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TOP TEN LIST OF SHORT SALE OBSERVATIONS

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

Posted by Richard Zaretsky, Florida Real Estate Attorney on 10/05/2008 12:56 PM

Comments (12)

Foreclosure in the Mortgage / Finance Channel

foreclosure attorney, florida mortgage foreclosure, palm beach foreclosure, mortgage modification, renegotiation, foreclosure lawyer, wpb

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12 Comments on TOP TEN LIST OF SHORT SALE OBSERVATIONS

OCT

2008

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.

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.

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

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!!

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

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

Richard,

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

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

Aloha

JIm

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

Richard,

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")

NOV

2008

I will be moving to Palm Coast as soon as my house in Pennsylvania sells. If I don't find the house I want, I will be renting. I have seen some short sale houses that I think are tremendous values. I'm looking for personal housing but I'm in no hurry. Why would a short sale be a tough place for me to look?

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!

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