There’s no doubt for anyone who’s in the real estate business that listing agents and buyers agents are often caught in a tug-of-war, especially during Utah short sale transactions. The listing agents have fiduciary duty to their client – the seller, and the buyers agent has fiduciary duty to their client – the buyer. The end goal, of course, is that everyone walks away from a successful transaction with a smile on their face. Unfortunately, this isn’t always the case, and sometimes, the deal falls apart in the 11th hour.
The past several months I’ve been working on a short sale in Southern Utah for a wonderful couple, they’ve had a rough go of it with some unexpected medical issues which has ultimately weakened their financial position – therefore forcing them into a Utah short sale. They are extremely pro-active in this process, always getting us any additional documents quickly and returning correspondence immediately. They are really dream clients. About 4 months ago, we got a great offer on their property from an Agent who expressed her buyers were extremely dedicated to this process and to this home, it was perfect for them – the catch was that they needed to close by a certain date. While we never guaranteed a date of when we can close, I assured her we’d do everything we could to meet their requests. For the past 4 months the buyer agent and I have stayed in constant contact, giving each other updates multiple times a week, if not daily.
Unfortunately, a few days after we received the short sale approval letter which would have allowed us to close by the date they had originally asked for, we were blindsided by an email that stated the buyers had decided they were no longer committed to this property – leaving our sellers with 4 months wasted. Was I mad? Yea, no doubt about it. But the worst part is knowing that our sellers just lost their fresh start, and also hearing the disappointment and loss of hope. This type of outcome is unacceptable to me, and now we’re going no-holds-bar to get another offer on their property and to get this closed before the bank decides their time is up.
It’s sad to say, but this isn’t uncommon… buyers walk all the time during Utah short sales. From a listing agents perspective this is extremely frustrating. Most banks only allow you to submit one offer a time, so while we’re working hard to get an offer approved, we expect the buyers to be just as committed. We’re putting all our eggs in their basket, they should have to put all their eggs in ours. From the buyers perspective, this is scary to do… they could wait months for an approval only for the home to be sold at foreclosure or for the short sale to be declined all together -therefore leaving them months past when they needed to be into a home. Constantly trying to find a balance on this teeter-totter is exhausting and can leave agents and their clients feeling frustrated and hopeless. It’s because of situations like the one I explained above and because of this constant battle to keep everyone committed and hopeful, we’ve been inspired to really analyze the Utah short sale process from BOTH angles and we’ve begun implementing some sure-fire systems that give everyone a sense of control and calmness. We’re happy to report that all the agents and buyers that we’ve tested these new systems on have had great things to say, and each transaction has gone very smooth. We’re still tweaking the systems here and there, but we’re confident we’ve got something going that will assist our sellers exponentially (and the buyers – whom are no doubt necessary to keep our sellers from foreclosure) and in return, allow everyone to breath a little easier.
If you’re concerned about the ups and downs of completing a Utah short sale, whether your a seller or a buyer, make sure you work with a team thats constantly striving to improve and is familiar with the potholes and ditches that can come up in a Utah short sale transaction. We take staying on top of our game seriously, and we’re constantly working to find ways to improve your experience. Call us to learn more about the systems we have in place to make sure you’re transaction ends successfully. Let the Frei Team go to work for you!