Know What You Don't Know....Don't Experiment with Short Sales

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker

  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 Boomerangnext 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 upside down houseknew 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 Stop foreclosure signdone 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.

      

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
1,527,809
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Good morning, Sally and David... I firmly believe that one reason short sales were so chaotic some years ago was because too many agents jumped in "to give it a whirl" without really understanding the process. The problem in situations like this always is that you just don't know what you don't know.

Jan 04, 2017 05:09 AM #1
Rainmaker
1,546,077
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Sally K. & David L. Hanson it is SO important to know how to do short sales and you do!  Do not mess with others lives and refer the distressed seller to another short sale agent who will do the client well.  Hardest one I did was with IRS, condo & 2 bank liens but we got it done for the seller after many months...you need an iron stomach for this work!

Jan 04, 2017 05:16 AM #2
Ambassador
2,318,106
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Even after all the sales that have been transacted short, there are many agents that do not understand the process and guide their buyers away from a potential purchase

Jan 04, 2017 05:20 AM #3
Rainmaker
1,898,106
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Sally and David. Everyone should have a niche and stick to it Enjoy your day!

Jan 04, 2017 05:40 AM #4
Rainmaker
2,241,278
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning again Sally & David. Your title says it all. Truth is so compelling.

Jan 04, 2017 06:02 AM #5
Rainmaker
3,230,066
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good advice for home sellers and home buyers . When dealing with short sales they should work with an agent experienced in short sales.

Jan 04, 2017 06:17 AM #6
Rainmaker
2,315,352
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

You two are experts in this field. Short sales are not for everyone who think they should "give it a whirl"...

Jan 04, 2017 06:20 AM #7
Rainmaker
1,640,381
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I do so many inspections on houses that people think the short sale will go through any time and the listing agent (assigned the house apparently by a bank) screwed things up so badly they were reluctant to keep waiting month after month after month.

Jan 04, 2017 06:48 AM #8
Rainmaker
2,323,786
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Pasadena CA Real Estate 818.516.4393 Cell

Good morning, Sally and David --- I remember signing up for class many years ago to learn the short sale business.  When I arrived the room was full of eager agents.   At the end of the "class", there was the sales pitch.    I left with new found knowledge that if/when there is a call for a short sale listing -- I refer to someone who actually walks the talk.  

Jan 04, 2017 08:27 AM #9
Rainmaker
3,304,966
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi sally and David.  All the professional short sale negotiators of a few tears ago are no longer in business around here.

Jan 04, 2017 04:40 PM #10
Rainmaker
1,968,408
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Sadly I am seeing an increase in short sales after they disappeared for a couple of years. I so agree about "professional". Have a good day Sally K. & David L. Hanson 

Jan 05, 2017 09:39 AM #11
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
For All Things Wisconsin Real Estate...Call the Hansons
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