Short Sale....Why mess with it?
Ask just about any Realtor about seeing a short sale and you might get the response "I'd rather cut my arms off rather than work on another short sale". They are laborious from both sides of the transaction, take a long, long time and could get foreclosed in the process. So why bother?
Although a short sale is not for everyone, especially not for a buyer who has a time limit for moving. A short sale can provide a win, win for all parties involved. For the buyer, a home that is more than likely still occupied and cared for to some degree at a very reasonable price. For the Seller an opportunity to relieve a hardship and move on. For the Bank, the opportunity to dispose of a non-performing asset without having to loose even more thru foreclosure and finally for the Realtors, a job.
I have been fortunate enough to be able to successfully list, sell and close many Short sales over the past 2 years. From the sign of the times we will have the opportunity to work thru many more. We should all take the time to learn how to handle this particular transaction with knowledgeable professionalism.
I do not actively look for short sales by marketing or soliciting to homeowners in distress. If I had a choice, I'd rather not work a short sale but they are part of our market. As a matter of fact it is important that homeowners understand there are other options to selling short. Forebearance or Re-payment plan, Reinstatement, Sell the property, Rent the property, Refinance, Mortgage Modification, Short-Refi, Deed-In-Lieu of Foreclosure, Bankruptcy or Servicemember Civil Relief Act (SCRA).
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