Bryant Tutas wrote a post on why he worked short sales. His testimonials alone make his case. It inspired me to write about how I feel about short sales. Here's my comment:
Bryant, I think of short sales as a type of community service. Yes we're being paid, but often our commission has been reduced, and it is at least three times (maybe 10!) as arduous to get a short sale to closing than a normal sale. The more homes we can save from being abandoned, the better off our neighborhoods, local government, state government and economy will be.
People are in financial trouble and they don't understand their options or how to proceed. Read Bryant's Comments and you will see other agents whose sellers believe they were an answer to prayer, saved them from worse financial straits, etc.
Folks, (to quote Bryant), people don't even know what a short sale is. That's right, after all the hype all over the media, we are still asked, "Now, just exactly what is a short sale?" On a regular basis, no kidding.
We work for months and the buyer bails - it happened on the beautiful home above. We were within weeks of an answer from the infamous Countrywide, no less! Third level negotiator, requesting updated financials, BPO looked good, corresponding with us every day or so - we were CLOSE - but they were getting married and the wedding wouldn't wait, so they walked. Four months down the drain. Endless hours of holding on the phone, faxing and re-faxing the package, updating the Sellers, the buyers, all for naught.
Did we give up? NO! It went back on the market and we have another contract, starting from square one.
Some people will argue that we get paid, so how can I call it Community Service. Because those of us who work short sales and know how to bring them to closing are doing our part to level out the housing market and that is serving our communities. Just last week I ran into an agent who has been in the business a long time and was just closing her first short sale. She told me that she has avoided them. There are many agents who don't want the heartache and frustration that goes along with this type of transaction. It takes relentless perseverance, along with a lot of other skills, and it is not every agent's 'cup of tea.'
So when you've had a rough day doing your part to help the housing market recover and have to make the choice to laugh or cry, head on over to Bryant and Wendy's new web site - the perfect place to cry vent with humor laugh.
Original Photography, All Rights Reserved. *Community Service for Realtors - Working Short Sales*