Michelle Gibson has written an excellent article about the importance of communication with buyers and with sellers. It is essential to continue to manage the client's expectations during the process. Emotions do run high during short sale process, and communication is essential.
Short Sales: Communication is Key!
Communication is key when it comes to short sales, regardless if you are a short sale listing agent or buyer's agent.
As a REALTOR I have had conversations with both Short Sale Sellers and Buyers who have worked with other real estate agents and their biggest complaint was lack of communication from their agent.
When a homeowner decides to short sale their home it can be one of the most stressful times in their life with all of the unknowns, so it is extremely important that their listing agent communicates with them on a regular basis even if it's a quick e-mail or text stating "no change this week." At least the seller knows their listing agent hasn't forgotten about them.
The same holds true for home buyers who are trying to purchase a short sale. First and foremost it is important that home buyers are educated on the short sale process and are prepared to stick around until the sellers receive a short sale approval or denial letter, which could take weeks or several months.
Most home buyers could probably go the first week or two with no update or communication from their real estate agent, but as soon as that 30, 60, 90, 120 days pass I can almost guarantee they will start to get impatient. So it is important to keep these buyers updated even if it's an e-mail or text stating "no change this week." I personally update ALL of my clients every single week.
Communication is key for ALL real estate transactions, but especially during a short sale transaction.
Sharon Paxson REALTOR®