While the days have disappeared when we had 36 short sale listings....all with at least two liens...we closed them all and for many ..became their Buyer's agent for their next happily ever after. We admire the courage it takes to pick yourself up from a negative situation....work hard to re-establish credit and save money to begin again with a brighter future. We applaud each and every Boomerang Buyer and thank them for their loyalty to us.
At the height of short sales...the banks were overwhelmed with more business than they knew what to do with...or people who knew how to do it...turnover was rampant with "negotiators" who were really collecting documents...not always knowing why ...and reading "guidelines", repeating what they had heard but not really understanding the process.
Now, we sometimes hear the excuse for processing being less than timely is due to lack of staff because the volume of short sales has decreased....the issue of poor training in our experience, remains the same. As a result....the "negotiator" ...fancy name for Paper Collector...and because these people with some lenders are the "head of the department" because they ARE the department...egos and power plays become part of the short sale landscape because their is not an immediate superior in that department.
If you have done short sales for any length of time...the chances are that you may well know more about the procedures than the bank representative. If you have never done one....and think because you have fewer listings and after all...how hard could it be...give it a whirl...please do not. You may be doing the Sellers a disservice not knowing this niche....and can find yourself ...as an agent...guilty of helping someone INTO foreclosure...rather than out of it. You don't want to live with that guilt as an agent...OR the liability.
If you or anyone you know is having trouble paying their mortgage, or is behind on mortgage payments...Call the Hansons...no matter where in the country you are...we will find a qualified agent to help you and learn the options you have in your particular area.
Sellers ...hire an agent with short sale experience and education. Agents...refer listings to agents with experience if you don't have any....and if you had any idea of the amount of work that goes into closing a short sale...your conscience won't allow you to ask for a referral fee.