As soon as you have cleared the first hurdle with the negotiator headache, the second major concern in a bank short sale needs to be addressed. Buyer impatience and their general lack of knowledge in the bank short sale process can lead to much undue stress. This problem can be compounded if the buyer is a first timer that is eager to get into a new home. The purchaser can quickly be turned off if they are not on good communication terms with the real estate agent regarding a bank short sale. Often times, even though the Real Estate agent in Tempe, AZ has completed all of the bank short sale paperwork and sent it to the bank, the transactions will still take as many as two additional weeks to complete. Then the bank short sale paperwork will need to be passed on to those pesky negotiators.
Asking for an excited buyer to be patience is a troublesome thing to do. This is especially challenging in current times as the number of bank short sale properties on the market today is ever increasing. Additionally, today’s society takes a “grass is greener” approach to most things. So, they will always consider a better deal may wait around the corner or better service can be had from another agent in a bank short sale. The patience of a potential buyer is a huge hurdle in the bank short sale and should be handled before the buyers even view the properties.
Just for frame of reference, here is an example. Last month, I was in the midst of working through a bank short sale in Tempe, Arizona that involved a property which was potentially going to sell for eighty thousand dollars less than comparable homes in the area. However, because it was a bank short sale, there was going to be a waiting period of as long as three weeks. The buyer was excited about the potential of the home for her and was overjoyed that is was in a condition that it could be immediately moved into without any changes or renovations. However, the buyer was under the impression that they should not have to wait for more than two days for a response, completely ignorant of the bank short sale process.
I decided to take a gamble and tell the buyer that this bank short sale process wasn’t necessarily for her because the bank does not care if you NEED a response in two days. The bank could care less about your dream home. However, if she was wiling to understand the bank short sale process and allow me to devote the time and energy to it, she would eventually get the home she desired. After some normal waiting in the bank short sale process, she was able to purchase the home and will close on it in a few weeks. Using a honest and direct approach to the buyer regarding the bank short sale process helped her understand the need for patience in completing a bank short sale.
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