One property that I was showing in an upscale neighborhood of Orinda (CA) has been on the market for over six months. Typically, homes in this area do not stay on the market for a long time. Our MLS has a feature notation where an agent can mark whether this is a short trans/pay (short sale) or REO. Out of curiousity, I asked the realtor if this property is a short sale. Perfectly harmless question, I thought, since there's no guarantee that an agent is diligent enough to post this information if either case applies.
The agent railed and sniffed that he was "sick and tired of these bottom feeders" and that he personally won't represent clients who are going through short sales, etc. What a boorish snob!
"Bottom feeder" is a despicable description --- but come on, who doesn't want to find a good deal? I have several clients who are open to investment opportunities through short sales and/or foreclosures.
But I am finding, over a course of time, that from the buyer's agent's side, I am beginning to favor looking for foreclosures instead. The short sale process is so tedious and laborious, that by the time we get an answer (reject, accept or counter) from the loan services person, my clients and I have found other properties that we prefer to pursue. My last foreclosure transaction didn't take too long to process. As long as we had all our documentation intact, we actually were able to get a response from the Asset Manager anywhere from 1 week to just a little under two weeks, and we closed in less than 45 days.
Whereas short sale transactions are taking 30 days at the very least just to get an answer. Other agents I've spoken with are feeling the same level of frustration, and like me, are scouting the foreclosure list instead. I don't believe there's a quick and easy way to handle short sales, regardless of the many seminars and how-to books and articles there may be.
I'd love to hear other realtors' experiences and opinions. Which is the lesser of two evils: short sale, or foreclosures?
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Pacita: Calling someone who specializes in short sales and foreclosures a bottom feeder... to me, is similar to looking down at physicians who treat terminal cancer paients or nurses who care for terminal AIDs patients. The bottom-feeder is the one doing the name-calling. These poor sellers need help, and they can and will be helped by agents who offer them specialized yet caring real estate assistance.