Wednesday, May 26, 2010
Tuesday, May 25, 2010
Learning an important lesson on Short Sales!
After a 4 month wait for a short sale to be approved by Bank of America, my buyer got the okay on his offer. The listing agent had not made me aware that the buyer had moved out until after we set the appointment for the inspection. So when we arrived at the inspection, there was no power and no water. When we called the city and power company we were told there were outstanding balances that needed paying before we could turn it back on.
Now, who is going to pay for this? Fortunately, my buyer felt it was such a good deal, he was willing to pay it, but not until I tried to get the seller to somehow pay for it. Eventually after a week, it has all been straightened out and we are ready to go back and do the inspection. But now I learned a valuable lesson.
As a buyer's agent, to make sure to check with the listing agent about the status of the seller's living arrangement and whether the bills have been paid ahead of time and to make the buyer aware ahead of time so they are prepared for what may come up.
As a listing agent, to have the seller remain living in the home and paying their bills, if at all possible. If not, to make the buyer's agent aware of the situation.
Communication is always a key element of Real Estate!
Now, who is going to pay for this? Fortunately, my buyer felt it was such a good deal, he was willing to pay it, but not until I tried to get the seller to somehow pay for it. Eventually after a week, it has all been straightened out and we are ready to go back and do the inspection. But now I learned a valuable lesson.
As a buyer's agent, to make sure to check with the listing agent about the status of the seller's living arrangement and whether the bills have been paid ahead of time and to make the buyer aware ahead of time so they are prepared for what may come up.
As a listing agent, to have the seller remain living in the home and paying their bills, if at all possible. If not, to make the buyer's agent aware of the situation.
Communication is always a key element of Real Estate!
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