Short Sale Short Side - 2 ¢ Worth of Advice

By
Real Estate Agent with Village Real Estate Services, Inc.

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®

http://www.livethecaliforniadream.com/

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Rainer
24,513
Ron Pickett
Coldwell Banker Global Luxury - Laguna Beach, CA
REALTOR® Coldwell Banker Laguna Beach

Excellent information.  You're right, in my limited experience with short sales, the owners do seem to be a bit embarrassed , so it is best to keep that in mind.

May 31, 2007 10:47 AM #1
Rainmaker
509,066
Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor

It is a sad and difficult process to work thru. Your point is right, everyone should be aware of what they are committing to. I just terminated a short sale client because it became a hostile environment due to the sellers frustrations. I became the sounding board because the lenders werent willing to be any comfort.

 

May 31, 2007 11:13 AM #2
Rainer
23,739
Galel Fajardo
Costa Mesa, CA

Marlene,

Great info. This is the aspect we rarely think about when discussing these unfortunate situations.

Galel Fajardo 

May 31, 2007 11:59 AM #3
Rainmaker
552,472
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Marlene,

VERY well said, from an added perspective. I can think of only one word to add to everything you've said..PATIENCE. Thank you so much for sharing such a wonderful post.

 

May 31, 2007 12:46 PM #4
Rainmaker
238,196
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Ron - Thanks for your comment.  It is an embarassing position for sellers to be in.

Michele - Sorry to hear that you were forced into terminating with a short sale client.  But, it was certainly the wise thing to do.  We have to consider our emotional  health so we can continue to help all the people we can.

Galel - Thank you for your comment.  I'm glad you found this a fresh approach on this topic.

Lynda - Thank you for your comment and yes...Patience is a very important part...we could also add perseverance.  With short sales it is a lengthy process. 

May 31, 2007 01:22 PM #5
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Rainmaker
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Marlene Bridges

Laguna Homes|Laguna Condos|Laguna Real Estate
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