I am in the process of closing yet another short sale. It has taken a very long 8+ months with an agent who claimed to be a 'short sale expert' and uses a 'short sale' negotiating team that my buyer had to pay an additional $2,500 for.
First off, I don't think I would ever tout myself as an 'expert' in short sales, because as soon as you do, banks are bought and sold, you now have brand new negotiators you have to deal with, and when you tell the buyers agent, "we should have approval by ( fill in the blank ) days/months", something will happen that makes you out a liar. Do we really blame the buyers for packing their deposit check and moving on after it has dragged out for so many months that frustration levels are ridiculously high?
I do think it is far better to under promise and over deliver when it comes to short sales, but if we are going to start asking the clients to pay for these so called 'experts' in short sales that still drag on for 7,8,9 or months or more, is it really fair to charge the clients for a service they never really got? Agents clearly use these people to stay on top of the banks so they don't have to, but when it fails, shouldn't we have some sort of clause in the contract that says, "if it takes you longer than (fill in the blank) with a date, our cost goes down by X $ per month ?
Just curious, AR members, how many of you have had similar experiences, or possibly dare I say it, good experiences with the short sale 'experts' when your clients paid for it?