I got a call from a Realtor today and he had a question concerning short sales. Let me give you a little insight first. The Realtor I refer to is proficient in short sales and so he has been around the block with how to handle mitigators. His question was, are short sales getting harder? As I relayed to him, times have changed from a month ago, and they continue to change rapidly. It's common place to have junior liens want notes signed, and not small ones. On a HELOC you can count on a note at a large portion of the balance. The government is messin around with Freddie Mae and Mac, who knows what that doing to the guidelines everyone got used to? Its thrown them out the window.
For someone in the Real Estate game you better be of the mind set that change is good and think of new methodolgies to perfect your craft. Too much dwelling on how things used to be and you will soon be out of business.
Short Sales still continue to be a viable way out of a bad situation for most people, however one must be very cautious and open minded when pursuing a resolution.
Stay positive and be creative and you'll be ready to handle your next short sale.
Wayne Garab
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I have a buyer who just put in an offer for a short sale and we will see how it works out. So far not very well.