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In My Short Sale Business, It's Better to Represent the Seller
This week in review has been tit for tat. By that I mean I've received 3 short sale approvals and also lost 3 short sale buyers. Well, the buyers I have no control over. Buyer's agents are supposed to manage their buyers' expectations and explain to them the short sale process. But from what I've seen lately, agents are probably finding it easier to say, "Press hard, third copy is yours," than to educate. Or maybe there's something in the water.
An agent called me this week to say her buyer did not want to extend the short sale addendum. He had waited 60 days and that was long enough. Even though the file was in review at the Mortgage Insurance company, which means MI will respond within 10 days. 10 days to go, and the buyer flipped out.
In the second cancellation, the buyers had received approval and we were set to close. Like any short sale, the buyers are purchasing the home in its "as is" condition. The buyers decided all by themselves that the AC unit wasn't big enough to adequately cool the home, although it's been functioning fine for the existing owners. The buyers wanted to renegotiate ... more

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