You Can’t Be A Toast Watcher and Buy A Short Sale

Posted on August 14, 2009 by Gena Riede

Sacramento, CA

As a Sacramento Short Sale agent, I always recommend to a home buyer  if they are “toast watchers,”  don’t  get involved in Short Sales.

Short Sales are not speedy. You may need an epidural before it’s all over. Many Sacramento home buyers are placing several offers on different houses and there’s a very good reason for that….home buyers have lost out on Short Sale homes for sale and have been trying to get a house for many months.

Put yourself in the home buyer position…let’s say you put an offer on a house in March and in June you find out that a higher offer was accepted.  Now, wouldn’t be a shame if that was the only egg you had in the basket????

At the same time, we have listing agents not communicating and banks who are on hiatus it seems. If there was a better process that all banks and all agents would follow, as well as communicate, than home buyers wouldn’t feel as negative about Short Sales as they currently do.

It was just last week when I was visiting a new home builder subdivision in Elk Grove, where the agent told me that all of the new sales they have currently had this year were from disgruntled Short Sale home buyers who were SICK of the process.

How would you feel if while touring a Short Sale home, there was evidence that the current homeowners were stripping the property? Yes, it is happening and that doesn’t’ necessarily sit well with most home buyers.  I know I inform all of home buyers I work with that what they see today MAY not be what they get if they are accepted and close on a Short Sale.  Sad isn’t it?

At least with bank owned REO  homes for sale the home buyer gets exactly what they see.

But, the biggest drawback that I see on a daily basis is the lack of communication.  I have offers that are outstanding and agents who do not respond.

Are these agents on vacation?

Do the agents  have a day job

Or are these agents  just NOT interested….

Makes a Realtor ® wonder.  No wonder when I answer my phone people are shocked!

I thought we would weed out the bad grapes but it seems we still have some in our midst.  All I can say is continue to write those offers, continue calling/emailing  for updates and by all means, DON’T WATCH the TOAST!

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