The art of getting the short sale approved is evolving. We as agents see new and better ways to service the seller and the bank. In my opinion, this is a very good thing. Agents are collaborating on how to best get a short sale approved and sharing techniques.
I am still doing a good number of short sales and I still have a 100% close rate except for the one I turned over to a negotiation company. I am seeing the process improving for the agents. We are learning the ropes and improving how we work the short sale. We are collaborating on techniques and improved ways to get the best offer for the seller and the bank.
With the addition of the Short Sale Addendum for California, we improved how we can handle short sales. The Addendum provides the seller with an "Out" if a better contract comes along. This is a good thing. As we accept and I repeat (ACCEPT) an offer and open an escrow, we have typically only worked that one short sale. As other people continued to call, we told them it was pending. We are now understanding that we can continue to accept offers and open another escrow and therefore send a new and better offer to the bank. I talked with an agent the other day who has three escrows open and is waiting to hear from the bank on which offer they will accept.
I have currently been holding and working offers to send the best to the bank and if another offer comes along that is better, I've communicated this to the bank. My fellow agent is doing a better job, however and by opening another escrow and sending it to the bank, he is one step closer to helping the bank accept and close the best offer for the seller and the bank.The Bank LOVES to have an open escrow so they can go and close. The shorter the escrow period the better.
Whenever I hear from agents, I always explain how I work the short sales. I also write about it and provide the process strategy. The short sale is the best tool we have going right now for helping the real estate market recover. Sharing information on short sales with other agents only makes sense. What goes around comes around and in speaking with this agent I have worked with before and with whom I have a great deal of respect for, he shared with me how he's handling multiple offers on short sales....good offers that is. This was great news for me because it gives me a viable means to send a better offer along to the bank.
It is also resulting in Buyers offering their best offer and terms. It's a good thing!
I am Jeanean Gendron, your Redding and Shasta County Real Estate Specialist. I can be reached at 530 276-7417. I answer my phone. Visit our website and learn more about Redding and Shasta County Real Estate.
Jeanean,
Interesting concept, not doubt it's working well for you with 100% rate. Keep up the great work!
Must be nice to have three or four buyers for one property. We are still working on five to six houses for one buyer.