Short Sale, Is it worth waiting?

Real Estate Agent with RE/MAX Cross Country

Short Sale....Why mess with it?


Ask just about any Realtor about seeing a short sale and you might get the response "I'd rather cut my arms off rather than work on another short sale".  They are laborious from both sides of the transaction, take a long, long time and could get foreclosed in the process.  So why bother?

Although a short sale is not for everyone, especially not for a buyer who has a time limit for moving.  A short sale can provide a win, win for all parties involved.  For the buyer, a home that is more than likely still occupied and cared for to some degree at a very reasonable price.  For the Seller an opportunity to relieve a hardship and move on.  For the Bank, the opportunity to dispose of a non-performing asset without having to loose even more thru foreclosure and finally for the Realtors, a job.

I have been fortunate enough to be able to successfully list, sell and close many Short sales over the past 2 years.  From the sign of the times we will have the opportunity to work thru many more.  We should all take the time to learn how to handle this particular transaction with knowledgeable professionalism. 

 I do not actively look for short sales by marketing or soliciting to homeowners in distress.  If I had a choice, I'd rather not work a short sale but they are part of our market.  As a matter of fact it is important that homeowners understand there are other options to selling short.   Forebearance or Re-payment plan, Reinstatement, Sell the property, Rent the property, Refinance, Mortgage Modification, Short-Refi, Deed-In-Lieu of Foreclosure, Bankruptcy or Servicemember Civil Relief Act (SCRA).  


Comments (3)

Reba Haas
Team Reba of RE/MAX Metro Eastside - Bellevue, WA
Team Reba, CDPE

I work with a lot of short sales and while they don't always pan out, you can build a lot of good will with the people involved in the transactions, plus you learn a lot more about your industry, and there is also the benefit that for some of your buyers you can help them find a great home. I just closed a wonderful house in Auburn,WA for a client on 8/31 and we'll be going on market with their home on October 1st or so. For the price point of homes in our area, this was well worth my time to spend negotiating with the bank (the sale price on the short sale was $425k). Closed in 4 months, almost exactly. The listing (around $300k) we hope to close by end of November because it's a great first time buyer house in Kent, WA.

Sep 19, 2009 05:16 AM
Dawn Uselding
A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant

Are short sales worth it....Absolutely!!!  Do you want to do the leg work on several short sales...probably not.  If you are intending to list short sales you will probably want to work with a company that does the tedious and time consuming paperwork and calling/email follow up.  You get the listing and the offer,  then let a company like mine do the "oh so important" work of making sure YOUR short sale package is processed, assigned to a negotiator and approved in a timely manner.  This won't happen without diligent follow up and timely responses to any communication from the lender. 

However beware when you do use this kind of company.  Do your homework before your entrust your business to an assistant.  Make sure they are knowledgeable about short sales.  If they are doing these everyday they should be on the front line with new information on how the packages are processed.  This can be invaluable to you, the Realtor.

You should always get references, more than one.  And really call them.  You would be surprised how many times you are given a reference that isn't even someone they did a short sale for.  Make sure they have been in business for at least a year.  There are many new "short sale assistants" that come and go in 6 months or less.  Also they need to have a comprehensive system for handling your short sale and a way for you to monitor your short sale WITHOUT you having to call them and ask for a progress report.


Nov 04, 2009 06:17 AM
Sara Chris
Absolute Consultant Group - Toluca Lake, CA

Hello everyone,

Activerain is a site where you can share all the valuable information about the short saleforeclosure or negatiation, for better understanding. 
Thanks to all the members for being a part of it.

Aug 31, 2014 07:26 PM