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Had I read a tag line like that for a listing purporting to be in good/excellet condition I would automatically think scam. In fact, To see just one of those phrases I've made into one large statement written anywhere on an MLS page...I know I have to change my tone a bit if I'm dealing with a client who's never been through any of the above (really similar, sometimes the same, misnomer's abound) phrases. I had two closings in the past 45 days and both of them were "Short Sales." Previously I'd been on the buying end of two...both failed, and the selling end of one which succeeded. It was after that successful sale last year that I began to understand just what a constant stream of income they can create for the well-suited Agent or Broker.
There's no majic involved. You don't have to make it up as you go along Agents!!! In fact, you must do the opposite. You must comp the home for the business as usual, make sure to insist your clients' hire an attorney who closes a minimum of 10 of these bizarre sales per year. Then, work with your clients AND that attorney you MUST have, to propose an acceptable listing price to the bank(s) involved. I remain vague about this because sometimes it's a given that the first and second lien-holders will be paid-in-full...and sometimes not. Also, there are times when, for instance preforeclosure options have been presented to someone who took out an...uh heh...scuse me, 80/20 loan. A whaaaaaaat? Some of you might sigh and squint. This loan preceded by the qualification 80/20 seems to mean different things for diifferent buyers. For some, a loan for 20% of the accepted price is used as 20% down on the larger mortgage to avoid PMI. I'm serious. Calculate for a few and you'll scratch your head and wonder what the loan officer spiked the client(s) coffee. I am not in this business long, but have had greater than expected exposure to these complex and madenning "Short Sales." Oh...and by-the-way, it took me a year to understand that short didn't refer to the length of time by which the sellers desired to have the home sold! I know, silly novice but an easy mistake when I posted it for folks who DID want a "FAST, SPEEDY or QUICK" sale! No, indeed "short" represents the fact that no matter what price the home sells for, the valure of the home either was never, is not now, or cannot be due to predatory lending and irresponsible borrowing. Our clients are just as much at fault, in many cases, as agents, brokers, attorneys and the obvious villains...the LENDERS.
I know they look painful and like they take alot of time an energy. And I'm well aware that people think that some of the activities or conversations an Agent must engage in with involved parties seem to draw the life out of that agent. Heck...some take on dozens a year and end up sick for a month per year or looking like zombie. Well, it can be all of those things unless you spread the responsibilities around to the appropriate entities! And the best part of that is that task allocation allows the agent to breath and is usually the law. Lawyers play the largest role in short sale. My advice...Agents...try to take the ones that are already a mess and facing auction, find out what went wrong and the remainder of possible avenues for marketing the property will be right there in front of you.
I write this because it is MY BELIEF that inventory remains high because of borderline foreclosures falling into short sale and finally to auction. In many cases that inventory sits, dropping in price, decreasing neighborhood home values and causing problems for perfectly qualified buyers when the appraisal comes in! Damn that comparison approach!
I'm quite sure I'll come back to this a few times. I've spend enough time working with SHORT SALES that I need to collect my stories, highlight the humor and hopefully, share the wealth.
Always my best to everyone in this industry...things will turn up so stay in the game!
Shane M. Hall, Century 21 Commonwealth-Natick, MA 01760
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.