We all know that mishaps can occur in the distressed market selling. Each REO and short sale transaction will take on a life of it's own and become quite different from what you've ever encountered previously. In fact, if I had a penny for each time a buyer's agent tells me.."well that's not how it happened the last time". What many fail to realize is that the differences lie within each bank, each banking program.....even with each individual Asset Manager or Negotiator. It's important to be able shift and move with the changes, learn something new with each transaction, and build upon your knowledge with newer transactions. What really baffles me about some buyer's agents is how they'll openly remove themselves totally from the transaction since it's new territory for them. Here's the real-life scenario that prompted this post:
...A buyer's agent emails me about the status of an REO transaction in which FHA repairs were requested and approved by the Seller. Buyer sent an email to their agent requesting information and the agent forwards the email to me from the buyer and copies the buyer in the email sent to me. I quickly answer the question and hit "reply to all". Three days later, the buyer sends their agent an email wanting to know when would the appraiser come back to do the re-inspection. Instead of simply answering the question, the buyer's agent agains forward the buyer's email to my attention and copies the buyer. I quickly answered the question stating that the lender would order the re-inspection once repairs have been completed (yep, something the buyer's agent could have relayed to the buyer without involving me at all). The next day, buyer again email her agent with an issue involving her financing. Buyer agent again forwards the email to me and I reply with instructions for the buyer's agent to give to the lender.
In this scenario, the buyer's agent successfully showed her client two things:
1) This agent lacked the required knowledge and motivation needed in order to ensure that a transaction of this nature is closed, and
2) The agent was more confident in my knowledge and ability to get the transaction closed.
The end result???? The buyer sent me an awesome buyer referral. She spoke of my knowledge of the real estate industry and she also said that I did all that I could to ensure that the transaction closed.