Why Your Favorite Agent Won't List Your Short Sale

So you've bought and sold ten houses in the last couple of decades.  Every buy, every sale they were always there for you.  They knew exactly what you liked and what you didn't like.  They always returned your phone calls.  You were much more than a team.  They are and were your ONLY Real Estate Agent.

So why now, when you need to list your short sale property did they decline to list your home for you?

I can't speak for them personally, but I can give you a couple very good reasons why.

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Language:  In order for your Short Sale to close, there are some intense negotiations that need take place usually between the Listing Agent and the Lender's Loss Mitigation Department.  For most Agents, the closest they have gotten to talking to a Lender was a Loan Officer and they are not even close to the same. 

These Loss Mit people speak a very different language.  It's vitally important to know what to say, when to say it, and what NOT to say.  Chances are, your Agent doesn't feel confident they can perform this task.

Time:  Short Sales are a lot of work.  There is a tremendous amount of time spent on the phone.  Much of that time is spent waiting on hold.  When you are finally talking to a real live person, it's often times the wrong person.  having the right phone number, the direct number, to the person you need to talk to is crucial.  Besides , the last thing an Agent wants to do is be tied down to a desk and a phone.

Closing Ratio:  Short Sales are notorious for using up all your time only to have the whole deal fall through at the last moment.   At their office meetings they don't hear the story about how a Short Sale closed in a week, instead they hear how some poor fellow agent had the perfect deal, worked it hard for three long months, and at the very last minute the whole thing fell apart.  That's the story they've all heard, that's the story they remember. 

Commission:  Let's be realistic.  Your Agent works for money.  They don't work for free.  While they might be the nicest, sweetest person in the world, they might absolutely love what they do for work, but the bottom line is that every person works money.  You do, I do,  and they do. 

You do remember that in a normal purchase transaction the commission is not set in stone, it's negotiable.  But how often does that really happen?  Very Rarely.  I firmly believe the professional Real Estate Agent  is worth every penny they make.  In a Short Sale you can bet the Lender will try to negotiate the commissions down - each and every time!  Your Agent has heard the same horror stories about commissions too.  I've heard of Agents who will not show their clients a Short Sale because of this fuzzy commission structure.

Disclaimer:  Once again.  I cannot speak for your Agent personally.  There are Agents that have specialized in short sales.  These Agents have systems and procedures to properly address the above issues.  They have aggressive marketing and action plans in place.  Some of these Agents will use outside independent negotiators to make sure the process works as smoothly as possible.   One Agent explained to me in terms of  performing Surgery.  While they might be the Surgeon, they bring in the experts of specific tasks, like the Anesthesiologist.  You wouldn't want to be overly dosed or wake up during the operation would you?

These Specialist Agents are busy. You can bet they are busier than ever these days.  Don't be surprised.  They might even pick and choose the deals they know they have a higher success rate with. 

If you need a Short Sale Specialist and need a referral to one - give me a call.  I know some of the very best! 

(925) 288-9977 Ext 104