Short Sales Anyone?

Real Estate Agent with Home Alliance Realty

With the rising number of Pre-foreclosures/foreclosures in New Jersey (and I'm sure around the country), it is almost impossible to escape the words "short sale" these days.  Whether you are a homeowner, agent or investor, short sales are definately something to know about. 

We have done quite a few, already this year, for clients and have been on both sides of the fence. We are finding that some of the lenders, don't want to accept the fact that the value on a property is not what they think it should be. In our region, prices have declined. 

With some lenders, they seem to take so much longer than others. We just went through one short sale that took 12 weeks to get acceptance on.  Why so long? They must know their numbers when the file is presented, or at least one would think so.

Any comments from anyone on their short sale experiences would be great!  Any tips, tricks, etc. 


Comments (1)

Dana Thornton
ReMax Westside - Douglasville, GA
Lisa, check with your local Board of Realtors or chapter - there are several classes in short sales out there, some are even offered by MLS and GRI in my region.  This is definately a new niche market the seasoned real estate professional needs to be familiar with - we are going to see alot of these unfortunately.  Good Luck!  Maybe you can even advertise yourself as a "short sale" specialist and capture Sellers before being foreclosed on.  Dana :)
Aug 17, 2007 07:33 AM