Where, Oh Where Have the Short Sale CLOSINGS All Gone?

I like Kellie's response, it's about helping the families. The problem I see in our area is agents are reluctant to show a short sale property because they know it's going to be a long process to close.  Until the banks have a good incentive for moving quickly, I don't see things changing.  But, most importantly, I focus on diversfying and maintaining a high quality of service, no matter the type of sale or the length it takes to get to closing.

I like Kellie's response, it's about helping the families. The problem I see in our area is agents are reluctant to show a short sale property because they know it's going to be a long process to close.  Until the banks have a good incentive for moving quickly, I don't see things changing.  But, most importantly, I focus on diversfying and maintaining a high quality of service, no matter the type of sale or the length it takes to get to closing.

Diana,  Great topic and responses!  With short sales, I feel it's also important to have a clear understanding upfront of all parties commitment to the transaction. Since it usually takes many months, patience and persistence is key.

Athina,

I share your concerns.  I have posted quite few comments about my concern of dealing with Realtors and non responsive homeowners and  what we can do to solve the communication conflicts.  In the last few weeks I have reached out to Briokers and Realtors asking them to work with me and I will show them how to make some big money.

I spend a lot of time explaining trying to educate them on how we do our business .  I am wasiting my time because they never seem to get the concept that as negotiators we do not want to sell houses. we do not wan to steal thie listings.  We will pay them more than just a commission if they will joint venture with us.  The reponses are  amazing and similar to many of the comments on this site.  "my brioker told me not to work with investors"  "short sales take to much time"  " why do you wan to take my listing"  or they just don't reply after I have spent hours with them showing them how we handle our negotiating so they can make money.  What can you sell if the house is under water and they owe more than the house is worth?

I have solved the conflict. It was not my intention cut Realtors out of their deals nor is it that we want to take their home away from them, we wan to help them get out of their financial situation. but if they do not want to cooperate we are going another direction.  We buy the note and mortagage from the bank directly. this way there is no short sale to deal with. It cuts out all the red tape in negotiationg.  We take over the banks position and then we deal directly with the homeowner.  Since we are now in first position we are the bank. we are like a hard money lenders.  The homeowner must deal with us and face the issue. We will not allow them to occupy the house without paying rent.  We can set up a  lease option if the homeowener wants to keep their house and locate a buyer who wants rental property or foreclose and sell the house ourselves.  The sellers have to deal with us on our terms.  It solves the conlict of non responsive homeowners who have their head under water just like their their homes are.  They have to deal with the issues.  It is much simpler than going through all time consumming red tape trying to get the bank to come our terms.  The lenders want to sell we want to buy. we do not have to deal with homeownwer until we buy the note.  Most homeowners are willing to work with us and set up a program so they can keep the house or sell it.  

This a quick way to solve the problems. since we own the property we can choose to sell the house through Real Estate brokers if we want to or we can find cash buyers and  sell it to them.

We were using an Attorney to help negotiate the short sales but they have stated that Lenders are not willing to pay theirfees so it looks like this is going to be up to the agent and hopefully a willing seller to work through these. I have held some Buyer & Seller workshops to offer some education on the process. It is really scary what some people believe about Short Sales.  

Blair,

you are right on. homeowners have their heads under water just like their mortgages.  They can't face the issues. They are like a deer standing in the road with a car coming at them frozen in the headlights of the car.  I have had homeowners put off contacting me until it is to late to rescue them from foreclosure. Many are so angry they just walk away from thir house.  some people wake up at the last minute and stop the auction up to a day before the auction.

  there is one item missing. you do not have to use an attorney. You need  effective negotiators who know how how to work with asset managers and loan mitigators.  This is what we do.

We do not sell houses we leave that up to Real estate brokers.   Short sales are getting harder to complete because the banks, lenders and loan servicers are trying to get as much money as they can get out of the deal.  We are about to drop a deal with Litton loan servicing because they are trying to dictate the terms of the sale and how much they will accept.

In my last post I stated I found a new method.  We just buy the note and mortgage from the lender becoming the bank.  The homeowner has to deal with us on our terms.  It works very well since the bank does have to spend the time to take man hours to negotiate the short sale which can take months. Many time if you do not have a good negotiator on your team the deal falls out.

There is a better method contact us at mailforart@gmail.com