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Is there any end in sight to this MADNESS???

By
Real Estate Agent with Home Real Estate

I just posted regarding the CDPE certification and it got me thinking. Is there any end in site to this Short Sale madness? Most of us are in a position right now where we can't even find a regular listing. Especially if you live in California and Florida. I know that it is this way in Colorado, it seems like there are more Short Sales than regular listings.

This is extremely hard for those of us that are trying to close deals. It is the most painful thing in the world to be put in a multiple offer situation on a Short Sale listing that will never sell. Most of time it won't sell is because of unrealistic pricing in that neighborhood market. Just an FYI for you brokers listing short sale properties. If you have a listing that is priced at 50 percent of the most current actives and solds in that neighborhood, you will get a ton of offers. There is a catch though, you could have lots of offers, but it doesn't do you or any of us any good if the bank won't accept it. Or course you are going to get a million offers, people will be coming out of the wood work to score a deal like that.

How many of you come across situations like this in your market, frankly it is tiring in my opinion. If these brokers would just start by becoming more educated and seek the experience neccessary to help these homeowners out that would be half the battle. If you don't what you are doing do us all a favor and either stop it or become equipped. Please do not use distressed homeowners as your guinea pig and direct them to a broker who knows what he or she is doing.

This is my take on it, what is yours? Your thoughts would be appreciated.

Steven Wright

Short Sale Expert

Comments (3)

Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

Steven, good point.  This is an unprecedented market for everyone.  Even those who worked in California in the 90's didn't experience this kind of bleeding. 

May 07, 2009 05:23 AM
Krisy Clayton~
eXp Realty - Orting, WA
"Where Commitment and Possibilities Meet"

GREAT post, I tell ya it is very hard for my sellers to be realistic as well when they see other listings "look" like they are moving.

 

Krisy Clayton

Keller Williams

krisy@kw.com

May 07, 2009 05:24 AM
Terry Chenier
Homelife Glenayre Realty - Mission, BC

Syeven,

This is unchartered waters; we had a similar thing here in the 80's.

Jun 08, 2009 04:00 AM