Everyone hates short sales, right?
Not true. While I can't say that I love them, I don't hate them either. They're just one more niche to learn in an ever-evolving business of niches. And although we may agree that in a perfect world, all we have are standard equity sales...
(sorry, had to pause while I laughed out loud, then cried, then contemplated life, now I'm back)
... I really don't mind the idea of mastering different products, different scenarios, different approaches, etc. What I do mind is not being able to overcome one of the most important factors in buying a home: EMOTION!
Whether you are a buyer's agent or a listing agent, we've all seen it. The mental re-decorating, the look in a buyer's eye as they position their plasma over the fireplace in their mind, set up the L-shaped couch, replace that hideous ceiling fan (shouldn't the seller have done that? sorry, I digress). It's a great look, and if you love this business the way I do, it's rewarding. Not monetarily, but in a deeper way, particularly if you're their agent. It's hard to replace, difficult to explain, and nearly impossible to replicate with your buyer more than once during a property tour.
Now enter the short sale process (yuck). I'll give Wachovia credit on this one, since their approvals are generally so fast that this doesn't really apply to them. I have a great relationship with Wachovia, and I can tell you from experience that their process is completely different. But for the most part, a minimum of two months, and I'm sure we've all seen it go much longer, will go by until there is some type of approval from the short sale lender. And what's happened to the buyer in the meantime? Two words....
BUZZ KILL!
(or is that one word?)
I don't blame the buyer for this, but we live in a world of instant gratification. A 30 day escrow is often more than enough to drive a buyer crazy, but to ask them to wait sometimes in excess of 6 months is insane. I wouldn't want to wait that long either to be honest. (Some of you are going to say "If you really want the house, then you should wait as long as it takes to..." blah blah blah). To you I say, No.
Buying a home was never designed to be a 6 month waiting process (notice I said "buying", not "building"), and I've had deals take longer than that. So if don't blame the buyer for not feeling the love anymore by the time that approval finally comes through, who do I blame? I'm curious to hear your feedback, I really am. But for me, I think you have to blame the lender. I'll explore this in a future blog (look for a title along the lines of "Why Everything in Life is the Fault of the Short Sale Lender(s)"). And before you respond that these negotiators are working on 400 files each, I know. That's part of the insanity! And it hasn't been fixed yet??? Come on!
I could have sworn I read somewhere that people were looking for jobs and unemployment was pretty high. I guess you can't believe everything you read :-)
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