Short Sales: It Takes Two to Tango

I have to admit that being a buyer's agent in a Short Sale transaction is not an easy position to be in. However,as a listing agent of short sales, I have my due diligence to communicate to the seller, lender, listing agent, escrow offer, so on and so forth. If we want this dance to go gracefully (without stepping on any toes) then I need to my dancing partner to follow my lead or at least communicate with me. Once, I receive a signed contract from the buyer and the seller my procedure is to contact the listing agent, at least every two weeks with any updates (event if there is no update). I do this because I want the buyer's agent to know that I am working on this file diligently and I do not want to lose the buyer due to being incompetent. So, my number one goal is to communicate effectively. However, having an one way conversation is not fun nor is it going to get the transaction closed.

When I read most short sale blogs, I see and understand the continual concern of non-cooperating the lender's, however, sometimes I have to go on experience and learned how agents can also be at fault in a short sale transaction being unsuccessful. Even though short sales may not be your niche as a buyer's agent I think it is imperative that buyer's agent take the initiative to learn as much as they can about submitting offers for short sales and how a short sale transaction is done.

I have to say, that I have learned how to communicate better on short sale deals from being a buyer's agent on them. I currently have a Stockton short sale that I am working on, the package is together and with the lender who happens to be Chase. With Chase, once they receive the offer, they have to immediately process that file and request that a negotiator be assigned to that file (typically, within 7 to 10 days). So, it is imperative to have your file completed when submitting because if the negotiator receives an incomplete package and doesn't receive the proper documents within a certain timeframe, they will close the file and move on. Just as a side note: Chase will also request a BPO to be complete within 7 to 10 days. I got lucky and the BPO Agent called within 3 days after I had submitted the file. In the interim, I requested the buyer's agent have the purchase agreement resigned because electronic signature was used on the purchase agreement and the processor informed me that that was not acceptable.

As a result, I went back to the buyer's agent to inform them that I will need their buyer's live signature and initials on the contract by a certain date...I even sent a reminder the day before and....NO ANSWER! So, as a result...back on the market it goes. I work along with my mother, Rosemary Brooks, and the motherly advice she gave me in this situation ..."communication works for those who work at it." With Short Sales...communication is key...