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To Short Sale or Not to Short Sale.

By GinaMarie Latham-Howard

Real Estate Agent with Carrington Real Estate DRE# 01404085

July 30, 2008 11:10 AM

Who would have imagined the state of the Real Estate Market today as opposed to just a few short years back. I was recently told by a seasoned agent in the biz for 25+ years, that even in the problematic S & L Era if never got this bad. Which brings me to my dilema..... I was advised by another seasoned individual in the field of Real Estate not an agent to stay away from short sales. Her words and I quote "they are a nightmare with lots red tape and paperwork from the bank, minimal cooperation and or communication from the bank, and also that they rarely close." I was told some are even foreclosed upon prior to close of escrow. Which is not really the best answer for me an agent in a market where short sales are driving the business. I am just curious does anyone have any positive feedback about this subject. My understanding is the banks are finally coming around realizing that they need to cooperate to minimize and cut thier losses. Let's discuss this matter.

Thanks.

Gina

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Shirley Byrd-Solem

Century 21 The Neil Company Real Estate - Roseburg, OR

I just sold a short sale where the lender at first appeared to be very uncooperative. In the end there was a hit to our commissions, which I understand is not uncommon.

Bottom line, the Buyer, who is delighted, is sending me other Buyers and isn't that, after all, how we re-generate our business?

Jul 30, 2008 12:15 PM

Anonymous

Interseting to see the perspective of an agent when dealing with short sales. The REO departments are rediculous and ahear to no ethical business practice. Let me guess Countrywide?

Jul 30, 2008 12:32 PM

Retired Notworking

Tallahassee, FL

I agree with the agent who said that short sales are frustrating, time-consuming, and full of red tape. I think it's essential to be very well organized and very well informed on foreclosure and short sales before you attempt one. Read and attend classes and try to co-list with another agent who has experience.

There are some basic requirements/documents that are the same across all banks, but my experience has been that every bank has their own quirks and some of them really aren't that interested in working out a short sale. You may be lucky and find a bank that is responsive, but they are the exception.

Many of them say that the delays are due to the excessive workload. If you do decide to start working short sales, I recommend that you only do one at a time. Good luck.

Jul 31, 2008 11:02 PM

To Short Sale or Not to Short Sale.

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GinaMarie Latham-Howard

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