As a Realtor I have dealt with my share of short sales. I have represented both buyers and sellers in numerous short sale transactions, however it doesn't get any easier to swallow, for me. I am a mother and I am a Realtor and I think both require an unbelievable amount of patience. I try to exercise my patience consistently throughout the day, but it becomes tough when road blocks and lack of communication exist between bank and Realtor.
It is in the best interest of the bank to sell these homes in a short sale situation. The alternative is foreclosing and auctioning on the court-house steps where you will probably see a 20% loss from what you could have received in a short sale situation. It's all about playing the game. However, the game becomes terribly frustrating toward the end. I think everyone knows going into this that a short sale can take time, but when you are still hearing stories of short sales taking years, yes I said years, to close there is still a lot of work to be done. The process of short sales should and could be improved. NO one expects to wait a year or more to buy a home; and quite frankly it is a dis-service to everyone. If your seller is approved for a short sale there is clearly a hardship present. I know banks are not in the business of caring about folks, but to drag these people through this everyday for a year without allowing them to move forward or giving them any kind of "light at the end of the tunnel" just creates hate and angst. Unfortunately, this sometimes over flows on to parties that have absolutely no control over the sale or timeline in which it occurs. We are all at the mercy of the bank gods.
I do hear encouraging words from colleagues every now and then. Geez, some agents make their entire living off of selling short sales. They may have mastered it, if that's possible. They may have even made a connection inside that bank. More power to you. That's an amazing feat, but I would say this crowd is an extremely small percentage of working agents. The rest of us deal with the daily changes and feeble attempts at improvement of the process. It is a sad state of affairs we live in today. It is unfortunate for so many. Why oh why do these institutions feel the need to rub in the faces of these unfortunate people day in and day out? This is the part that is so hard for me to swallow. I'll do your tasks and submit the same paperwork a hundred times, because that is my job. My job also (albeit unspoken) it to somehow reassure my client that this nightmare will soon end for them and their families with as little hesitation and as much confidence as possible, whenever they need it.
As short sales become an increasingly larger part of our market banking institutions are going to be forced to create something a little more efficient than Equator. Thanks for your attempt Bank of America, but your system is flawed and it needs work. Survey me, please! Ask me what I thought after the process is over, not after I have a phone call with someone who has absolutely no bearing on the transaction and to be quite frank can not even answer my questions. This is a corner of the market that someone is going to be top dog in. I can almost guarantee you this....it won't be me until the system is re-evaluated and re-designed. Don't get me wrong, I don't turn them away or refer them out. I am completely capable and skilled in dealing with a short sale; I am just pointing out that the average agent deals with them several times throughout the year and not everyday. It should be made easier across the board- Seller, Realtor, and yes, even the Bank.
Rachel McLendon Behme
Keller Williams Realty
Affiliate Broker, ABR
100 Bluegrass Commons, Ste. 2100
Hendersonville, TN 37075