Now having worked the short sale listing side for the last year, it becomes more apparent then ever, that the selling agent counsel their buyer about patience. More times than not, I have found that my wise choice to take multiple back up contracts saved the deals. I have found that from the beginning, it is best to ask the purchaser up front about the need for speed to get the transaction done. I have to really explain my experiences with the process and where my clients are in the process with the lenders and how much of this process began before we even put the house on the market. Then after you explain the financials that were needed from the seller to begin the negotiations with the bank, along with all the information and documentation to back up their claim of nonpayment duress, the purchaser's are left wondering why they can't just pay cash and get a deal quickly.
Now I have to explain that all banks are not created equal! Some are quick and efficient, some are slow and plodding, and then you have Countrywide. Now I really am not here to blog about the banks other than the fact that they saw this mess coming and should have staff up and running to handle the onslaught of calls. And at the least, they should designate individuals within the organizations, with the power to make decisions. Enough about the banks! They don't really care about the purchaser, they are still trying to find any hidden money from the seller, and that is what this is all about.
So, my plea, is with the purchasing side agent in the short sale transaction. Please remember all the work that we do on the listing side just to get this property on the market. It helps tremendously when I bring all parties to the contract together and explain the process upfront to give them a more realistic timeframe for getting this contract to the table. I am still amazed at some agent reactions after this explaination and still have to tell them "hey, I don't get paid either" until this settles.
The last issue is with the contracts themselves. Just because you write a contract does not mean that you have a contract. Under Virginia Law and probably most other states, you have a contract, when 2 parties agree to terms, sign the contract to ratify, get consideration and then effect delivery. The contingency becomes the 3rd party approval. Any subsequent contracts must come in as assigned backups. If my job has been done right, the bank usually goes with the primary contract, but if one of the backups that might have come in later is for significantly more, the bank has the right to chose that contract and reject the primary.
So in short, have patience, counsel patience, have multiple backups, give everyone the right information and guidance and you should make it to the table without losing anyone:)
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