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NGR is Why Buyers Cancel a Short Sale
Buyers tend to cancel a short sale for NGR.
This Sacramento short sale agent rarely loses a short sale for any reason. Oh, sure, sometimes I will end up with a seller who pleads with me to put her out of misery and to let her home die a faster death through foreclosure, but thank goodness those situations are unusual and scarce. Most sellers want to do a short sale regardless of how painful. They are willing to pay the emotional toll to the troll known as the short sale bank negotiator at their lender’s bank.
My success rate is an open book. Anybody can go to my website and look at my closed short sale transactions for the year. Apart from all of my closed listings, visitors can also view the list of closed short sales in a separate link titled closed short sales in Sacramento. I close short sales from El Dorado County, to Yolo County, Placer County and all the way to the communities of Wilton and Galt in Sacramento. If it’s a short sale, you’ll probably find me there.
I attribute this success to 2 things. I don’t give up, so I don’t listen to the word No. And we try to qualify the buyers. To lessen the chance a buyer will cancel a short sale. A short sale is like juggling many different pieces with a future goal for everybody to all end up in the same place on a certain day, and yet each of those pieces is like a cat, wanting to go in its own direction. You want to juggle cats for a living? Welcome to the life of a Sacramento short sale agent.
We all want to reach that happy spot, the end of the rainbow. And yet, every so often a short sale ends up going back on the market, generally right after it’s been moved into pending status, upon short sale approval. When it does, buyer’s agents call me to ask why the buyer canceled. That’s a normal question but typically the answer is NGR. I’ve weeded out all of the ordinary objections upfront. After short sale approval, there is basically NGR to cancel.
Oh, but what if something is wrong? Like the furnace won’t turn on or god forbid should the bathtub fixtures not match those in the sink? Welcome to home ownership. The next house in 6 months could have something malfunction as well. You want the house, you buy it. You don’t want the house? Next.
I shot the photo on this page yesterday. It is the rainbow over Bora Bora on New Year’s Day. Welcome to 2013.
The Best Part for a Short Sale Agent
I’ll cut right to the chase. The best part of a short sale for a Sacramento short sale agent is at closing — but the reason why it’s the best part might surprise you. A fellow short sale agent friend in Virginia says one of her associates reports that she dreads closing a transaction. This agent says when a transaction closes, it means she is in the unemployment line. Out of work. Searching for new business. Depressed. That’s crazy. Because closing is the best part of the short sale for the short sale agent.
It’s not the money. Heaven knows it’s not the money. Short sale agents do 2 to 3 times the work in a short sale over a regular equity transaction for the same amount of money. Why would anybody in her right mind do 2 to 3 times the work for the same amount of money or, even less, because sometimes in a short sale an agent has to discount her commission or kick back some of it to make the deal work for the bank and the seller. What kind of fool would willingly do that? Who knocks herself out like that?
For starters, it’s because that’s where much of the business lies in Sacramento. Something like 1 out of every 3 escrows is a short sale. So, if an agent doesn’t work in the short sale end of the business, she’s missing a lot of business. If an agent specializes in short sales, like this Sacramento short sale agent, she gets a lot of business.
One thing is identical across the board. When the short sale closes, and I get to make that last phone call to the seller to say it has closed, well, that is truly the best part. I can hear the sighs of relief over the phone. The giddiness that it’s over. The happiness of being able to put the ordeal behind.
Because I am in French Polynesia right now, I have missed calling my sellers at closing. I have no cellphone in this part of the South Pacific. My TC calls to let them know; I send an email. But sending an email is not the same thing. It’s especially rewarding the last few days of the year, when sellers are worried about year-end reporting and income taxes like now. I had 4 closings on Friday and I’ll have another 6 or so on Monday. So, my TC gets all of the fun at the moment. She deserves it. She works just as hard and rarely gets to hear first hand how happy sellers are when a short sale closes.
Photo: Sunset in Rangiroa by Elizabeth Weintraub
