Soliloquy on Short Sales
Short sales have been around for quite a while, and will be a feature of distressed sales into the foreseeable future. They are prevalent more in some areas than in others. Education and experience for realtors have been around for nearly as long.
I have been in groups of Realtors discussing the issue. Some like them as a form of business (gutsy), others are somewhat gunshy. And of course there is also the opinion of "tried it once and didn't like it. Let's leave it to the experts" (cop out?).
I believe this last attitude to be counterproductive and negative to a career in real estate. We can look at the process, shudder at its ghosts (the unknown and the unexpected) and leave it to others who class themselves as experts. Are we just taking the easy way out? Like everybody, I find short sales to be frustratingly slow (and we are asking a party to accept less - a business loss, and I feel for that party as well because I am from a business era that there can be a win for everyone), and without a fixed set of rules and procedures. I flinch at, now acceptable, terms such as, "strategic default" and other practises that have crept in over time to become morally acceptable in dealing with new business requirements. However I realise that short sales are part and parcel of my business environment and that I have to master the process, or, forever, operate on the fringes, dabbling only in the easy things.
I agree that fear is removed by education. I get a lot of mine from people who have had personal experience in banks, and from agents who have approached short sales in a meticulous way. Others have persevered when a conventional listing, because of market circumstances, has become a short sale, and they were already committed. I advocate formal courses (eg Continuing Education) and personal study for those who wish to dive in and make it a part of their career. I agree with educating our clients and making them an integral part of the short sale process.
I also look to a time with an improved economy when "short sale" will become a rarity because of returned confidence in real estate, again a business without stigma.