Short Sale listing - Who do you represent?
Offers on your Short Sale listing - Who do you represent?
A THOUGHT PROCESS...
Agents ask me all the time, who are you representing in the transaction for a short-sale? Is it the lender or the seller? Well, the obvious answer is the seller. But the more money you get, the better the lender does...so do you also represent them?
Are you really representing your seller when an offer comes in, and you convince your sellers to accept because YOU want to get it under contract? They're not receiving any compensation on the deal anyway, what difference does it make to them? Why not just accept it, run with the deal, and try to close it? Do you even bother presenting it to them? Do most of them even care what it sells for? However, the lenders are going to get their money! So you did a good job for them...right?
I've come across the bridge many times. But I never lost sight that I was representing the sellers. The deficiency that could result, and the possible tax implications of the sale...all things to consider when helping a seller in a short-sale scenario. If you believe an offer is the best you can expect to see, in the time frame you need (let's face it you're the expert), then why not convince the sellers to take it? Did you price the house to low in the beginning just to sell it fast? Hummmm...
Short-sale processing, negotiations, and closings are grueling! I've seen agents take the first offer and run with it simply to put it under contract fast. Why would you take on the short-sale task knowing it may not prevail in the end? Or do you take it just because the seller is in bad ways and about to lose it anyway? Maybe you better take it, what if another offer does not come and they lose it?
When considering the short-sale business, remember you always represent the seller. By the way, I don't think there are any right answers to the above questions. I think it all comes down to judgment and experience.
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