Do you iron your own clothes? I mean, do your really press your own clothes with spray starch and the like? The other day I heard a story about a gentleman who always wears a sport jacket over his shirt. So, when he is pressed for time (pun intended), he only irons the front of his shirt. Who cares, right? That’s the only part of the shirt that anyone is going to see anyway. So, the visual impression is that he is well put together, yet I just told you what is really going on behind the scenes (on the back side of the shirt).
What if you were writing an offer on a short sale and you were under the impression that the real estate agent was well-organized, professional and experienced, yet you later learned that the back side of the agent’s shirt was not pressed? That is, while the agent appeared to be on the ball and in the game, what if you later learned that the agent did not know how to write contracts or negotiate short sales?
If this happened to me, I would be disappointed. First off, I would be disappointed in myself for not doing my homework. I think that it’s best to do a little bit of research on all of the parties involved in the short sale transaction. It’s my goal for the deal to close; otherwise I may lose a client.
Representing buyers on short sales is a real challenge. Not only do you have to familiarize the buyer with the short sale process, but you also need to make them aware that nothing is set in stone until the bank approves the short sale. And, even then, if the seller does not like the terms and conditions offered by the bank on the approval letter, the deal may go bust anyway.
So, aside from ignoring all of the short sales when out home shopping, what can an agent do?
Buyers’ agents need to do their own ironing of the backside of the shirt.
By this, I mean that due diligence is important when representing buyers in short sale transactions. Buyers’ agents can look up the number of liens and confirm that all liens are being addressed as part of the short sale negotiations. Buyers’ agents can also be mindful of any pending foreclosure dates in order to assure that they are postponed, if necessary. Buyers’ agents can also work with listing agents in order to assure that there are no other items that may hold up the closing—such as HOA liens, IRS tax liens, unpaid child support, etc.
After all, you do want to get to the closing table and see that when the listing agent takes of his (or her) jacket, the back of their shirt is just as well-pressed as the front.
(Pressed shirt story courtesy of Jeremy Blanton)
On another note: I just wanted to wish all of my Agent Genius friends and colleagues a very happy holiday. For those of you who are regular readers and follow my short sale adventures, I am grateful to you for your thought-provoking comments and your loyalty. Happy Holidays!
Photo: Flickr Creative Commons by lohb