A short sale, or short pay sale, occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. While occasionally resulting in a successful close, short sale listings and transactions are extremely problematic, and usually result in frustration and disappointment for all parties: potential sellers, buyers, Realtors and brokers. When you see a listing on the MLS or other real estate web site, if it is a short sale, the price on the listing may be nothing more than a fictional price intended to draw an offer. That is, until the sales price is approved by the lienholder(s), there can be no transfer of the property to a new owner. Obtaining this approval is by no means assured, and doing so requires several conditions to be met by the home seller (borrower)—conditions that buyers cannot usually know going into the sale.

Further, there are many legal and financial implications to sellers pursuing a short sale, and there are many possible pitfalls for buyers as well. For these reasons, and because I do not wish to set up a situation that will lead to frustration and resentment between my clients and me, I decline to write offers or accept listings for short sales. For more details about the short sale process and its possible complications, please give me a call.

My clients will attest to my dedication to prompt, direct, clear, and thorough communication. I realize 'communication' has become a buzzword of sorts, so I wish to tell you exactly what I mean when I say I am dedicated to strong client communication. I am not afraid to deliver relevant news to you - great news or difficult news. I am not afraid to ask questions of others in our transaction - as many questions, as many times as it takes to satisfy you. I am completely comfortable using your preferred communication method - telephone, email, personal meeting - you are the client, you decide. I am available to you for your questions almost any time. I retrieve voice mail messages frequently throughout the day, and will tell you in advance if I am going to be unavailable for any length of time. I know you have many agents to choose from to help you with your real estate goals. I will not forget this for a moment and will show you my gratitude for selecting me by providing you with prompt, professional communication.

"Dual Agency" refers to an agent who represents both the buyer and the seller in a real estate transaction. While many agents use the prospect of "dual agency" to appeal to home sellers during listing presentations, I advise my seller clients to carefully consider the wisdom of this choice. It is not uncommon for an agent to sit with a potential seller and discuss the "commission savings" that will come with "dual agency." Granted, the potential commission savings can seem significant. For example, if an agent is willing to reduce the sales commission by one percent for "dual agency", say from six to five percent, the seller will save $5000 on a $500,000 sale.

Yet, dual agency is not without its significant challenges as well. Think of it this way. As your agent, I become familiar with you, your property, your needs and your goals. I pledge, through my agency, my advocacy on your behalf. Then, suddenly, I have the opportunity to write an offer for a potential buyer, and present it to you. The way I see it, this requires all of us, all of a sudden, to walk a very different tightrope.

Having two professional, licensed agents involved with a transaction - one representing the seller and one representing the buyer - keeps the relationships, loyalties, and obligations of the parties clear and defined. While the short-term commission savings may be initially appealing, the long-term challenges of dual agency may prove more problematic than helpful. In the case of a buyer wishing to write an offer for a property I have listed for sale, I would most likely refer that buyer to another capable agent. All that said, you remain the client, and you remain in charge. I will not refuse dual agency should you direct me to do so and should we be able to come to an agreement satisfactory to you. It will be upon your direction after I've advised you thoroughly of the potential risks.

Often as an agent I am asked if I represent buyers or sellers "only." Au contraire! I feel strongly that in order to best serve both categories of clients, it is incumbent upon me to stay current and informed about the needs and mindsets of both categories. To effectively negotiate in a strong sellers' market, for instance, it would do my buyer clients no good at all to have an agent who wasn't also keenly tuned in to a seller's situation. And to obtain the best purchase price and terms for a seller client, an agent must also have an understanding of the current buyers in the market. Further, quite frequently clients are sellers and buyers themselves. If I am helping you sell your home, I also want to help you find and buy your new home to assure smooth and coordinated transactions.

As part of your purchase or sale transaction, the designated title company will provide a Preliminary Title Report (known as the 'prelim'). This is a key document and requires the immediate and careful review of your agent. On your behalf I review all aspects of the report: How a seller holds title, who is on title, any outstanding liens, any recorded easements affecting the property, any CC&Rs associated with a condominium or neighborhood association, the tax bill, and more. While there are always "many eyes" on a given real estate transaction ( the agents and their brokers, the lender, the title officer) it is very important to review the prelim as early as possible to avoid any possible title issues down the line. During busiest times, title companies can take as long as 10 days to produce a prelim; normally, however, the prelim arrives within two to five days.

back to the top