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Gaining some control in a short-sale transaction:

By
Real Estate Agent with Counselor Realty of Rochester

There are few things that can frustrate an agent more quickly than a short-sale transaction. Many of these dealings have been taking 3+ months to close; if they close at all. The agents involved seem to have minimal control over how quickly the lender processes the short-sale request, accepts an offer and closes a transaction. It often is a situation where one has so negligible power and can be so easily manipulated by others. We are subjected to a transaction moving at the lender’s pace and therefore, mercy.

One thing we agents can control is the consistency with which we approach short-sales. Our organization and professionalism can dramatically affect the lender’s responsiveness. If we have an effective plan, we can make it a consistent plan, therefore substantially increasing our ability to manage the process. The acceptance and closing of the short sale may become more predictable. We cannot completely control the lender’s actions but we can control our procedures.

As with many aspects of our business, improving our effectiveness at working short-sales can be a matter of taking the time to design and structure the process, while tweaking the process to keep improving it as you learn more and more with experience.  Short-sale transactions will undoubtedly always be more difficult than a standard closing, but it's likely to be worth our effort to gain some control over the process. Remember that a high percentage of all closings in many or most areas of the country are either short-sales or REO’s.