Years ago, when the world was in balance and real estate agents were in step with each other, an offer was written for a client and then presented to the seller. The offer was either accepted, rejected, or countered in a timely manner. Everyone knew what was going on and the clients viewed the agents as professional, responsive, and knowledgeable.
Now that banks control a large portion of our market, the agents have educated the buyers to know that it may be weeks for a reply or you may never hear at all! (The listing status may just be changed to “no longer available” in the computer). Why are we dealing with short sales in the same manner which is disrespectful to other agents and their clients?????
In a short sale, the seller of the property (NOT the bank with the mortgage!) signs the offer. Have we not prepared our sellers to be available to accept an offer?? The seller should be encouraged to sign an offer with a buyer that has these important qualifications:
1. Time to wait for the short sale to be approved.
2. Education that some of the costs they ask for may be turned down by the bank approving the short sale.
3. An “at list” offer- not a crazy bidding war offer. The bank with the short sale may ask for more so the buyer’s agent needs to prepare the buyers that they may have to increase their offer.
4. A professional agent that addresses the above items in the letter accompanying the offer.
5. An investor’s offer may not be the best offer because generally, they are making more than one offer.
6. Finally, EARNEST money with the offer and a willingness to place it in escrow!
Let’s answer (in a timely manner), the buyers that are willing to give us an offer that comes closest to meeting the criteria above! Let’s see some professionalism in real estate in cases where we have some control.