People Facing Foreclosure Don’t Have Time to Wait
Hi Judy, WOW! What a great article and very well said. We have a lot of issues here in the Greater Scottsdale, AZ area with agents that don't understand Short Sales and how to manage them. AAR (Arizona Association of REALTORS) has been into place a few document to assist the agents in better managing their transactions. But the agent still need to make an effort to educate themselves on Short Sales before they just go out there and start doing them.
One course i just recently completed was the CDPE (Certified Distressed Property Expert) course www.cdpe.com . It was a little pricey but well worth the investment. The instructor i had was Tony Martinez, he was really great and from your State.
You had lot of great positive comments and that is very encouraging today, a few good questions also. I have several ideas on how to address a few of those concerns if anyone would like to know. Especially on how to keep a Buyer in the game while you are negociating with the lender. I didn't dream it up on my own (wish i had) it was passed on to me by another well known agent in the area that had recieved a lot of input from many agents.
Good Luck to you in Florida.
Jim Sexton, B.E. Associate Broker, ABR CDPE CNE CRS CLHMS CNHS GRI MRE Master of Real Estate Society 2004, 2009, 2010
So why do some real estate agents allow Short Sale listings to hang in limbo with little or no adjustments to listing price?
On a daily basis, I study listings in the Orlando area. Every day I see Short Sale listings being served poorly by their listing agents. So poorly and so ... okay, I’m going to say it ... unprofessionally ... it makes me want to do two things.
- Bang a fist on my desk in anger.
- Cry tears at the utter sadness of it all.
A listing agent MUST understand that when it comes to the threat of foreclosure, time is of the essence. Let me repeat that. TIME IS OF THE ESSENCE. And one more time ...
If a Short Sale absolutely positively has to sell before the gavel comes down on foreclosure -- and it does -- the short-sale-challenged listing agent has only 2 options:
- Refer the listing out to someone who understands Short Sales
- Read up or get advice on how to do a Short Sale, and then do it right
Obtaining a strong contract on a Short Sale within a few weeks isn’t difficult. It’s easy. Easier, in fact, than getting a contract on a regular listing.
Getting a contract to the closing table isn’t quite as easy, but it must not be that diffcult, because in June of 2009, over 400 homes in Orlando, FL, were sold as Short Sales!
Granted, agents have to learn a new set of rules. They have to jump through a few extra hoops. They have to learn new terminology. Commissions can be at risk. There’s more work involved. There’s a time element to consider. Lenders throw up obstacles and hazards and traps. However, none of these problems are beyond any agent’s ability.
At the end of the journey, guess what. You did more than help facilitate the sale of a house from a seller to a buyer. You saved the homeowner years of heartache and financial ruin.
Do you think that isn’t worth a little extra work?
Do you think it doesn’t add another dimension to an agent’s profession, something close to philanthropy?
Do you think it doesn’t give an agent a deep sense of satisfaction?
Do you think it doesn’t matter that you established a special connection with someone who desperately needed your services?
Do you think it doesn’t count that you helped people through one of the most difficult times of their lives?
You bet it does.
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Florida Licensed Realtor® and Sales Associate
Certified Negotiation Specialist (CNS)
Coldwell Banker Residential Real Estate
521 E Mitchell Hammock Road
Oviedo, FL 32765
Specializing in Short Sale Solutions for Homeowners Facing Foreclosure
To put your home on the market, please feel free to reach me direct at (407) 227-7763. Questions about the Orlando real estate market always welcome.
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