I happened to call a internet lead this morning. But I was 3 days to late. They had put in an offer on a Michigan Lake home last week. He was so proud of putting in an offer and that he was going to get the home. He just kept rattling on. I had to hide my disbelief when he told me his real estate agent told him that the short sale offer would be accepted in 2 weeks.
WHAAAAAT??????????? Is this real estate agent from the same planet I'm from? 
Has this agent ever been involved with a short sale before? I can't believe any real estate agent would tell a client that a short sale will accept in 2 weeks.
Do you know the reason why the agent said the bank would accept the offer. Because the home buyer offered over full price. Really they covered full price and then added concessions on. But the short sale list price is below market value. It is a great deal. It is in good shape.
When I asked the home buyer if they knew whether the home had been to sheriff sale or if it was in foreclosure they had no idea. The home buyer had no clue if there were any other offers on the house. They were clueless.
I felt sorry for them. I had to shut my mouth. I just listened to him go on and on. As a Metro Detroit real estate agent I can't interfere with another agent's client. So I just listened to him. I felt bad that his agent either didn't have any experience or just didn't have knowledge about them.
There are problems ahead for that real estate agent and that Oakland County lakefront home buyer.
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Russ, hopefully we all learn from our mistakes. And, if this turns out to be a mistake, well ....
The homebuyer may be a first-timer (?), and very excited.
The agent should have told the facts to buyer and should have properly educated him. Why do agents take up something , if they do not have exp. Wow... really good luck to buyer.
Honestly, I hope the buyer gets the house. We have enough trouble without causing more problems for ourselves.
Russ,
it can happen sometimes. Too bad he will find out too late.
It is all about creating reasonable expectations. I wouldn't be surprised if you hear back from these people when the bank doesn't approve the short sale.
Oh yea, I got a call last night on one of my Short Sale listings. The listing agent wanted to know what I had done. I laughed and told him, all I need is an offer, I have the short sale package, my seller has done the hard-ship letter, we have all the forms, ready to go. So all we are waiting on is the offer.
He told me, Missy so many agents don't have a clue so I just had to check.
"Bill, I know we do the same thing, and when the listiing agent says, "What short sale package?"
We don't show the house.