We finally got approval from the bank on a Short Sale deal here in St. Petersburg.
Everybody is very happy, we worked very hard on it and now the ball is in the buyer's court. He needs to make a deposit, needs to make the application for his mortgage, schedule the inspections etc. Nothing is happing. The buyer's agent does not seem to understand that NOW time is of the essence. The buyer waited so long for this deal and now he could lose it just because his agent doesn't understand Short Sales. I am a single agent for the seller and in the seller's best interest we might have to terminate the contract today and put the house back on the market. It will go fast since the price is incredibly low and we can advertise it as an approved Short Sale. Wonder what the first buyer will say when this happens. Wonder when his realtor will wake up (if ever)
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I mean no disrespect, but it sounds like more than the buyer's agent was unfamiliar with how to "properly" write a short sale contract. Protecting the seller means getting inspections and earnest money UP FRONT!!!!
Not doing so means you have little more than a worthless piece of paper, which you unfortunately already have found out . . .
Welcome to my world. I would never get a contract on a Short Sale property here in St. Petersburg if the seller insisted on deposit and inspections BEFORE bank approval. Buyers typically make offers on a couple of Short Sale properties that they like and wait which one gets approved by the banks first. Then they check if the original offer price is still comparable and if so they will go forward with the purchase. If not they will counter or move on to the next property. Nobody is spending any money on inspections if they do not know that they can actually buy the property. You are right, it is a worthless piece of paper till all contingencies are removed but unfortunately I need this worthless piece of paper for the banks to start working on the Short sale and do a BPO.
@Anne: I'm just "down the road" in Sarasota and my market is much the same as yours. I have to tell you that serious buyers WILL put down $EM, and do inspections up front -- THEY WILL!
Trust me when I tell you that EVERY agent I train has the EXACT attitude you do, but once they start implementing the CORRECT way to do short sales they never go back.
Need proof? I have seven short sale pendings as we speak (and two that closed last month) in which EVERY buyer put up $EM and did inspections up front!
Again, I am not saying this to belittle you, but because I was in your same boat four years ago until I figured things out. So, here's what I have to say . . .
It is 100% about YOUR ATTITUDE GOING IN! Your market has NOTHING to do with it! You could be doing things correctly, and getting plenty of short sale pendings that actually close, if you were not so WEAK in your approach.
Sleep on it my friend . . .