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Why I don't List Short Sale Listings

By
Real Estate Agent with Coldwell Banker Professionals

Why I don't List Short Sale Listings

The title is off a little- if you are a past client or a friend I will consider taking your short sale listing, but you have to play by my rules- no exception. And those rules will be the topic of another post. For the most part I will turn away a listing if it needs to get short sale approval in order to close.

My reasons have nothing to do with morals or any personal feelings I may have toward someone who has to go through a short sale. I will be the last person you find who will pass judgment on your decision to short sell. I just plain HATE dealing with short sales. I'm good at it (I have listed a few- that's how I know I hate them). I understand the process and am good at negotiating away your deficiency. I just don't like them.

I don't like the high failure rate. I would say at least 1/3 of short sale listings that go pending die. They may sell with the second or third buyer. They may go into foreclosure. But MY business plan doesn't call for that high of a failure rate.

I don't like all the hoops the lenders make us jump through. I don't like re-sending the same paper work over and over. I don't like the like waiting for months until I get to actually talk to a human being.

I don't like the fact that the lenders think they have the right to interfere with my contract with the seller and dictate a change in commission. Why should a short sale seller pay a lower commission than my regular sellers?

I don't like dealing with uneducated buyer's agents who think their buyers can walk before the short sale has been approved or denied. They sometimes forget their buyer signed a contract and are committed to this sale like any other- read the contracts and addenda!

When I've listed short sales in the past I felt more like an admin person for the bank- not a real estate sales professional. The time invested in properly servicing a short sale listing is too intensive for the failure rate and pay and that is time taken away from servicing my buyers and normal listings.

If you are considering selling your North Oakland County or Lapeer County home and you won't have to go the short sale route, please don't hesitate to contact me.

Marketing Your Non Distressed Home

Why You Should List With Me

Preparing Your Home For Sale

Jackie Hawley
Keller Williams Realty, Clarkston
Cell: (248) 736-6407
Jackie@JackieHawley.com

Posted by

Jackie Hawley, Realtor, ePro

ReMax Encore
Cell: (248)736-6406
Jackie@JackieHawley.com 
www.MiRelocation.com 

 

Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

One of my better "short sale" brokers will only list short sales that have a first mortgage... no 2nd's, 3rd's etc .  When he realized how much better the odds were with a first only he learned to relax a little bit more.

Jan 16, 2012 08:16 AM
Goran Utvic
Goran Utvic Real Estate Broker/Construction Consultant - Chicago, IL
Chicago 2 Flat Specialist

Jackie I admire your decision to nor do short sales, they are a pain and hopefully we can soon be rid of this market and get back to normal.

Jan 17, 2012 09:11 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I do take short sales, but I have two short sale negotiators on my team. If I didn't have those two, I would taken them anymore either. These banks have no idea what they are doing to their own bottom line by delaying these sales.

 

Jan 26, 2012 04:44 AM
Jackie Hawley
Coldwell Banker Professionals - Oxford, MI
Southeast Michigan Real Estate

Didn't even know I had comments! If were to list short sales it would be like Todd- I would need help. There's not enough time to continue to work "regular" sales and be tied to a computer and phone to deal with the banks.

Jan 26, 2012 06:18 AM