Listing one of the first short sales on Marco Island, Fl was a very interesting learning experience for me. It created many questions by many Realtors and being a novice I did not have many answers. The property was listed in May 2007 and sold in August, 2007. Worked my way through an often very frustrating process and 3 month later the deal was done.
This was the beginning of my short sale carrier. The following 2 years I had great succes with short sales. Never got to be an easier process with the banks, but I knew there was light at the end of the tunnel. I was happy to say, never got a short sale turned down, all my buyers waited for the green light and there was not one sale which did not go through.
Now coming to 2010. We are hearing in the news the process is easier, computerized processes, extra help from firms which will do the work for you. So much publicity which should be positive, so little truth in those statements.
I personally have seen the opposite effect. It seems to be more frustrating, sellers taking month to turn in the paper work, less communication from the agents then ever before. If you don't ask they don't tell.
The banks have not moved the speed of the process and it is as frustrating as ever. In my case it has gotten much worse.
The appraisers seem to come in with to high appraisals, even units not short sales are not selling for the price which was accepted. Banks use the appraisals to bring the purchase price up, buyer says no or come up partially to the requested price. The process starts all over. Bank says may be it should be two more weeks to get an answer instead now going on for over 2 month and no resolution yet.
This year 4 short sales, 3 fell apart after 4 or more month of trying to get the problems worked out. Now waiting for # 4 and do not see the bank accepting the price because of the appraisal. I am the selling agent and both the listing agent and I have worked to show the bank the appraisal is wrong. We don't seem to be getting anywhere. Second appraisal came in and was pretty much the same as the first one. So now waiting for the bank to decide what they want to do, over 2 month have passed since my buyer upped his price not to the price the bank wanted but a price which is realistic in todays market. No answer as of today.
Out of 4 short sales, 3 fell apart and #4 is an offer in waiting. Went pending in April, 5 month later no answer accept a waiting game which has been going on for two month after the purchase price was raised.
I am at a point now, where I feel the short sale procedures have gotten worth and it might be time for me to get out of selling short sales.
Short sales this year have drained energy, were frustrating and negative. Is this what I want to do with my time?
I am sure if I would have taken the time and effort and pursued well priced properties my sales ratio would have been better. Time would have been much more productively spend and my outlook on short sales would be more positive.
I believe short sales are energy sucking processes and I will not take it anymore. I believe the processors at the banks try to save their jobs, so the longer it takes to approve a sale , the longer they have their job.
Would you believe that I am normally a very positive person? It is time to get back and smell the roses by selling properties were the buyer wants to buy and the seller wants to sell and knows it will happen in the time spelled out in the contract.
This is going to be my new resolution, I know it is not New Years, but some things cannot wait, unlike short sales.
In Marco Island and Naples, markets are picking up, next hard winters are just around the corner so I do not want my buyers to lose a good deal.
Having to wait for the bank to decide or better to not decide if they accept the offer can loose buyers the opportunity to find a great deal in the future. The owner of a home will give you the answer within a couple of days or less. Also foreclosures are easy to work with, banks no what they need and price accordingly, not like short sale where prices are set without any guidelines by banks.
My waiting games are over and I am so relieved to have made this decision to keep my sanity.
Love hearing your thoughts and experience, wether you are a Realtor or consumer.
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