Lack of Commitment with Clark County Short-Sale Properties
The lack of commitment is a key problem in distressed sales. Without a commitment to hang tough for the many months it takes to close the deal and/or submitting multiple offers on many short sales at the same time, derails efforts of buyers who are committed to that one property.
Salespeople and potential buyers are creating problems when they make offers on several clark county short-sale properties at once in the hopes of finding one that will make it to closing. The salespeople who encourage buyers to make offers on several short-sale properties to see which deal sticks, are also wasting other agents and sellers time.
Agents can also derail transactions simply by not preparing well. One-third of homes listed as a potential short sale have no business being called that. In many cases, the seller really can’t make a qualifying hardship case to the lender. To save everyone time and effort, agents should carefully qualify sellers upfront to be sure they have a genuine hardship.
Agents can also derail transactions involving sellers who have a legitimate hardship by simply being unprepared and submitting an incomplete proposal. The property might have several junior liens that the listing agent never took the time to learn about, creating a snag later in the process and raising a question in the lender’s mind about the preparation of the agent. At a minimum, agents should go to a lender only after they’ve prepared a complete, well-organized proposal to the lender, because absent that the deal is unlikely to survive the rigors of the process, creating a bad experience for everyone, particularly buyers.
We’ve got to start creating an experience that reasonably resembles a traditional buyer experience or we are doing damage to our industry.
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