Why does a Short Sale listing ever expire?

Real Estate Agent with eXp Realty

Why does a Short Sale listing ever expire? This should be a rarity yet I'm amazed at the number of expired listings that I run across that are Short Sales.

When listing and selling Short Sales you must have a strategy. That strategy must include how the price is handled. You can not simply list the home for sale without ever looking at the price again. Short Sales are different from Traditional Short Sales and it's critical to be aware of this. When you're listing a Traditional Short Sale you can come across more apprehension from the Seller when setting a price as they do not necessarily have to sell.  However a typical Short Sale Seller has to sell because they're trying to avoid disaster; foreclosure.

It's pretty safe to conclude that when a home doesn't sell it's primarily due to the price being set for the home; typically not always, but usually.  With this in mind, and you're trying to avoid foreclosure and you don't have an offer on a Short Sale, you need to have a pricing strategy. Too many Agents will list a Short Sale home and not reduce...not a good way to represent a distressed Seller.

The Seller's Lender will want to see that you tried to get the most for the home, of course. However, when you list a home initially at one price and it doesn't sell you need to re-evaluate the price and adjust. If it's priced right, you'll eventually get an offer. The price adjustments and their frequency will be dependent on quite a few factors; is the property not yet in pre foreclosure, is the property in foreclosure or is a judgment date set? These factors alone can determine ones strategy. But if you're listing Short Sales you must have a strategy as distressed homeowners are counting on their Agents to help them. I make sure that I do just that to get the home sold and avoid foreclosure

 I've been extremely fortunate in helping distressed homeowners with their Coral Springs Florida Short Sales and surrounding cities of South Florida Short Sales; having received great satisfaction in helping others and I wouldn't change what I do and how I do it for nothing. I feel that it's important to do things right or don't do them at all. It's just hard for me to understand why someone can take on a task and do half a job - it's not right.

So don't let your Short Sale listing expire - have somebody get it right!

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Comments (6)

Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Oh mine do when I'm not looking....I have to have a start date and end date and I forget sometimes.

Jan 06, 2011 01:13 PM
Indera Coggins
Re/Max 100 - Dunkirk, MD

Lynn, great post

Jan 06, 2011 01:21 PM
Indera Coggins
Re/Max 100 - Dunkirk, MD

Lynn, when I took the CDPE class, one thing I walked away with, get the listing for at least 7 months and always expire it on the 30 dayof the month.

I find it to be very helpful because when I pull up my listings all show up and I see which ones will expire soon.


Jan 06, 2011 01:24 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would say the agent gets tired of the listing, or the seller gets tired of the agent.

Jan 07, 2011 01:37 AM
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Hi Karen, you must really carry a lot of listings,hey.

Hi Indera, thank you.  Yes, that can be a good idea what CDPE recommends as an easy reminder.

Hi Richards, sure, that could be a good reason for a listing to expire and definately not a win-win.

Jan 07, 2011 10:47 AM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

7 months should be the minimum. I like to take them for a year, although things are going much faster now.

Jan 07, 2011 03:44 PM