Survey shows Buyers tire of Short Sales

By
Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/kDb

Survey shows buyers tire of Short Sales ........

My response?

Duh .... where have you been?  I love these type of real estateShort sales, related articles where the person offering up the data is not currently selling real estate and probably never has.

Here's the report breakdown -

  • Short sales take 17 weeks to complete.
  • 54.1% of Shorts in 11/2009 were 1st time buyers, now it's down to 39.7% in 8/2011.
  • Short Sales generally sell at 27% lower than non-distressed properties.  Always wonder where they get these numbers?
  • First time buyers are making multiple offers on Short Sales to try and expedite the process .... Wha?????  


How can that expedite the process?  Just goes to show you the author never wrote a contract on a Short Sale.

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Rainmaker
520,455
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

I usually have to sell a place three times before a buyer finally closes.  They just don't get it.

Oct 03, 2011 07:41 AM #1
Rainmaker
1,678,316
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Morris:  That's a high ratio & I wish it wasn't that way but buyers just give up after awhile.

Oct 03, 2011 07:56 AM #2
Rainmaker
373,275
Stephen Proski
Real Estate Kailua Kona, Hawaii - Kailua-Kona, HI
Kailua Kona Homes For Sale

Lyn, yes buyers are writing multiple offers on short sales thinking they can speed up the process however they fail to realize it is not the same property.   Most buyers can't stand waiting for an answer so their impatience gets the better of them.

Oct 03, 2011 08:28 AM #3
Rainmaker
601,542
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

 ROTFL 

Oct 03, 2011 08:35 AM #4
Rainmaker
601,542
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Lyn - Ok, seriously now.  As an MLO who works with a lot of first time buyers, most of my first timers absolutely refuse to even look consider a short sale let alone even look at one.  Some have decided from the get-go that a short sale is not for them because they want to move asap.  Many are trying to get a place before they have to renew a lease or end up going month to month, which costs them more per month.

However, others have learned the hard way that short sales are a waste of time and energy.  After wasting months in a short sale transaction that never closed, they absolutely swore off short sales and became vehement ranters of short sale nonsense.

Oct 03, 2011 08:40 AM #5
Ambassador
305,662
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

Duh .... where have you been?  My sentiments exactly!

Oct 03, 2011 10:21 AM #6
Rainmaker
506,280
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Where did they get that notion of short....not on closing time!

Oct 03, 2011 10:32 AM #7
Rainmaker
1,289,786
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I always wonder ... who the heck are they talking to when they come up with these articles???  It frustrates and amuses me all at the same time, when they call them "experts" too.  WHEN?  WHERE?  And how long ago???  You are so on the money with your post on this one!

Gene

Oct 03, 2011 11:06 AM #8
Rainmaker
306,313
Marti Steele Kilby, CRS
Steele Group Realty - La Mesa, CA
Broker/Owner, San Diego, CA

OK...I'm probably the odd one here, but I don't really hate short sales. When I list them, I include an addendum that the buyer must sign agreeing to put thier earnest money into escrow within 3 days of acceptance by the seller, not the lender.  To date (knock on wood), I've never lost a buyer as they seem to be a lot more committed when they have money on the table.  Likewise, when representing a buyer in a short sale we offer to put the earnest money into escrow right away.  Either way, putting some $$ into the game seems to keep everyone from giving-up as time goes by.

Oct 03, 2011 12:31 PM #9
Rainmaker
3,253,199
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lyn

The short sales offer the buyers a value priced home.

Good luck and success.

Lou Ludwig

Oct 03, 2011 02:58 PM #10
Rainmaker
1,678,316
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Marti:  It's not whether you hate them or or not. It's just the incompetance of the processing time. Here in IL it doesn't matter if we have earnest money or not, if the buyer wants out, they can do that because technically a seller can't perform.  I do agree that putting $$ up with keep the buyer tied to the property it's just that after awhile the enthusiasm wears off or wears terribly thin.  Really can't blame them at all.

Lou:  Here in my area that's not

Lou: Not really true here in my area. Some are just as rough as foreclosures. Odd that the foreclosures are in better shape.

Gene:  Arm chair Realtor.

Stephen:  I think that their agent really needs to focus down their energies on the bottom line. Write offers on 5 homes and wait for the 2nd best, 3rd best, last choice?  Doesn't make sense & seems against human nature of going for their #1 choice.

Ellen:  'Time is of the essence'. Yep, every contract says that. In my area the 8 months would be true.

 

 

Oct 04, 2011 01:44 AM #11
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Rainmaker
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Lyn Sims

Schaumburg Real Estate
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