Many Realtors have never done a short sale.  If they represent buyers, they do not know what to tell them to explain the short sale home buying experience.  If you are listing a short sale, be an information resource for the buyer’s agent. 

The first point to explain about a short sale is that you do not know how long it will take the lender to review the sale.  You may have some experience with the same lender, but that does not mean they will be as efficient this time as they were last time. 

The second point is that negotiating on a short sale is different.  The sellers might sign anything at any price, because they want to get rid of the house, out of trouble and possibly avoid foreclosure.  You do not have a deal that can close until the lender approves it.

The third point is a short sale is not a sure thing.  The lender may not approve the short sale, or if the seller cannot pay the mortgage, the lender may foreclose. 

The fourth point is that the house stays on the market in a short sale.  The buyer needs to know that the house is still for sale until the contingency for lender approval is eliminated, and the buyer may have to outbid the other offers. 

The fifth point is to tell the buyer not to spend any significant amount of money on the short sale until the lender has approved the short payment.  

A sixth expectation for a short sale is that the lender is going to try to negotiate to get more money. 

A short sale is a different type of transaction altogether, so you need to explain the differences to the buyer’s agent and the buyer so that they have a home buying experience that is as pleasant as possible.

For a more detailed discussion on this topic, please go to http://shortsalesr.us/short-sale-dos-and-donts/dont-let-the-buyer-misunderstand/.