How Can a Buyer Speed up a Sherman Oaks Short Sale?

By
Real Estate Agent with Gilleran Griffin Realty
Sherman Oaks, CA
Somewhere near Mulholland Drive.
Afternoon
Yep, a lazy one on a Sunday


My last short sale buyer was the epitome of patience. From original offer to close took more than six months.

Sometimes the deal does what it does and especially representing the buyer, the best a skilled agent can do is listen and coach them to make the best decision for themselves.

In this case it ended well.  Not one home came on the market in the five months it took to get through to the bank and move things forward with an acceptance... Not for lack of looking.  My clients wanted something very specific.  We found it, and got it.

And the question kept being asked, "What can we do to help things go faster?".  My clients got to the edge a couple of times, feeling that ten broken promises on time frames from the selling agent were enough... and still there was only the message being delivered in hopes that the negotiator from the lender was telling the listing agent the straight dope.   Not so much... many times over.

God Bless Patience.

Looking for a good value?  www.ShermanOaksHouseFinder.com

Ah, the sad truth is that other than presenting a clean, good, market value offer with no hidden agendas, there is little that the buyer can do to speed up a Sherman Oaks Short Sale.  The burden lies with the seller and their agent to get to the decision maker, the negotiator or lien holder, i.e. the investor whose loan it is, and get them to see that the offer as presented is an excellent deal that will save them lots of time, pain and lost money.

The saying that the squeaky wheel gets the grease is true up to a point for the listing agent in dealing with the negotiator.  Tact and negotiating skill is essential, as most of these persons are overworked and underpaid, dealing with an avalanche of paper work and frustrated agents and sellers across the city.

Looking for Mortgage Relief?  See the Nine Alternatives to Foreclosure in Sherman Oaks.
Certainly there are best practices though....

For the buyer, hang in there... let the selling agent know you are in for the haul, that you really want the home and are committed to the offer.  Have your agent write as "clean" an offer as possible.  I always call the selling agent to ask if there is anything specific that they know will or will not fly if they have spoken with the bank.

 A few great questions that a listing agent or negotiator can ask the bank:

What exactly is causing the delay?
Who else needs to see the file and approve it?
Who is losing money because of the delay, and who owns the loan?

Calling once at a minimum and perhaps twice a week will put some pressure on. 

Knowing when to step on the gas and when to apply the brake will ensure things keep moving forward.

Peace to you and yours.

V
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Mortgage Assistance Relief Services Disclosure

Gilleran Griffin Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale. With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.

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I'll tell you my secret to speeding up the process from the buyer's side.  I make the negotiations a condition of the offer.

You would be amazed how many non experienced short sale agents are more than happy to give this up without a fight. 

Then I know it will get done.

Mar 25, 2012 10:03 AM #1
Rainer
94,133
Vince McEveety
Gilleran Griffin Realty - Sherman Oaks, CA

Hey Kevin... I apologize for being dense... would you elaborate and drop that knowledge my way?  What exactly do you do?

Mar 25, 2012 10:21 AM #2
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Kevin makes a great point. Because of my contacts and experience, I can push along a slow file faster. I also try to take control if the listing agent is asking me or my buyer to contribute to a third party negotiator.

In regards to your blog, I don't believe in submitting a clean offer as there is no such thing as "clean". Your buyer's offer should ask for the moon and come in as low as possible with the expectation of certain terms and price. For example, if your buyer is willing to pay 400k and the low end of the comps is 360k, then come in at 360k  (or lower) with the expectation that will come up higher if the bank counters. Remember, it is the buyer, the seller and the agents against the bank. If everyone negotiates on the buyer's behalf, then there is a great chance that the buyer will close on the property.

Mar 25, 2012 10:26 AM #3
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

He's basically saying that he will negotiate the short sale. Some listing agents get offended, others are happy because:

1. it's less of a headache for them, especially if they feel comfortable with Kevin.

2. They know that Kevin's buyer will not go anywhere since Kevin has some skin in the game.

Mar 25, 2012 10:28 AM #4
Rainer
94,133
Vince McEveety
Gilleran Griffin Realty - Sherman Oaks, CA

as for negotiation....that's what i thought you meant... i've never heard of that though... very interesting thought and i'm guessing it's worked for you by the way you present it...kudos

regarding the offer and whether one shoudl write "clean"... best practice shoud be to get the buyer the house, that is what my job is, with that in mind, writing an offer that gets the deal done is the way to go... if the client is okay with rolling the dice then write any way you like... in this particular instance the home was hard to come by in the price range... more like a buyers' market of five years ago as far as finding this one... and that definitely colored my writing

Mar 25, 2012 11:15 AM #5
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

It all depends on the listing agent if it works. Some get offended, but those that do, really don't understand short sales. Sometimes it is a tag team where I call for a status update and the listing agent tells me what is wrong and I either tell them how to overcome the situation or get a hold of my contacts at the bank and push it through.

Regards to:

"best practice shoud be to get the buyer the house, that is what my job is, with that in mind, writing an offer that gets the deal done is the way to go... if the client is okay with rolling the dice then write any way you like... in this particular instance the home was hard to come by in the price range... more like a buyers' market of five years ago as far as finding this one... and that definitely colored my writing"

Understand that the seller couldn't possibly care for what price it sells for. So the seller is the key to get your terms accepted and submitted to the seller's lender.

   
Mar 25, 2012 12:33 PM #6
Rainer
94,133
Vince McEveety
Gilleran Griffin Realty - Sherman Oaks, CA
Thanks for all the comments and great info and perspectives
Mar 25, 2012 12:50 PM #7
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