West Michigan Short Sale Agents know the number one key to getting a short sale all the way to closing is the buyer.  As the listing agent, it falls upon us to make sure the selling agent has properly explained to their buyer exactly what expectations they should have with regard to a West Michigan Short Sale.  Even though the buyer has their own agent, it is up to the West Michigan Short Sale Specialist listing the home, too protect their clients interest in completing the short sale.

Patient West Michigan Short Sale BuyerNot all buyers are short sale buyers–in fact many are not!  One of the biggest road blocks to buyers purchasing a West Michigan Short Sale Home is the incredible wait they must endure.  Let’s face it, there is absolutely nothing short about a short sale, except the amount of money the bank will be getting in comparison to how much the seller owes.   From the time an offer is received on a short sale home, to the time the bank gives written approval of a short sale, is on average 90-120 days.  There are certainly some that take less and some that take more time.   It is the experienced West Michigan Short Sale Agent who writes into the purchase agreement that the buyer is under a contractual agreement to give the seller the proper amount of time to gain written short sale acceptance from the bank.

The key is written short sale acceptance.  Many times a bank will verbally tell us we have short sale acceptance only to turn around and take a month to get the written short sale approval.  A good West Michigan Buyers Agent will insist on the written document from the bank before they proceed.  This protects the buyer from spending money on an FHA inspection, for example, only to have the short sale fall through.  The educated short sale buyer will understand these road blocks and not get frustrated and walk away. All these steps take time.

It is up to the short sale specialist to make sure the buyer understands he or she will be earning patience equity.  A recent Realty Trac report stated that most short sales sell for approximately 79% of market value.  The buyers are definitely getting something out of the long wait but if they do not understand the concept, one ends up with a frustrated buyer who is sick of waiting and who walks away from the transaction.

As experienced West Michigan Short Sale Agents, we have made it easy for our selling agents by having their buyers sign a “What To Expect in a West Michigan Short Sale” contract.  The contract clearly explains the process the seller and our team will be doing to have a successful short sale.  The more educated a short sale buyer is the more likely the short sale will successfully reach the closing table.

Look for Part 2 of this series—Qualifying the Right Buyer for a West Michigan Short Sale-Part 2-Earnest Money

 

 

2 Responses to West Michigan Short Sale Agents-Qualifying the Right Buyer-Part 1-Patience

  1. Nestor & Katerina Gasset says:

    Great write up! Can’t wait to read the second part of this article.
    Stay the best Grand Rapids short sale agents.

    “Katerina Gasset
    Wellington Short Sales
    Wellington Short Sales Agents

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