Whenever the weight of short sales bear down so much, sometimes I feel like throwing in the towel. Working short sales requires so much time and energy that I have to ask myself why I do short sales.
Two years ago, I blogged Thank Goodness for Short Sales!
Reading this again reminded me why I do short sales. For me --- as well as others who are in the same boat with uncooperative and unresponsive lenders--- this is food for thought.
Why do we do short sales?
...Because it's a way to guide our sellers who have found themselves in dire situations and may not know their options.
...Because it's a way for distressed property owners to avoid foreclosure or bankruptcy, and thus salvage their credit
...Because more homes are within reach for home buyers who have little money but have a lot of time and patience to wait out the lengthy short sale process
...Because while there is a frenzy for buying foreclosures where people compete in multiple offer situations for AS IS purchases, there is less competition for short sales where there is room for negotiation
...Because short sales offer opportunities not just for the buyers looking for a good deal, or sellers hoping for debt forgiveness, but also for realtors who truly want to help their clients and who are in it for the long haul. When the going gets tough, the tough gets going. Right?
...Because we've learned how to do another type of sale. And every key learning is a new marketable skill.
And now, more than ever, our clients need us.
Sellers are getting more educated about the ramifications of foreclosures and strategic default and are looking at other options, notably short sales.
Buyers are again stirring, in the hopes that they can take advantage of the low interest rates and the low prices, and are willing to wait it out to get short sale approval.
And although it still takes time ---- not to mention the angst, frustration, anger, constant follow ups, tweeting --- short sales are closing! In California, 3 out of 5 short sales close.
As a matter of fact, looking back at my sales this year, nearly half of them are short sales. So it's not only good for my clients, it's also good for my business.
Thank goodness for short sales!