If you are a short sale buyer’s agent, it can often be frustrating waiting for any scrap of information for your buyer. After all, it might be three to five months before you get short sale approval. You don’t want to lose your buyer. It’s best to give them as much information as possible so they feel part of the process.
But just how often should you call the listing broker to check for status? I get a wide variety of buyer’s agents selling my Destin Florida short sales.
Agent Mellow: He might contact me once a month to find out how the short sale is progressing.
Agent Never: He never contacts me during the approval process. I will send him updates, but if I don’t, he’ll just be “surprised” when I forward the final approval.
Agent Antsy: He emails me almost every day. Any word? Is the appraisal back? Do you have approval? Etc. Etc.
Agent Even: He calls or emails about every week or two. He is on a program. He might check in more often if his buyer asks. But he tells his buyer in advance how often he’ll provide an update. This is the guy to emulate.
If you are a buyer’s agent and sell one of my Destin short sales, feel free to email me once a week. Don’t call on Monday - it is the highest volume call day for short sale lenders. Thursday or Friday is a good day. Prepare your buyer about the short sale process. Let them know how often you’ll be getting updates.
Work as a team with the listing agent and keep your buyer in the loop. That way, everyone will be cool and prepared when you finally get approved!
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
This is an excellent description of the wide variety of Short Sale Buyer Agent personalities we encounter, who are representing the Buyers of our Short Sale listings. Once you have the personality type figured out, there are some very effective ways of dealing with the "Antsy" Agents.
Wendy,
It definitely depends on the listing agent.
Until you know them think of Dr. Pepper.
10-4-6
Be a pepper too!
Bill
If I have a buyer who has an offer on a short sale I INSIST that all of the handling is taken over by the title company I recommend to the buyers. (In MD the buyer selects the title company) The title company undertake all of the contact with the bank and the negotiators and update both listing agent and selling agent three times a week religiously via e-mail. They do not charge any extra for this service and the deal gets done. So far I have not found a listing agent that objects to this. When I list a short sale I hand the file to them from the very start.
Great Blog Wendy! Patience is the medicine of choice for a Short Sale.
Thanks Wendy ... I'd copy this blog and send it with every offer your sellers' accept .... oh wait, that might be considered being proactive ....
Agent Never is a shopper and will never close. I have one agent who contacts me every day. On Friday afternoon, I gave her an update and she emailed me Monday morning requesting another. I prefer Agent Even.
As a short sale buyer agent myself- I must ask: wouldn't it just be easier to provide regular updates on a schedule similar to "Agent Even" and eliminate the frustration on both sides of the sale? I try to be Agent Even but my efforts are definitely influenced by my buyer.
Once a week and never on Mondays? I'm usually the listing agent and I usually call (note: call) the buyer's agent. But I tell those buyer's agents to call me as much as they need to so they feel comfortable. It usually takes me less than a minute to tell them that we haven't heard anything and if I had I would have called them, but it makes them and their client more comfortable and increases the chances that the transaction will close. If I was a buyer agent with one of your transactions, I would track you down in person and demand an update- on a Monday!
In Arizona, the title companies do not handle negotiations. The title company is only there to give the agent an updated HUD, so we can update the banks on what they are going to net as time goes by.
I think it is necessary to contact the listing agent once a week for a status update. You want to know that the listing agent is keeping up with the bank negotiator and hasn't let the deal fall to the wayside.
As a listing agent you should send the buyers agent a courtesy update weekly and on the same day each week to show consistency and always show courtesy when dealing with buyers agents. They work hard and you want them to keep their buyer around for the long haul not give them a reason to not wait for approval.
So tiring...this entire short sale mess...which I constantly try to talk my buyers from entering...
Yesterday, I asked the LA "...any idea when you might hear something...?"
Reply: "The bank processor told me if I called one more time they would move my package to the bottom of his very large stack."
Damn nice, heh?
Sorry if Monday is busy...I have to work on a schedule for my client not you or yours. That said I try and beat patience into the antsy (if all else fails) ones and keep the others informed. A call is much better than email! I generally turn down short listings and discourage short buyers... IF the banks could move better that might change.
Wendy I think setting expectations right up front with the buyers agent is so important!
This is a good plan. Actually as the listing agent on most of the ones we do, I (big I) contact the buyer agent once a week and any information I get, or hear contact the Buyer Agents. I do my best to keep them in the loop.
Monday morning phone call are the most inane and unproductive I can think of. Excellent, under discussed topic. Weekly updates on a short sale transaction are reasonable guidelines.
Agent Antsy have been putting offers on my listings. . and unfortunately, I don't about them being antsy until we accept their offers. . try two of them at one single time and your life becomes hell. . .
Wendy, I think once a week is a good practice. A lot depends on the listing agent.
I think that about once a week is good unless there is more to tell.
Wendy, This is a great post. Every agent representing their buyer does things differently. I prefer to contact the listing agent once a week, usually on Friday, to see if we have any new information. That way I can find out what's going on with the short sale, and I can talk to my buyers regularly to see where they stand in the process. Some get very antsy. I want to make sure we are all on the same page.
I call or email for updates every 1 to 2 weeks and I think that is the EVEN amount.
Wendy. Buyers agents rarely contact me. I tell them upfront that I will update them once a week via email. I even tell them which day this will happen. Then I do it. No need to call me.
I do believe that's a good interval. But my guess is that you actually engage with the buyer's agent. I've had good experiences with those I've been in contract with on the buyer's side.
A minimum of once a week, but it depends upon the listing agent. if they seem to be clueless, I've actually contacted the bank.
As a short sale listing agent, I will give the buyer agent regular updates to make sure they know we are actively working on it and following up. So they usually don't have to call me. If I am representing the buyer, then I will wait 'fairly' patiently for updates but do have to call if I just don't hear anything. I need something back to keep my buyer on board.
I've had Agent Antsy lately - calling me repeatedly when I said I will call YOU when I know. Very irritating.
Wendy,
I too don't think the Buyer's Agent should have to call the Listing Agent. But I'm usually Agent Even because List Agents rarely initiate communication on Shorts. Annoying when THEY are the ones that know if there is any news!
I am coming to a close on one where I represented the buyer as 'Agent Even' dealing with 'Agent Mellow'. I'm sure they felt like I was 'Agent Antsy', but I don't think it's unreasonable to give or ask for an update every 7-10 days. Thanks for your post as it helped me realize I wasn't alone in my expectations!
Ellie #3 - WOW, you got it made in Maryland!
Jason #7 - You're right. I do update the other agents upon activity on the file. But I am human. I ask them to feel free to contact me. That way, it gives me a "nudge" and I like the team spirit. Makes them feel welcome.
Terri #26 - LOL
Good ideas. Thank you Wendy
I hate short sales, they are ENDLESS and often not worth the time and effort.
Patricia/Seacoast NH
I found this through a re-blog and just wanted to pop in and say how much I love this advice dotted with humor post. I can't stand agent antsy's in the first month of the process. Most of us are working on more than ONE real estate transaction simultaneously!
Wendy - this is excellent advice, adn a pretty accurate description of the agent types. LOL.
I think it also depends, to some extent, on the response of the LA. No response, you're gonna get more emails or calls from me. Sorry.
Am I wrong?
Jeff
Most good listing agents dealing with short sales will update the buyers agent on a weekly basis even if only to tell them nothing has changed from the previous week.
Jeff #32 - Sometimes a regular update is not enough for certain personalities. But you're right, as some others have stated, if the LISTING AGENT is Agent Mellow, light a fire!
Great advice! I laughed when I saw this.
Joe
Out of courtesy to all parties involved, even the title company, I email everyone a Short Sale Update every week. This way everyone is on board with the progress being made and no one is left in the dark. Even if there is little progress made, I report even that to keep the lines of communication open. I have been successful in closing more Short Sales with consistent communication. :)
What a great expectation-setting list! Once a week is enough, unless you actually have something urgent to report. Excellent!
I have one pending now and I follow up on it once a week.
Wendy, Thanks for the smile on the different agent types, and I fall into the Agent even category (phew) but do hate when I am working with a listing agent that never gives me updates and I am the one always initiating. I like the plan of a once a week update from the listing agent on the same day if possible. Educating the buyer on the process is key as well for their expectations on how often you will be in contact with the listing agent during that beginning process.
Hi Wendy!
I love the even agents. They make our jobs that much more pleasant, and they understand the process. The antsy agents probably have never done a short sale, and therefore they don't know what is what. Someone has to teach them the process, but I wish it was their broker instead of me! :)
Great post!
Yep once a week even if there is nothing to tell.
Bah, humbug. What would it take to eliminate the whole problem by doing a simple weekly email update to the buyer's agent. How the heck long can that take? Fifteen minutes out of your day would eliminate 90% of the calls you get, I'm fairly certain. Sorry, Wendy, just my opinion. I'm not in your job at your desk, and maybe I have no clue what I'm talking about.
Barbara #36 - Hurray for you! You get it!!
I love AGENT EVEN. I hope I am that person.
Wendy,
Oh yeah..I like the uneven keel agent...who calls often and then never calls..:)
Neal - I forgot about those, good one!
Virginia #42 - I try to do that, but it does not help Agent Antsy :)
Just what I needed to hear. I have been checking once a week and wondering if I was doing what most do. Thanks for the guidelines.
Wendy, I got a question answered in NO TIME AT ALL just yesterday with a search on Short Sale Superstars...thank you SO MUCH for all the good work you've put in serving the community!!
Mindy - Thank you for mentioning www.ShortSaleSuperstars.com !
I do find I get alot of buyer's agents calling me on Monday, I like to do my updates on Friday, but if I get some really good info, then I'll email them as soon as I get it.
I want to mention Short sale superstars too. Any agent doing short sales, needs to visit that site. I've gotten some good nuggets of information that has helped me on some of my deals. Wendy and Bryant rocks!!! :)
Wendy - While I'm not an LA or BA calling about the status of the short sale approval, I can most certainly relate to the BA who just wants to be updated on a regular basis even if it's no new news today.
On another note, most short sale transactions are extremely challenging to close. One of the most frustrating aspects I find about short sales are the short sale lenders attitudes of making everyone in the transaction wait and wait and wait and wait and wait and wait.....
The banks have no issue with taking months to do anything and everything. Then as soon as the banks approve the short sale, all of a sudden they are all over everyone in the transaction with their "hurry up and close" manner and start pushing everyone around and threatening to cancel if we don't close in a matter of days.
If the listing agent wants to keep the buyer on the hook, then I would suggest the listing agent contact the sellers agent once a week, even when there's no info. You can ask if the buyer is still willing to hang in there. That way you should be able to take care of all the personalities, and keep you finger on the buyers pulse.