That short sale should have been approved, both agents know it, the buyer the seller, they all know it. Yet it wasn’t. Who’s fault is it? The banks right? Not always, often it is the listing agents fault.

I recently had a buyer interested in a house that was a short sale on the market for $146,000. The listing agent submitted a full price offer to the bank and started negotiations. It wasn’t long before the bank declined the offer and the deal went to foreclosure.

After the foreclosure costs, and the carrying costs for over a month and listing it with an asset manager, the house was finally listed on the market for $136,000. So why did this happen? Most likely the agent heard “no” when they should have heard “know.” The bank obviously did not know enough information to make an informed decision.

There are many things that could effect this, but in 9 out of 10 cases the agent should be able to fight this and get this house sold. I will discuss more about setting the tone with the BPO in my next video.

Video 97: I applaud the Arizona Department of Real Estate for issuing a Short Sales" href="http://deansellsaz.com/wp-content/uploads/2010/03/ss-seller_advisory.pdf" target="_blank">Short Sales Sellers Advisory. They have included a lot of good information such as scams to avoid, options to short sales and advising you to get legal and accounting advice. The one thing I did not agree with them on is their recommendation to hire an agent with a short sale designation. While a designation is not a bad thing to have, there are plenty of good agents who do not believe in the money making aspect behind designations and may not have a designation, but may have as much experience and/or knowledge as someone with a designation. The best way to hire a Tempe short sale agent is to talk to a few agents, ask them their process and see what they share with you. You will quickly be able to tell by their short sale process which agent to use. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.