The changes in interest rates have brought forth a proliferation of short sales into the marketplace. There have been many interesting articles on how to "do" a short sale. This is not one of them. This is an article on how to work with a short sale. If I had to pick the most ticklish topic to discuss on short sales, I'd have to pick (no it's not the lenders)...the sellers themselves.
It's not easy to put ourselves in the shoes of the person going through this real estate and credit trauma. There are no support groups that can help you cope. And, in most instances, the home owners who are forced into this situation really don't want anyone to know about it because they are embarrassed, so they simply don't talk to anyone. That's pretty much how they got into this situation. Or, they may have talked to someone who just helped them dig the hole a little deeper.
In working with short sale sellers, it's pretty typical to have unreturned phone calls, un-kept promises, a home that is not easy to show, a home that is in a state of disrepair, untidy and unkempt, and sometimes anger and hostility directed at you over the situation .
- If you are a buyer considering a short sale purchase - be sure you have an agent who is comfortable handling this for you.
- If you are a seller who is in the position of selling your home as a short sale - be sure you have an agent who is comfortable handling this for you.
- If you are an agent who is considering working with a short sale buyer or seller - be sure are comfortable with all the psychological, logical, illogical, financial, ethical, and emotional issues involved. Agents, if you really are looking for the short sale silver bullet, compassion would probably be it.
Just thought you might like to hear a word from the short sale trenches,
Marlene Bridges, REALTOR®
CRS - Certified Residential Specialist®
SRES - Seniors Real Estate Specialist®