In my humble opinion, when we represent a buyer that wants to buy a short sale, we should call the listing agent first. The reason to call the agent is to find out if they have ever negotiated a short sale. Ask the agent, "How many short sale approval letters have you received in the past?" If they ask you what the short sale approval letter is, I would avoid even showing the home to your buyers. RUN!!!
Our relationship with an agent and the buyers agents relationship with their buyer is like bridge made of ice. The longer the short sale takes after it gets under contract, the more brittle those relationships become they are damaged beyond repair. When the stress level of the short sale gets to that point, its time to get someone else with experience on the job. Passing the entire packet to another agent with equal or more experience can sometimes be the one thing that keeps it all glued together. Communication is so important to all parties and its very hard to do that when you are trying to get a short sale through, unless you have systems in place to keep it together for everyone.
Make a plan to communicate to all parties on a certain day and I recommend a group email and follow up phone call to the buyers agent. Once the information is absorbed by all parties, please send an email to the listing agent with the new questions that have come up and allow the agent time to make the additonal calls to the bank if needed to get the answers. If the buyer begins calling the listing agent negotiating the short sale, well its really time to back the buyers agent and let the buyer know that their agent will give them updates on a certain day each week. We as agents would like to feel as if we have more control in the transactions because that is what we are accustomed to. Its not that way with a short sale. Experience in these transactions is the best thing for the homeowner and the buyer.
When I was eight, we almost were foreclosed on as a family. Please do not practice working a short sale on a family. We can't win them all and we certainly don't want to practice on a families home to get the experience.
I have been negotiating short sales for the last two years and know each foreclosure I can stop gives another ray of hope to a family. In these times, we have to greet the day with a new sense of hope and goodwill. Some we get paid because they make it to closing and some dont sell because we help keep the family in the home. This has become a niche that its hard to work traditional business and short sale negotiations if you do not have systems in place to manage the transactions.
Ashley Radke
REMAX PROPERTIES WEST
CHESTERFIELD MO 63017
314-565-1003 direct
636-532-5900 Office
Ashley Radke with RE/MAX Properties West (314-565-1003) is a full time agent, specializing in Listing Homes and Buyer Representation in St. Louis, St. Charles and surrounding areas.
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