Short Sale 'Expert', really?!

Wow ! You have brought up a very good point. I often wonder about these "experts" myself sometimes when the short sale goes horribly wrong.

On the flip side I had a LA tell me that "I am no short sale expert, I have never had to deal with one of these and I don't know what my sellers are doing with the bank".

NEXT!!!!!!!!!!!!!!!!!1

You are right Carol, an expert is a drip fifty miles from home. It must have been an expert who coined the term short sale.

We have had very few short sales actually close in the Newport area, the ones that do close have taken months.

Well, you can be an expert in the process, but still a bit of luck in who you get at the bank that takes care of things!  not to mention, the seller, You need a cooperative seller for a short sale to work... it is not always the banks fault if the seller doesnt fill out the paperwork (financial disclosures) often it is the seller that holds things up.

I have seen most take 4-5 months, with the occasional one that seems to fly in just a few months.

and Anthony, they are called "short sales" because the bank is taking it in the shorts!

I don't know why people pay third parties to negotiate their short sales.  If I was your buyer I'd be pretty upset about that fee.  If you don't want to handle short sales don't take the listings, just refer them to someone set up to do it. 

The goal of some banks is to let the home owner get a short sale pre-approval directly from the bank before they go their Realtor. For example if the Loan Mods don't work-out it converts to a short sale approval. That sounds good, doesn't it?

I actually process short sales for realtors and investors, and the buyer never pays my fee.  Sometimes we can get the bank to pay it and other times the listing agent pays it.

A lot of times, it is the banks that kill short sales.  Especially if there is a first and second and the second decides they want 10%.  Consider that deal dead!  I've seen more seconds kill deals than anything else.  Processors, sellers and agents can't do anything about that and they don't know that it's going to happen until the very end.

Buyers are willing to wait so long b/c they are getting their home for a great price,  but sometimes, the buyers back out 3 months into it with no regard for all the work that has already been put into the deal.  Buyers agents need to better prepare their clients for the long process.

I'm curious about 'short sales' - it's not a phrase used in Ontario that I'm aware of.  What does it entail?

Carol, I am in one that has been resubmitted three times we are now in the 8th month a "Short Sale Expert Attorney is handling it" will keep you posted how it turns out.

Carol,

The buyer should not have to pay for a service they never receive.  As far as I am concerned if a listing agent wants a negotiator then let them pay for it themselves.  That may not make me too popular but that is not fair to the buyer!

Wendy

Carol,

I agree that the Listing Agent should pay for the service - entirely.  Not the buyers - ever.  I don't understand how they can justify charging the buyer for it.  The 'tips and tricks' to a successful short sale are limited.  It's really just follow up and more follow up. 

Good luck on any future SS!