Sacramento Short Sale Agents: If Your Buyer Walks, You Need to Tell the Listing Agent

This doesn't happen very often, thank goodness, but yesterday a short sale buyer flaked out. I had called a Sacramento agent to let him know that Chase Bank was about to approve a short sale for his buyer. The agent blurted, "Oh, that buyer bought a home last month." Bear in mind that we've sent communication to this agent since the offer was presented in early August.

At first, the agent could not recall the buyer at all. Well, no problem, we have a back-up offer. I called that agent. Her buyer had withdrawn her offer as well but she did not contact me to let me know.

Minutes after taking the home out of active short contingent status in MLS and returning it to active short status, I received a call from a buyer's agent who has been unsuccessful at finding a home for her buyer. It was a familiar story. Every time she wrote an offer, a cash buyer beat out her buyer's offer. So, this particular Sacramento short sale may be perfect for this buyer.

Fortunately, I have an assistant to the negotiator expediting this file and know exactly what Chase Bank wants. I relayed this information to the buyer's agent. This means there should be no surprises on the short sale approval letter.

The biggest problem I face as a Sacramento short sale agent is buyer's agents and their buyers. Some of the agents write offers like crazy with no intention of following up on them, leaving those buyers with little commitment to the transaction. As a result, I now require that all buyer's agents send me an email promising not to write any more offers for that buyer and to withdraw any outstanding offers upon acceptance. Article #1 of the REALTOR Code of Ethics requires honesty. Those who violate that promise could find themselves facing discipline by the Board of REALTORS.

But for crying out loud, Sacramento agents, if your buyer walks away, have the decency and professionalism to inform the listing agent. To do otherwise is disrespectful and unfair to the seller, the title company, the escrow company, the short sale bank, the transaction coordinator and the listing agent.