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TOP TEN LIST OF SHORT SALE OBSERVATIONS

By Richard Zaretsky

Real Estate Attorney with THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

October 05, 2008 05:56 AM

OK all you short sale Realtors - Here is my list of the top ten short sale rules when dealing with sellers and buyers. What is your top ten list for YOUR favorite category involved in the short sale process (lender, buyer, seller, buyer Realtor, Seller Realtor, processor, loss mitigator and servicing agent, etc.)?

My TOP TEN BUYER / SELLER observations regarding Short Sales are:

10 - A Short Sale is a tough place for a buyer looking for personal housing.

9 - A Short Sale is not for people that just want to move.

8 - A Short Sale is an option for people legitimately in trouble - it is not an entitlement.

7 - Borrowers need to take responsibility for their decisions.

6 - A hardship is not a desire.

5 - Borrowers often mistakenly think foreclosure or bankruptcy is a better route.

4 - A Short Sale is not a Short Cut.

3 - As a rule, Lenders accept Short Sales based on Economic Reality .... Sometimes

2 - If you don't ask for relief you won't get relief.

1 - Lenders forgive those not entitled to relief ... more often than you can imagine.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

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Michael Wayne Jackson

Coldwell Banker - Novato, CA

Broker - Seniors Real Estate Specialist Novato

I can relate to your top ten Richard. I do think a short sale can be for people that want to move depending on what stage the short sale is in.

Oct 05, 2008 06:07 AM

Melissa Breeland

Residential Mortgage of SC - Charleston, SC

I would like to add one more thing...The closing of a short sale is anything but short. On average it will take about 4 times as long as a normal transaction and that is assuming the bank is still in operation, is solvent and not in the process of being bought out...mine took 6 months (6 months from the time all parties had all information needed to close the loan!)

Realtors don't earn nearly enough to work a short sale.

Oct 05, 2008 06:13 AM

Jennie L. James

RE/MAX DWELL - Tucson, AZ

Good list. It is important that people know all their options before deciding to buy or sale a house in a short sale situation.

Oct 05, 2008 06:14 AM

June Piper-Brandon

Coldwell Banker Realty - Columbia, MD

Creating Generational Wealth Through Homeownership

I have a couple who may end up in a short sale only because they got transferred to another state and the market is no longer what it is. They can't buy a house as long as they own this house, and this house is about $30,000 overpriced right now. I have successfully negotiated several short sales, each one is a challenge but in some situations it's all that is available to the owner. I liked your list so much that I re-blogged it!!

Oct 05, 2008 06:15 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Good list. Not sure about #10 but maybe in some cases.

Oct 05, 2008 06:32 AM

Paul S. Henderson, REALTOR®, CRS

Fathom Realty Washington LLC - Tacoma, WA

South Puget Sound Washington Agent/Broker!

Richard, That is one of the best posts on short sales I have read...

Oct 05, 2008 06:33 AM

Deb Jobin

RE / MAX River's Edge - Bristol, RI

Award-Winning Realtor

Richard,

These are great rules. In fact I plan on presenting your list at the next office meeting.

Oct 05, 2008 06:49 AM

James G. Pycha

James Pycha (R) - REMAX KAUAI - Princeville, HI

(R), REMAX Kauai Broker

Hi Rich . . I really appreciate your post. Very good Short-Sale Reference Items.

Aloha

JIm

Oct 05, 2008 07:05 AM

Gene Allen

Fathom Realty - Cary, NC

Realty Consultant for Cary Real Estate

Thanks for the information. I am sure it will come in handy in the future.

Oct 05, 2008 08:25 AM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Read your 10 rules and you would notice first that there is an attorney behind. You know what is wrong and what is right.

Then you tice a street smart and practical person behind, You know what happens in real life, even if that is not right, or how it should be.

Then you notice a poet. They have wit in them, and they are well written.

Thanks, I am a fan of yours, I liked this post. It makes you smile, but it is quintessentially true (I wanted to say "right")

Oct 05, 2008 10:09 AM

Richard Zaretsky

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL

Florida Real Estate Attorney

Joe -

If you are in no hurry = a short sale is a terriffic way to bag a great deal on a home. Go for it but use a knowledgable Realtor. You can find what you need here on Activerain!

Nov 19, 2008 03:04 PM

TOP TEN LIST OF SHORT SALE OBSERVATIONS

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