Lots of members of Active Rain are in a great debate about short sales. Many blame the banks for the problems associated with short sales and ask why the lien holders cannot move more quickly or be more efficient. Others place blame elsewhere. But, to me, the bottom line is that in certain real estate markets, if you are not able or willing to work short sales, you may not have much to do for the next year or two.
But . . . do you have what it takes? (And what does it take anyway?)
Are you organized and detail-oriented? Are you good at keeping charts and lists? Do you pay attention to details? I always tell people a story about my paternal grandmother who was the Imelda Marcos of Westwood in the early 70's. The had a huge walk in closet filled with boxes and boxes of shoes-each shoe box covered with the same contact paper and labeled with a description of the shoe. Having been bred from that stock, I'm genetically predisposed to type-A. Do you have what it takes?
Do you know your state's contracts like the back of your hand? In order to be successful in short sales, you need to be proactive NOT reactive. That being said, you need to carefully (ever so carefully) comb through any purchase contracts with a fine tooth comb in search of loopholes. You then need to write a counter offer that appropriately addresses those loopholes at the very beginning of the transaction. Do you have what it takes?
Are you patient above and beyond? How do you handle things that don't go your way? What happens when you call the bank and wait on hold for 90 minutes and then get disconnected? What happens when you have to fax the same package 10 times over 9 weeks? Do you lose your cool? Short sale negotiators never lose their patience. Do you have what it takes?
Are you tenacious? Will you fight until you've won? If you go to a store to return a product and they are not particularly helpful, will you move on to speak with the manager? If you've gone to pick up a pizza that you ordered 45 minutes ago and they cannot find the order and tell you that it's going to be another 45 minutes, despite the fact that there are 50 Pepperoni pizzas right behind the counter . . . what do you do? Do you have what it takes?
In 2008, I successfully obtained over 300 approval letters for short sales. Everyday I learn something news, and each and every transaction is different from the precious won. I now know that my staff and I have what it takes to get the job done, and very much enjoy helping those Realtors who would prefer to do what they love best-list and sell property. We have what it takes! Do you?