We lost a "Short Sale" yesterday because the buyer is going on maternity leave and won't be able to verify her income! Problem is ... she wasn't pregnant when they made the offer! The forth offer we have processed on this home!
"Bad Planing" or "Terminal Short Sale"?
Some of these are just way too much trouble for what they return ... if it wasn't for the human factor I think I'd quit completely!
B.O.M.'s: What percentage of your deals fall out of escrow?
We've all had them - BOM's - Buyer-eancelled escrows that end up Back On Market
For any real estate agent that has been around for at least 6 months, you've probably had one of these happen to you.
If you represented a buyer, shown them 12 million properties, they finally get an accepted offer, and then then during mid-stream of the escrow...............BAM!!!! They decide to cancel escrow.
Or even worse, you have a short sale that you've been working on getting approvals since August 12th, 1995, you finally get approvals on your accepted offer and....................BAM!!! Buyer cancels.
And there's not a pill in ANY drug store that can alleviate the pain and nausea from a cancelled escrow!!
What has been your experiences with cancelled escrows as an agent?
What percentage do you think, on average, end up as cancelled escrows with your deals?