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Short Sale Roller Coaster Ride - Don't Say I didn't Warn You...

By Debbie Summers

Real Estate Agent with Charles Rutenberg Realty

October 25, 2008 09:01 AM

Excitement...Frustration...Hope...Desperation...Anger...Disappointment and Disgust! These are the feelings that a buyer is likely to have during the 3rd party approval process of a home that is a short sale...and that's during a sale THAT ACTUALLY ENDS UP CLOSING.

Once you write a contract on a short sale you could be waiting weeks and often months for an answer from the seller's lender. Should you consider writing an offer on a short sale? Please think about this first...

Short sales are not for everyone:

If you have a specific timetable to meet... Don't write a contract on a short sale.

If you can't accept the property in the condition that it is today... Don't write a contract on a short sale.

If you don't have a backup plan... Don't write a contract on a short sale.

If the seller of the property is an investor... Don't write a contract on a short sale.

If you are considering the purchase of a short sale...talk to a REALTOR. Your REALTOR will advise you about the process and whether or not you are a candidate for a short sale. The process is often long and leaves many without a successful conclusion.

Do the rewards often times out way the risks? Absolutely, but only you can decide if you are willing to wait after you know all the facts.

Pink Flamingo

Move To Lake Mary (Orlando & Central Florida)

Licensed Real Estate Professional, ALHS, e-PRO @ 407.758.1020 or Debbie@CasAndDebbie.com

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C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

You have made some very good points. I enjoyed your post and am going to re-blog this in different groups. Regards, C.

Oct 25, 2008 09:05 AM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

YEs I agree and this is what I normally tell my buyers upfront when we first start working with one another and 9 times out of 10 there own response is oh ok I dont want to look at those homes.

Oct 25, 2008 09:12 AM

Nelson Carrillo

Real Estate eBroker, Inc. - Phone: (619) 940-6560 - Bonita, CA

South San Diego, CA Homes For Sale

when doing short sales remember you are not just negotiating with lenders, but with all possible lienholders such as,

HOA Liens, Mechanic Liens, other Lis Pendens etc...

-Nelson

Oct 25, 2008 09:31 AM

Kristin Moran

Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX

San Antonio,TX - Real Estate - 210-313-7397

Hi Debbie, Great points. It is VERY important that buyer knows what they could be up against in this situation. If you can't live w/out the house then know upfront what you might be in for. KM

Oct 25, 2008 10:00 AM

Lisa Spalding

Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL

REALTOR, CDPE

Cool post! I agree 100% and try to warn potential short-sale Buyers about the pros and cons of the short-sale process in advance of viewing any homes that may be short sales.

Oct 25, 2008 10:01 AM

Kathy Clulow

Uxbridge, ON

Trusted For Experience - Respected For Results

Debbie - I suspect the average purchaser who is looking to move into a house in a given time frame would be better off staying away from short sales, unless they have alternate living accommodations that they can use til no longer required and leave on short notice.

Oct 25, 2008 11:15 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Carolyn- I'm honored... I haven't been Re-blogged yet... Thank You!

Oct 25, 2008 01:59 PM

Heather- Short sales make up about 25%+ of our inventory in Lake Mary... It's frustrating for buyers that these homes truly can't be "sold" on the spot... I wish these homes weren't in the MLS until the banks have agreed to a price range up front. Agents do the "dirty work" and are often never compensated.

Oct 25, 2008 02:03 PM

Nelson - You're exactly right... Just another reason these properties shouldn't be on the market prior to 3rd party approval, all of them!

Oct 25, 2008 02:06 PM

Kristin - It truly can be an exhausting process... It takes a lot of patience to wait it out.

Oct 25, 2008 02:09 PM

Kathy - Absolutely... If you can be patient and your current situation allows you to move at your convenience it could work out... Flexibility is the key!

Oct 25, 2008 02:13 PM

Lisa - Thanks for stopping by... Communicating the challenges of a short sale purchase is extremely important... You would think that over time the process would becomed refined, yet it seems to be getting slower and slower.

Oct 25, 2008 02:19 PM

BTW Debbie - I love the pink flamingo! How adorable! KM

Oct 26, 2008 01:00 AM

Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

Chris Brown | Certified Mortgage Planners - Orlando, FL

Chris Brown 407.367.2974

i reblogged this as wwell debbie... nice job!

chris the implementer

Oct 27, 2008 03:20 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

WELL SAID! I can't believe how many offers I get on my short sale listings that say they "HAVE" to close in 25 days and I just tell them that if they want that then don't even bother presenting an offer, as a bank will never answer that quickly!

Oct 27, 2008 03:50 AM

Short Sale Roller Coaster Ride - Don't Say I didn't Warn You...

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