I am spending a great deal of time educating buyers agents on my short sale listings with respect to how it is different than a retail sale, the process and the lengthy time element to get a short sale approved with the bank.

What are some presentation points that will encourage an offer and yet keep us out of hot water when the lender takes "forever" to approve?

First make sure your disclosing in your mls, adds, etc. this is a short sale property. Then when the buying agent calls with a contract ask to meet with them(agent & buyer) so you can explain the process. AT this time get the buyer to sign the addenum to ensure he understands. If agent doesn't want to meet then you do your best with the agent in hopes she will explain correctly to the buyer. I have found agents eager to learn, some may just refer you the buyer for a referral, I have this happing with one of my agents. She doesnt' won't to deal with any of it.
Hope this helps
Ocala AGent

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DD

I hear you! I decided to create a document that I send out to anyone (or agent) making an offer on the home. This document details the process and what time line people can expect, etc. I don't go into detail..I'm not gonna give up my secrets , but it makes them understand what is happening. Agent and possible buyer must sign and send back to me before I create contracts.

I even thought about putting an addendum and offer sheet in my vacant homes (like an REO does) that I have listed, but I am not sure this helps the seller.

I guess it really does not matter. I am selling my listings so fast that I make it clear to agents and buyers that I will not accept an offer lower than list price. I price my houses very aggressive and to sell, so I make it clear that is the bottom line...some agents get pisst at that more than the idea of dealing with the short sale! OH WELL!!

If you want a copy of the letter I send them and make them sign, let me know!

BEST OF LUCK!

__________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
http://www.ShortSaleNJ.com/

Hi Frank:

I'd love a copy of that ... scott@sunnybeaches.com

(Sorry ... the private msging wasn't working here)

I would love a copy of that.

Thanks,

virnatkw@msn.com

Frank,

Let me see if I understand this, you write the contracts for the buyers agent? That is a real twist! Great idea!!!

This is another area that has been very time consuming when working with buyers agent? I am finding in some cases I have to kick the contract back because they are asking for closing costs, home warranties, inspections, personal property, etc. even though I expressly state in my MLS to exclude these from the contract.

I too would like a copy of your letter that details the process, timeline, etc ....

The Best!

dreamstarrealty@aol.com

Well, I have now completed many short sales. The process is great and the deals are coming at me faster than I can handle (over 80 short sale listings right now). However, I have discovered that there are a lot of emotions that come with this type of business. Be aware!

Since I started the short sale business, I have been turned into the Board of Realtors from other agent, I have been yelled at by agents who did not get the deal (because they were outbid), and clients call me freeking out due to the amount of showings that they get....their stress level goes through the roof. Plus, clients that call me directly to see the property and then when they get outbid freek out on me that I should have gotten that property for them.

The issue as I see it is that these are GREAT deals and everyone wants them. When people or other STARVING agents do not get the deal, they go nuts! Mostly because they do not understand what is going on, and they need the deal to survive. I talked about placing an addendum in the property for agents to sign and send in with the offer, I think I will move forward with this in the future.

This is my advice for the day...Keep your files PERFECT! Keep records of all dealings and make sure your file stays in order. There are so many people out there that will be upset with you because they did not get the home...including other agents! I keep my files in great order and document everything, so no issues there, but just be aware that the business we are doing is a very emotional one and one that puts us all on the edge.

NOW HAVING SAID ALL THIS, I WILL KEEEP DOING SHORT SALES...IT'S THE BEST!

Best of luck and I hope to see you all at the top!

Frank Wible

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Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
http://www.ShortSaleNJ.com/

Hi Frank,
I would appriciate it if you could email me a copy of the letter that you send to the buyers agent and have them sign.
my email address is : vishal25@hotmail.com

thank you in advance

Frank -

I would also appreciate a copy of the letter you send to buyer agents and their clients.

Thank you for your willingness to share!

Betty
betty@athomeinkokomo.com

Please send me a copy thank you - mike@twghomes.com