Let's face it. The lenders and their representatives control the manner in which a short sale is adminstered more than any other party. We (Sellers, Buyers, Listing Agents and Buyer's Agents) can do our part, though, to make the transaction as smooth as possible (in spite of any lender failings) by maintaining certain protocols. Some things I've noticed in the last few years in no particular order:
1. Listing Agents:
Communicate with your buyer's agent. Buyer's agents usually want to keep their buyers engaged in the process. Help them do so by maintaining consistent and frequent communication. Even if you are only updating them as to how many times you called the lender during the week (even if the call yielded nothing more than the same status as before) it will at least demonstrate your commitment to keeping the line of communication open and show that you are "on top of things" with the lender.
Be honest with buyer's agent. Don't manufacture "news" or "updates". This can only lead to misfortune later in the process.
If you utilize a negotiator, use an an experienced and ethical third party negotiator that charges a reasonable fee (if you are either inexperienced with short sales or have such a volume of listings that spreading the responsibility makes good business sense). When you find the right negotiator you may never go back. You can focus on what you do well and they can focus on what they do well.
Return buyer's agents phone calls quickly!
2. Buyer's Agents:
Make sure your client's are well informed about the differences between a short sale and traditional sale. You are not serving anyone well (YOURSELF INCLUDED) by neglecting this aspect of a short sale transaction. Make sure the buyers know that homeowner's acceptance of offer is just the beginning; prepare them for the fact that the bank is likely to counter. Educate them about the subsequent steps a short sale will have to take in order to be successfu. It is a virtual guarantee that a short sale will take longer than a traditional sale and the buyer has to be prepared for this.
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