Mint Hill, NC Real Estate Agent and Home Stager: Why do some Charlotte NC Short Sales not close?

Why do some Charlotte NC Short Sales not close?

Why do some Charlotte NC Short Sales not close?  I have a property currently listed for short sale in Matthews, NC a suburb of Charlotte.  It is a great property for a short sale; fabulous location, doesn't need much work and it is priced rather competitively.  After only 2 months on  the market the property went into multiple offers.  I could tell that both buyer agents working the offers were inexperienced with Charlotte NC short sales.  How did I know this?  In spite of the fact that I provided very specific offer instructions the offers were incomplete, the agents used the incorrect forms and insisted I do things their way (and that was just for starters).  


Charlotte, NC Short Sales

If you are a buyer or a buyer's agent interested in buying a Charlotte, NC short sale you need to educate yourself about the process.  I am finding that buyer's agents do a poor job setting the appropriate expectation with their buyers and buyers do not do their due diligence to prepare for the short sale journey.  What are some of the things you need to know to make sure that if you decide to buy a short sale it will close?

  • The listing agent has no control over the bank or how long it will take for them to approve a short sale.  All banks are different, I can give you a general timeframe but can guarantee nothing.  Putting an expiration date on your offer and threatening to pull it if you don't get an approval by that date will not force  the banks hand to speed up the process.  However it does tell me that you or your buyer may be unrealistic on the timeframes involved, or your buyer needs to move quickly and a short sale might not be the best solution for them.  Either way it gives me the impression that you are not committed to the process and are likely to walk.
  • Please submit a complete offer package.  What does that mean?  An offer on the correct offer to purchase form, all addendums, loan letter or proof of funds and a copy of  the earnest money check. Earnest money check?  Yes, earnest money check.  You can cancel your offer at any time during the process up until the bank approves your offer and get this back.  The fact that you do not realize this or are not willing to put some skin in the game, again tells me you are not committed to this process and are likely to bolt.
  • The offer must be accompanied by a loan approval letter (assets, income and employment verified) or proof of funds - No exceptions. I will not allow my seller to sign off on your offer without one, nor will I submit your offer to the bank without one.  No you can't wait until you get approval from the bank to then submit one, no, no please do yourself a favor and don't ask.
  • Submit the short sale addendum with your offer, standard form 2A14-T.  Our state association has done a fabulous job in outlining the short sale process in this addendum.  Just filling it out and reading it to your client should clarify many of the questions I get asked by many buyer's agents.  I received an offer on a short sale listing of mine one time without it.  I politely demanded that the buyer agent review the addendum with their client and get a signed copy over to me and that the offer would not be considered without it.  After the agent reviewed it with their client, the client balked and pulled their offer.  

I don't claim to know everything about short sales because as soon as I do, something will change guaranteed. But I am knowledgeable, professional and make sure that with each transaction I do my own due diligence with the seller as well  because if I don't do this on the front end, there is a highly likely possibility that I too will have some of my Charlotte, NC short sales not close.  There are many more pieces to the short sale puzzle and putting those pieces together and getting to the closing table requires that the agents on both sides of the transaction do their homework and educate their clients.  When we all work together and do our jobs well, it makes it a smoother process for everyone.

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This article was written by:  Jennifer Manchester.   If you want to learn more about Staging your Charlotte, NC home to sell contact Jennifer Manchester at www.JenniferManchester.com  and make an appointment to give your home a competitive edge and use the ultimate  home seller's  marketing tool to beat out your competition and get your home sold faster.

If you would like to search homes for sale in Charlotte, NC or search homes for sale in  Matthews, NC or search homes for sale in Mint Hill, NC and surrounding areas, you can see for yourself what is available.  If you would like to meet with Jennifer Manchester to discuss buying  or selling your home in the greater Charlotte, Matthews, Mint Hill area visit her at www.JenniferManchester.com to schedule an appointment today!

Comment balloon 7 commentsJennifer Manchester • February 21 2012 07:19AM

Comments

Good Point Jennifer, Short Sale process is not easy and buyer's and seller's agent need to work hand-in-hand to amke things work for their client's and i believe that Charlotte Short Sale Agents have standards and rules, professionaly working with each other for the benefit of their client's.

Posted by Stephanie Anson (Anson Properties LLC) over 5 years ago

Hi Jennifer. Great post, you explained your points real clearly. Keep up the good work, you are the Charlotte Short Sale Agent to look out for!

Posted by Bas Panch (SCV Home Buyer) over 5 years ago

Jennifer,

Charlotte NC Short Sales will get approved much faster because of the screening you put the buyers agents through.

You need to be sure all parties in a short sale know what to expect so that your sellers Charlotte home is not lost to foreclosure. 

Posted by Sidney Kutchuk, Property Management & Sales Experts 951-217-6745 (Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745) over 5 years ago

I agree with Stephanie here.Good job with the post jennifer.I think that being able to have a good relationship with both buyers and sellers it would be alot easier to handle a task and finish what should be done.Clear communication also is the key.Well done.

 

Posted by Kim & Kristine Halverson, Realtors (www.LiveWorkSiliconBeach.com, Santa Monica Real Estate :) ) over 5 years ago

Jennifer, you are doing a great service to clients and homeowners by providing this information and as a Charlotte short sale agent you provided the needed guidance to homeowners and buyers in this real estate market...good luck!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) over 5 years ago

Hi Jennifer,

I couldn't agree with you more.The buyers should have a clear understanding as well as both parties.So the process would be alot easier and faster.Good idea in making this blog ,you definitely one wise Charlotte Short Sale Agent. 

Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) over 5 years ago

Hello Jennifer,You're definitely doing a good job in always sharing your knowledge with the homeowner everywhere.You're one excellent Charlotte Short Sale Agent. 



Posted by Jayne Clement, Los Angeles Short Sale Agents (Keller Williams Realty) over 5 years ago

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