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.

Copyright 2009 Richard P. Zaretsky, Esq.

 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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11 Comments on TOP TEN LIST OF SHORT SALE OBSERVATIONS

OCT
05
2008
196,785 Points

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.
1:07pm • #1

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.
1:13pm • #2

Good list. It is important that people know all their options before deciding to buy or sale a house in a short sale situation.
1:14pm • #3
565,708 Points 6 Featured Posts Outside Blog Attended Rain Camp

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!!
1:15pm • #4
156,739 Points 6 Featured Posts Outside Blog

Good list. Not sure about #10 but maybe in some cases.
1:32pm • #5
971,333 Points 102 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Richard, That is one of the best posts on short sales I have read...
1:33pm • #6

Richard,

These are great rules.  In fact I plan on presenting your list at the next office meeting.
1:49pm • #7
Localism Sponsor

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

Aloha

JIm
2:05pm • #8
235,053 Points Outside Blog

Thanks for the information.  I am sure it will come in handy in the future.
3:25pm • #9
1,210,622 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

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")
5:09pm • #10
NOV
19
2008
179,321 Points 51 Featured Posts Outside Blog Hit Router Attended Rain Camp

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!
11:04pm • #11


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Richard Zaretsky, Florida Real Estate Attorney

West Palm Beach, FL

More about me…

Richard P. Zaretsky P.A. - Board Certified Real Estate Atty

Address: 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Fl, 33401

Office Phone: (561) 689-6660 x 107

Cell Phone: (561) 329-2279

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Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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