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Short Sales! I Won't Do Them & You Can't Make Me!

I absolutely MUST stop believing I can save the world. I've decided I'm going to save myself instead. My sanity that is. A choice had to be made & I chose me!

I know that some of you out there are thinking I just don't know what I'm doing and to a large degree, you would be right. I have taken classes, seminars & webinars on the subject. However, I have realized that this is just not my cup of tea. This is a niche that I was just not cut out for.

I recently took a referral from another Mike Ferry agent for 6 Short Sales. I didn't want to let down another agent that wanted my help with her client. A week or so later, another agent (ERA this time) sent me a referral for one of his investors that had 5 Short Sales. Then it seemed another one showed up & then another one. THEY WERE MULTIPLYING LIKE RABBITS! Before I knew it, I had 14 SHORT SALES! I had enough... LITERALLY!

The offers started rolling in, the negotiations with the banks began & I before long I thought I might have to take my own life. It was AWFUL!!

Within the last 30 days I have given away every one of these listings. I did not ask for a referral fee, I just wanted to be FREE!

So, if you know someone that knows someone that knows someone in Las Vegas that needs help with a SHORT SALE... Call me... Cuz I KNOW SOMEONE that will help you, it just won't be me!

Posted by Sue Nelson, Broker/Associate Las Vegas Real Estate ~Team Rhino~ on 07/15/2007 10:22 AM

Comments (18)

real estate, agents, suesellsvegas, las vegas, belief, attitude, goals, persistence, professionalism, selling, clients, short sales, foreclosure

18 Comments on Short Sales! I Won't Do Them & You Can't Make Me!

JUL

2007

So Sue,

What is so bad about them that you wanted to give them away?? Please let me know what is so awful, so I won't make the same mistake and take on any. I did only one a few years back (a VA short sale) and it went fine.

Sue-- good for you! It is important to know your own limits and what you enjoy doing. If it is not a good fit for you, then the business is not worth it. Hope you are enjoying summer in vegas.

Debbie: The first one I did last year I had 11 offers on it & the Loss Mitigation Department handling it kept losing our file, then the File Handlers kept quitting & we were forced to start over SEVERAL times etc. For some people, they can be a FABULOUS source of income. I learned that I do not have the patience.

Joan: Thank you! Now if I could just start turning away the clients that I know are going to be difficult, I'll have this whole Real Estate thing down (after 17+ years)!! The summer in Vegas is... well, it's just STINKIN' HOT! But, I love it!

I stopped messing with short sales about five years ago. For the amount of money made my time is better spent elsewhere. Nothing wrong with them, and I have done a lot of short sales, but I just know I can make more money elsewhere.

Do what you are good at and enjoy doing.

Mike: That was my realization also. Time commitment vs. commission did not pencil out for me!

Do like my husband does, hand out an Attorny's card for the ones you can't help and focus on the ones who have a chance. Especially ones wwith only a first mortgage. He lists 1 out of 4 people he speaks with.

Jackie: Great suggestion, that is exactly what I will do from now on.

Sue-you've validated a question I've had rolling in my brain. What to do when short sales start "jumping" in the picture. We had a class on short sales in our office and the gentlemen stated very clearly, "there will be many by years end, but if you're going to do them, that should be your specialty. They take a lot of time and paperwork to keep it going and then you may find out at closing you won't get a paycheck". That would drive me batty. I would be inclined to help the people, but like you, that was a very wise choice in referring them out so it doesn't slow down the rest of your business.

Julie: My problem is, I know if I don't help them - they may not get proper attention. That's where I have my biggest challenge.

Unfortunately, I think this is going to be a new niche market. I have already seen those plastic signs popping up.

Steak: No question. Even if 50% of our market become short sales or foreclosures, I can always focus on the other 50% right!!

Sue, I feel your pain. I too made the decision recently to not list anymore short sale properties. There are just too many other GOOD listings out there. The lenders are not ready to handle all the short sales right now. The last one I tried to negotiate took 5 months, 6 different loss mitigation reps and finally it ended up getting foreclosed on!!! 5 months of my time wasted. No more. I will now concentrate on listing homes I know I can get closed. It's hard enough in this market to find good buyers no sense wasting them on a listing that I may or may not be able to close on.

Maybe if the lenders get their act together I'll reconsider.

Sue-I like your attitude in trying to take care of the seller's who are in short sales. Because if somebody drops the ball on them, the situation is irreversable. I hope for the very best for you. Thank you for all your knowledge that you bring to the table. How about you open a brokerage here in Utah, boy you'll really be bringing in the referrals. lol

Bryant: Agreed! When the lenders stop allowing $7 per hour employees to make Million $$ decisions, I may reconsider also.

Julie: My compassion is actually my weakness also. It gets me in a lot of situations I'd rather not be in. As for Utah, I'll tell you what... we're thinking of buying a 2nd home in Utah - you can sell it to me & then we'll see about the office later, how does that sound?

Sue- I know you right but I have no much of a choice. I am new in realestate workforce and I am about to give it all up! I hardly survive in this market!!!!!

I would appreciate very much if you could give me a hand. Can I call you? Or you did joke about it?

Arina: Don't give up!! Call me early tomorrow before noon or any evening this week. I am going to be at the Mike Ferry Superstar Retreat all week, but I would love to talk to you! If you can attend this event, it will give you the motivation to stay the course. If at the end of day on Friday you're not convinced, I will personally refund your tuition!

Sue-I completely understand your compassion. I too, find myself in a lot of situations where I've thought, "how the heck did I get here". It's hard not to care so much. In fact, I will never change that about myself because I feel that I've reaped more rewards from it than heartache. Oh and Utah? We'll welcome you here with open arms. When you're ready for another home, I'm here for you. When you're ready for an office, I'll be here for you too. (I've been learning about commercial real estate).

Arina-Take Sue up on it for Mike Ferry. That will change your life completely. We need great people in this industry and I'm sure she's not going to let you go that easy. Good luck to you!

MAR

Your title made me laugh!

Donna LaConte, REALTOR, Adams, Cameron & Co., REALTORS, DeLand, Fl.

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