Short Sales in Glendale AZ and the surrounding communities of Phoenix, Surprise, Peoria and the West Valley: This is a plea to all buyer’s agents and buyers thinking of submitting an offer on a Short Sale Property. Please educate yourselves about the process. I encourage you to interview the listing agent on the short sale property. It is True that not all agents are short sale experts. Some are just dabbling in this new market while others, like myself, are truly experienced.
Ask the agent about the process as well as what procedures they follow. If you are comfortable with the answers and have a high confidence level in the agent, your client loves the house then WRITE the offer! Educate your buyer on the process then please wait it out. Make sure that the seller’s agent is going to give you regular weekly updates so you can keep your buyer interested and in the game.
Personally I only submit one contract to the lender. I tell the buyer that by submitting only one contract, I am committing to you, so I ask the same of the buyer and the buyers agent. Please commit to this transaction. Short Sales are closing. The usual time frame for getting an answer from the bank is about 6 weeks-sometimes less. I am successfully negotiating these transactions BUT the buyers are not staying true to the process. They are walking and usually at a point in time where it may be too late to get another offer and the house unfortunately goes into foreclosure.
In the Phoenix area, foreclosures can be a blight on the neighborhood and they affect everyone concerned. Let’s keep foreclosure rates down and work with us on the short sales. They are worth it for EVERYONE with a little patience and both of the agents exercising some professionalism.
Elise Fay
Short sales in Glendale AZ and the Phoenix area.
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
Education is key when it comes to this area of home finance. You will want to do your homework and make sure the agent you are working with has the experience to get it done right. Small hiccups and hurdles can create huge problems down the road.
Thank you for the comments to buyers of short sale homes. I am one of those buyers currently in a contract for a short sale home and I am scared that if I commit to this house then, after weeks or months of waiting for an answer, it is not in my favor. Then I have lost that time that I have waited. Time I could have used to look for another home. My agent is new to the process but she has much help from more experienced co-workers, but I don’t feel comfortable with the listing agent. She is not responsive. It takes several times from my agents to try and get a hold of her. How much should a buyer or buyer’s agent do to take control of the situation and make sure things go along smoothly? Should we contact the bank directly? Or should I sit tight and let things work out? Maybe part of why potential buyers walk is because they are not getting feedback or they feel the process is just too long. The house is fabulous and will be worth it, but the wait may not be and I am afraid I don’t know how long I can hold on to wait for it.
Rose
Fist let me say that I have been out of town, so I am sorry for the delay in getting back to you. I understand your frustration. If the agent representing you is getting good counsel from another short sale experienced agent that is great. It is also very important that the other agent involved in the transaction is keeping you informed. Without a doubt she should be contacting you with weekly updates from the bank. Even if there is nothing to report, that agent should say to you “I called the bank, everything is in order and they are still working on it” At some point there should also be a timeline that the bank will provide to the sellers agent, letting them know what to expect. In my opinion that sellers agent needs to do their due dilligence and contacting the bank is part of that process. Here in AZ, you always have the option to continue looking and putting offers in on other homes while you wait for an answer from the bank. It is disheartening for the sellers agent but if you do not have confidence in them, then you need to do what is best for you. In AZ you can always walk away from the offer for any reason, until that time when you get an approval from the bank.
Interviewing the sellers agent and finding out their success rate in closing short sales, understanding their process in dealing with bank and having them follow thru on their promises, is a huge part of a successful short sale.
Hope that helps.
Good Luck
Elise Fay
http://www.HomesByElise.com