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SHORT SALES - Enough is Enough - What a Pain in the $#%^ - Just spent 4 months working a deal - BUYER WALKED AWAY!

I know it happens to all REALTORS but it doesn't make me feel better. 4 Months of phone calls to the other agent, buyer(s), title company, mortgage company and more. At least 40 hours for nothing! This home was a bargain like I have never seen before. The buyer could have taken the home and flipped it right away and made $50k. WHAT A BARGAIN!!!

In Central Florida it seems like 50% of the homes are Short Sales or Foreclosures. Most in bad shape and not a great deal for cash-strapped first time buyers. The homes wouldn't pass a FHA inspection.

Or the list price is much lower than what the homes sell for and clients try to low-ball the already discounted price and they lose the deal to a Cash-Buyer who pays $10k - $20k over asking price.

Let's hope that the Short Sales and Foreclosures become a thing of the past and PEOPLE GET TO KEEP THEIR HOMES!!!!

Posted by Richard Shuman P.A. www.SKIPtheBULL.com Florida REAL Estate & Mortgage Solutions on 09/30/2009 07:41 AM

Comments (5)

SHORT SALES - Enough Is Enough -What a Pain in the $#%^ Just Spent 4 Months on a Deal - Buyer Walked in the ActiveRain Channel

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Originally posted at: Richard's Blog: SHORT SALES - Enough is Enough - What a Pain in the $#%^ - Just spent 4 months working a deal - BUYER WALKED AWAY!

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5 Comments on SHORT SALES - Enough is Enough - What a Pain in the $#%^ - Just spent 4 months working a deal - BUYER WALKED AWAY!

SEP

Short sales can be a frustration...and if they are for you...imagine the seller. If they are too frustrating...refer them and give the seller a chance to recover...renew...restart...We feel your pain...been there done that...maybe we are "slow learners"...but the feeling of accomplishment and satisfaction far outweighs the frustration for us.

We have a lot of short sale listings and we have a lot of buyers walk away. .we incorporated our system that a buyer walking away is a minor thing. .we can find another buyer quickly enticed that we have done all the major work already. Banks a re very willing to wait nowadays.

Short sales are here..... it is best to deal with the frustration as best as possible as it is not going to change for some time....

OCT

It certainly is frustrating when you put in so much effort and time for the buyer. Did they find another house?

OCT

Ouch....

When short sale lenders take so long to process a short sale, you can expect more buyers to walk away and find a regular sale, or a foreclosure.

One of my co-workers represented buyers who waited patiently....then the seller filed for bankruptcy and backed out of the agreement. We're going to see more of these short sales so as long as we set expectations...we will survive

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