TO ALL HOMEOWNERS COOPERATING WITH SHORT SALES...THANKS FOR YOUR HELP!

I wanted to write this blog directly to those Homeowners in the process of selling their homes via short sale. In spite of all the current and pending legislation and all the short sale gurus out there, short sales continue to be a long, draining, frustrating process far more often than not.

I think about the frustration my team and I experience in getting short sales approved and I realized that my frustration is NOTHING compared to that of the Homeowner for the following reasons:

1) The Homeowners walk away with absolutely NOTHING at the closing table. If there is even ONE extra dollar, it goes to the lender. Granted, the lender is taking a huge loss in many cases, but I can't help but feel for those Sellers that have invested time, money and energy into their homes, often for years at a time, only to realize nothing from the sale of that same home. We are all brought up with this ideal of the American Dream of homeownership. Well, short sales sorta turn that ideal on its head, don't you think?

2) Short sales are often caused by job loss, divorce, death or some other traumatic event. In the process of completing the short sale transaction, the Seller will have to relive these traumatic events ad nauseum. The banks often ask for hardship letters, proof of hardship etc on MULTIPLE occasions. I am quite sure the Sellers get tired of repeating the same unhappy stories over and over to the lenders, attorneys, realtors etc.

3) As mentioned above, banks often ask for the same documentation over and over. On top of that, the short sale guidelines may change during the process. On top of THAT, your negotiator may quit, get fired or get reassigned during the process. All of this means is that you will have to start over. FROM.THE.BEGINNING. I can only imagine how frustrating and nerve-wracking it has to be to provide bank statements, check stubs, tax returns, W2's etc to multiple people on multiple occasions.

4) Buyers that are not experienced with the process and/or are working with an agent that is inexperienced, will often make offers, get tired of waiting for the bank's approval.....and WALK AWAY FROM THE DEAL! When that happens, it usually means the process is started all over again. And the Sellers are right back in the same boat. Waiting. Praying. Hoping...

5) Sellers have to deal with the threat of deficiency judgments, 1099 forms, lower credit scores and various other financial ramifications. As Agents, once the deal closes, we can move on to the next one. It is usually not quite that easy for the Sellers.

Again, I just wanted to thank those of you out there that have sold your home via short sale and/or are in the process. Your cooperation and committment make our jobs easier and it has not gone unnoticed. You all are greatly appreciated!

Danielle N. Pierce

Your Short Sale Problem Solver

(c) 773.551.4769