Special offer

Are you sure you want to buy a Short Sale?

By
Services for Real Estate Pros with Your Biz Tank, LLC

It takes a special type of buyer to survive the short sale market.  I'm amazed at the amount of time and lack of response when dealing with the bank. As if buying a house wasn't stressful enough! Education with your buyer is key in this type of transaction. Buyers are looking for "deals". Just because we set the right expectations up front with "it will take weeks to months to get an answer", doesn't mean that you won't have anxious buyers.

How do you set the right expectations with your buyers?

Comments (4)

Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

I'm not really sure because I haven't ever had a short sale go through.  All I can say is they need to know that it takes a little more time, effort, and patience to purchase a short sale, and I guess you can tell them it will be worth it because of the price they are paying.  If it was easy, we wouldn't have such a huge inventory of homes, and it wouldn't be such a buyers market.

Dec 08, 2008 08:14 AM
Stacey M. McVey
Keller Williams Greater Cleveland West - Westlake, OH

I tell them that they can expect a long wait with no guarantees.  Most of the buyers I work with have some sort of time frame that they are working within.  Be it that they have sold their home and need another or they definitely need to know that they have purchased due to a relo, etc.

Just heard a rumour yesterday that a title company actually instructed the lender (same company) to fund a loan on a short sale deal before the short sale was even officially approved by the lender and lender's counsel.

You also have to warn them that during the process, if the seller files bankruptcy, it will make the short sale next to impossible.

There is alot to know and agents thought this was the next niche market that would help them limp through this challenging market.  If that was the case, I hope they are ready to starve.

Dec 09, 2008 07:43 AM
Caroline Shroyer
Your Biz Tank, LLC - Columbus, OH
Caroline Cassady Shroyer

Troy, I agree! If it was easy we wouldn't have as many sitting. Thanks for your comments.

Stacey, Thanks for sharing some of the things that can go wrong in a short sale. It's definitely not for everyone.

My suggestion for all agents is to become educated on Short Sales even if you decide you don't want to "sell" them. Your buyers will most likely be asking and you should be prepared to answer. Good Luck!

Dec 09, 2008 10:09 PM
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Hello Caroline,

I believe that setting expectations are key!  I did a blog that gave a list of questions that I want the buyers agents to ask me when I am the listing agent.  I know that if that agent does not have the right info for their clients I could work my tail off and lose the buyer because they did not understand the process.  Check it out...

http://activerain.com/blogsview/948531/Dont-Make-a-Short-Sale-Offer

Hope to see  you soon!

Mar 04, 2009 11:05 PM