We all know that a short sale is not going to be a short process. Depending on the bank and how far along they are in the process will dictate the length of the time to process the short sale. However; as a buyer what expectations should you have in regards to a short sale negotiations? How often should you be informed? What should you have been told up front and how are you dealing with the waiting?
Being on both ends of short sales I have come to realize what is expected from me as a listing agent, and as a buyer's agent. When I am the lsiting agent, I inform the buyer's agent that this is my protocol for handling short sales. I immediately call them and drop an e-mail acknowledging the receipt of the offer. I go over the offer with them completely. I make sure that we have no loose ends and that everything is correct before I present the offer to the bank. Then, I let them know that on wednesday each week they will receive an e-mail from me with a status update. Depending on the bank and the process some weeks it may be to just let them know there is no changes currently. Once we receive a counter offer or acceptance of the contract I call and e-mail the buyer's agent immediately to let them know..regardless of the day of the week.
When I represent the buyer; I have already prepped my buyer for what is to come so there is no shock to them with the waiting game. I tell them that I will e-mail at least once a week to the listing agent to check on the status of the negotiations and inform them of where we are at in the process. I think it is vital to keep the buyer in the loop at all times.
if you are selling a home through a short sale or negotiating for the buyer on a short sale you owe it to the buyer and buyer's agent to keep them informed of the progress of the transaction...You are not doing your seller or buyer any justice by telling them "be patient this is a long process". Not calling them or e-mailing them with any updates will only dampen their fellings to you and the transaction.
As a buyer's agent you owe it to your client to check with the lsiting agent on the status of the transaction. A buyer does not want to get a call for the first time in a month saying great news your offer has been accepted....are you ready to close? They want to be kept informed through the whole process. We, as real estate agents do this everyday; however an average seller and buyer only does a trasaction on a home on average once every seven years....
Dave diCecco
Realtor/Broker
www.davedicecco.com
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