Navigating the Short Sale Maze, or How Do We Navigate From Absurdity To Abuse?

By
Real Estate Agent with Keller Williams Realty 0590712

Hey, short sale specialist. Are you tired yet of spending 10 times for time, reselling the same homes 2.5 times over before a deal closes? Are you tired of resubmitting all the docs over and over? Are you tired of working a short sale for month only to find out the lender/investor already foreclosed and no one told you? Are you tired of working harder than ever and getting paid less? Are you tired of having the loans turned over to collection agencies in the middle of negotiations? Are you tired of feeling like the enemy when dealing with some negotiators? Are you tired of services losing files and having to start all over? I am not complaining, just angry about what real estate has evolved to  We have an organization who we are paying to represent us. We have paid lobbyist who are in Washington who should be protecting our interest, and not those who are elected and those that are paid to run the NAR.  By protecting their members they are indirectly protecting the publics interest too. This organization numbers a million members, they can do something about the abuse short sale specialist are forced to submit to and endure everyday. Can anyone shed one iota of light on anything they have done to end the servicer/investor/MI company abusive practices, put sanity into a dysfunctional system and streamline the short sale process which economically affects everyone in America. According to "Mortgage News Daily" it cost $77,935 to foreclose on a home. This year it will cost or should I say needlessly squander an additional $93.5 billion foreclosing on 1.2 million homes. We have already lost more than $10 trillion in the equity of 130 million homes. Why is nothing being done? After all It's now going on five years! I would like to hear from those of you who agree and those who do not. And, what do you think they can do that they are not to help their members and the distressed American home owner? This ineffective organization is the NAR.

Comments (4)

Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

I liked your last line a lot, and I don't have to pay them dues.  Hooray!

Aug 17, 2011 02:21 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Eward - Thank you for sharing detailed quality information on how to navigate the short sale maze. Excellent blog.

Aug 17, 2011 04:50 PM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Edward, I have experienced all the abuse you mention listing and negotiating short sales. It's just unbelievable, really. I wonder can NAR really do anything about the state of short sales? It sounds like you think they can do something to improve it. I have my doubts, although I'd love to see better streamlined short sales.

Aug 17, 2011 05:57 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Ed:  As a lender I don't deal directly with the short sale negotiators or the banks, but I do have the same experience of packaging the loans over and over, with no expectation that the transaction will ever close.  I agree that the NAR should do more to represent Realtors and consumers to resolve the nightmare.

Aug 17, 2011 06:44 PM