A problem that has always been there, since the beginning of this current Short Sale market, but only “jumped out at me this AM”, is the following:
A home cannot be sold short if the “occupants, tenants, owners etc…” are unwilling to have anyone come inside to view what they are buying.
It has the same implications as on a regular sale. Of course, your agent can write an offer where acceptance or review is depending on the “buyer” being able to view the property in it’s entirety. Built into all real estate contracts is also the “investigation period” – that I get – but when you have a real estate market that is flooded with Buyers, as a seller, you should be getting better advice from the professional you hire.
Some of the short sales that hit the market within the last 24 hours in the Santa Clarita Short Sale world were “drive by only” with regard to the showing instructions. This means that your agent cannot take you inside to view any one of these listings.
You are going to have to write your offer sight unseen. 🙁 Understanding this happens from time to time, where the owner of a property has a “tenant” that is not willing to allow agents inside to have their private space viewed. Totally understandable.
However, 4 our of the 5 listings are owner occupied. The same 4 of the 5 listings that are short sales are “drive by only“. At least put the “drive by only” part into the comments on the Multiple Listing Services so the general public can view them.
We should all agree on a special code that will let the general “home hunting” public know that the owner is not serious at this point in wanting to receive a “sold offer”. Drive by Only could have the initials “DBO” – put at the end of the public comments so “joe consumer” can see it and not get their hopes up?
Another reason, it pays off, to have your own agent representing you with your real estate dealings.
Hey – I did a YouTube Video about Buyers and Commission Yesterday – have a look: