I thought the following post on Short Sales gave a realistic feel for how it is to be a part of this process. Good Post!
Our market has changed. We as real estate agents have fought it long enough. The days of a "normal" sale are limited. In our market so far this year we have around 40% of all sales are either foreclosure (bank owned) or Short Sales. That percentage probably will double in the next couple of years. With that being said. It is time to specialize in Short Sales or it is time to find another career. Like the "normal" sale being limited if you refuse the inevitable of short sales then your days will too be limited.
What do we know?
- We know Short Sales are frustrating.
- We know that there is no standard way a lender processes Short Sales.
- We know that a Lender changes the way they process Short Sales almost daily.
- We know that a Short Sale take several months in most cases.
- We know that processing a Short Sale as a real estate agent is not what we do best.
- We know that there is going to be quite a bit of fallout when the Short Sales start to decrease.
- We know that Short Sales have created this "False" Market.
What we do not know?
- We do not know why banks are not more logical?
- We do not know why a Short Sale takes so long?
- We do not know why we have to send the package 3 and 4 times to the bank.
- We do not know why some files close in 30 days and others take 10 months.
- We do not know why we call a Short Sale a Short Sale when they take so long. I prefer Long Sale or "Fore" (golf term for watch out the ball is about to hit you) Sale by Lender.
Although Short Sales have been around for awhile the amount of Short Sales have been few and far between up until recently. The reason why everyone seems so confused as to the process is because it is not standardized, and it changes daily.
First you are supposed to take multiple offers then you are not.
First you are to email the package to the negotiator then you are supposed to fax it.
First you are to call in 5 days then they mention to you that they closed your file in error.
No wonder we are all going crazy. There is no Crying in Short Sales.
Ummmmmm. Too Late. I have balled like a baby.
Short Sales are the Name of the Game, and I do not know about you, but I am going to play the Game.
I have had some pretty good success in closing short sales. I have closed 100% of them with an average time of 67 days. Mainly the reason is that I follow up consistently, but also because we have an inhouse legal department that negotiates on our client's behalf. They have really been an asset to increasing our business.
I want to leave everyone with this thought:
In this time of need, many people turn to desperation and panic, but this only debilitates your efforts. Think and believe in positive things. Ask the question:
How fortunate am I to be in the real estate business? A business that I absolutely love, and I get to do what I have always wanted to do. Help people"
Have a very prosperous Spring, and just remember
There is No Crying in Short Sales