just to hear back from the bank on what the bank will take for the short sale. Remember that only 20% of short sales actually close.

Sep 02, 2008 06:05 AM
Angelia Garcia
Pure Realtors - Dallas, TX

Toni hit it right on the nail. They are pains in the rear.  I try to explain to buyers that they are too much of a hassle with no guarantees.

Sep 02, 2008 06:13 AM
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

It's most important to inform buyers up-front.  It's certainly not a good way to go if the buyers have a tight schedule for moving.

Sep 02, 2008 06:31 AM
Grace Keng
Keller Williams Realty Cupertino - Cupertino, CA
CRS, CDPE (408) 799-8887

The listing agent made all his contacts. He told me he took the most amount of time just to bring their attention to look at the file.

Sep 02, 2008 07:51 AM
Grace Keng
Keller Williams Realty Cupertino - Cupertino, CA
CRS, CDPE (408) 799-8887

The lender just accept our offer after 2 months and dropped our total commission to 4%!!!

Sep 29, 2008 03:18 AM