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100% success rate with short sales
“How can you stand to do short sales with all the frustrations?”
That was the question another agent asked me as we were walking into our office from the parking lot this morning. In essence, I told her we do them because we are successful at them. What I didn’t say was how much pleasure we derive from helping people solve what is a really big problem in their lives or the pleasure we get from overcoming the bureaucracy the banks have created to make these difficult.
She then told me that she lost a listing to an agent who claimed “I have 100% success rate with short sales” My response was, “that agent’s done very few and was very lucky or they are flat out lying.”
How do I know this? Although our close rate is better than 90% over the years representing dozens of sellers, there are occasionally:
- loan servicers who refuse to accept reality
- Sellers who request a short sale after 2 years of failing to pay their mortgage with a foreclosure sale scheduled in less than 2 weeks
- servicers who decline a short sale because they make more in fees by foreclosing than approving a short sale, regardless of the fact that the short sale is to the investors benefit.
- sellers who refuse to cooperate to the degree necessary to complete the sale
- buyers who pull out of transactions, sometimes just prior to getting a bank approval and just prior to a scheduled foreclosure sale date.
Our experience is confirmed by top short sale agents in our network that we work with around the country who have done literally thousands of short sales.
The agent from my office then told me that the other agent didn’t netgotiate the short sales, she had them done by an attorney. So in other words, the agent didn’t actually do short sales at all.
The agent from my office said, that apparently, this other agent just withdraws the deals that don’t get approved from the market and essentially pretends they never happened.
So if any agent tells you they have 100% success rate with short sales, I’d be highly skeptical and demand proof by getting a list of all the properties they’ve listed in the last 4 to 5 years.
Odds are virtually 100%, that their track record won’t support their claim of “I have a 100% success rate with short sales.”
In fact, it is quite likely that they don’t actually do them at all.
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