Short Sale - Another Problem To Add To The Headache!

By
Real Estate Agent with Re/ Max Achievers

Just when I thought that short sales couldn't get more diffacult ... now I see there are listings that are ridiculously low priced .. just to get interest.  What's happening is that some listing agents are listing short sale properties at extremely low prices - just to get activity and quite possibly resulting in offers that although the frustrated (couldn't care less) owner may agree to ... there's no way the lender(s) will.  It just goes on and on ................  There's no wonder as to why some agents just refuse to deal with Sort Sales.

I just had one short sale rejected after 6 months and another that's been in process for 10 months.  There's really enough to deal with already.  There should be an enforcible rule to list short sales within 10-15% of market value.

Comments (3)

Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal RealtorĀ®

I've seen that up this way too. Low prices to generate an offer. A Realtor should price the home at the current market value and the bank should make just make their best figure known if the offer that is generated is lower than they can accept. Short Sales can be like dealing with Congress...getting nowhere.

Merry Christmas to you and yours, Jim

Dec 21, 2011 01:03 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Morning Jim, you bring up a very good point!  We get very frustrated as Realtors when working the values of our short sales.  Unfortunately, a lot of short sales are in great need of repair / replacements / avoiding foreclosure, that we do need to price it right to generate the offers to make things happen. (Especially, when foreclosure looms around the corner in less than 60 days).  We need a legitimate offer to get the sale date postponed, at least one time for 30 more days.

With that being said.... we have OTHER short sale properties that are NOT so much in the "distressed" mode, but more of where the sellers have "legiitimate hardships"... job transfer out of state, death of a spouse, job loss resulting in eating up their liquid savings.... not ALL of these are properties that need excessive repairs and such.  They are properties that should generate GOOD offers. Realtors should take care of their sellers and get the BEST price that the buying market will dictate.

You are right.... if we do not treat them as NORMAL listings when pricing... the foreclosed properties will become the better choice for banks!!

Dec 21, 2011 01:05 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Jim,

That sounds very frustrating, I'm very happy I have not encountered such issues.  Happy Holidays!

:)

Matt

Dec 21, 2011 02:38 AM