I concur with Elizabeth. Buyer's agents often don't do their part in keeping the short sale going. Buyers need eductation, honesty, communication and nurturing. Hey, who doesn't need that?
If you want to listen to how many ways can I say no, ask me about repairs on a short sale. Or, price renegotiations after short sale approval. There are at least 50 ways to say no to renegotiations after short sale approval.
As a Sacramento Short Sale agent, I try to be explicit when I send the approval letter to the buyer. Often I explain to buyer's agents, just in case they've been living under a rock, that their transaction is an AS IS short sale. There are no repairs. No additional credits. No adjustments to price for unforeseen conditions. If they find something wrong during a home inspection, they can fix it or live with it or cancel. That's the 3 choices.
Pick one. Quit whining.
The bank will not lower the price. It would have to be a major defect, making the home completely unsaleable for the bank to consider a price reduction, so in 99.9% of the cases, it's just not gonna happen. Still, that doesn't stop buyers from whining about it or their agents from trying to change the terms after receipt of the short sale approval letter. That crap comes with the territory. But Mommmm . . . NO. The answer is NO. No, no, no, a thousand times NO.
But Mommmmmm . . . why not?
Because it's stupid. It's pointless. It's a waste of time. It ain't gonna happen.
It's at these moments I see the failed attempts in my rear-view mirror, streaming like ones and zeros. I know the buyer's agents don't see that vision. They haven't been there. They haven't walked in my shoes over the years.
Yesterday's exercise in futility occurred after waiting almost 6 months for approval. Those buyers want a price reduction. Is nobody home minding the store? For starters, it means they can live with the defect because they aren't asking for it to be fixed. The defect? They can't figure out how to turn on the heat or the AC. Their home inspector says it's broken.
The occupants don't seem to have a problem. And if the AC turns out to be defective in some way, who cares? Bottom line is a buyer will buy this home even if the AC unit is ripped out of the yard. Be happy that hasn't happened, I want to say. But I don't, because words seem to fall on deaf ears.
Even a very simple word like the word NO.
Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
Ron Margolis, RA, CDPE, ABR Hawaii Life Real Estate Services 808.346.7095 email: email@example.com