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Oxymoron Diaries | Short Sale

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Real Estate Agent with |Key Realty | Maumee Toledo Real Estate Blog 2004001400

Oxymoron Diaries | Short Sale. I've been involved in the real estate business in some way, shape or form for nearly a decade. I am also a writer whose current project is The Oxymoron Diaries|Twelve Ounce Poundcake. I got to thinking about real estate and oxymorons and immediately came up with the term Short Sale as an oxymoron.

Why? That's easy. How many realtors have had to explain to a buyer that the term Short Sale was not slang for "it will take a very short time to get to closing?" Right. All of you. In fact, the opposite is true, as it will take a very long time to get to closing. Actually, it will take a very, VERY long time to get to closing. (I know, every once in a while you run into one that's a breeze, but for the average short sale transaction and the average agent, accepted offer and closing are months and months and months apart.)

So, Short sale is my designated Super Oxymoron of the Day and a new entry into The Oxymoron Diaries. I have a feeling it will even end up as a Chapter Title in The Oxymoron Diaries|Volume Two|A Littler Pain Never Hurt Anyone, which should be out in the fall.

This post reminds me just how important it is to educate homebuyers out there to consult with a realtor as soon as they even have an inkling that they want to purchase a home in today's market. A real estate agent's knowledge is invaluable in the process.

Most of my Oxymoron Diaries posts are pretty funny. Tongue-in-cheek humor about real life experiences, but as I type this I can't come up with anything funny about Short Sales. Funny "weird", yes, but definitely not funny "ha-ha."

Short Sales just aren't funny. Oxymoron Diaries|Short Sale|Didi O'Neil

 

 

 

 

 

 

 

 

 

 

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Dee was born in Ohio and grew up on the North Coast in Oak Harbor. She was raised on the work ethic of the farmer and has always loved seeing the fruit of hard work. After taking a job as administrative assistant to a top Toledo Realtor, Dee was instantly hooked on the real estate profession.

She soon became licensed with a Toledo area real estate company and in only a few short years was a member of their President’s Club, Achiever’s Club, and an Ohio Association of Realtors President Club recipient in the most challenging market to ever hit real estate.

Dee Nofziger is a lifelong resident of Ohio, specifically the North Coast of Ohio, more commonly known as Toledo and Northwest Ohio. She serves the real estate needs of home owners and home buyers in Lucas, Wood, Fulton, and Ottawa Counties, among others. With nearly a decade of experience, Dee Nofziger is proudly licensed with Key Realty, Northwest Ohio's fastest growing independent real estate company. With professional relationships all over the country, Dee Nofziger is able to refer you to real estate professionals in your area who will make your home buying or selling experience the best you can imagine!

What are Dee’s hobbies? That’s easy … reading, writing, and real estate!

Dee is also known as author Didi O'Neil.

Use of any content from It's Raining Real Estate Blog or The Oxymoron Diaries without expressed permission of the owner is a violation of federal copyright laws.

 

 

Comments (35)

Eric Salonga
The Salonga Brothers at Reed Realty - Ceres, CA
Your Key to the Central Valley

When I first started as an agent I was so puzzled as to why they called it a Short Sale.  Like many of my clients now, I thought the process was a short one and not upto six months.

I laugh now but I'm crying inside because it takes so long to get paid :-)

 

Thanks for sharing Dee.

Mar 13, 2012 04:11 PM
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

Thanks for posting. I really like your idea of writing oxymoron post.

Mar 13, 2012 05:04 PM
Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

I agree that there's little to laugh about with short sales.  People selling their home because they can't afford to live there anymore won't put a smile on anyone's face.  This too will pass.

Mar 13, 2012 06:44 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Nothing funny about short sales. 2 of my short sale listings are under contract waiting for approval. Closed one last month after almost 2 years of having the listing. My homeowner was very happy though when it closed because it was like a monkey on his back and now it's not.

Mar 13, 2012 08:58 PM
Charlie Dresen
The Group, Inc - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

Short sales are pretty much the ultimate oxymoron in real estate...and yep, they take explanation almost every time because buyers take the name literally and assume a short sale is quick and easy. Lots of work, lots of time and more anxiety than they should require...there's not much fun to be found in them at all...and that's not even taking the seller's side into consideration.

Mar 13, 2012 09:03 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Dee, very true! There is nothing short about a short sale. There is a lot of work to do in closing one.

Mar 13, 2012 11:03 PM
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Dee.... I enjoyed this post and yes, I can see where someone might think it is referring to the amount of time it takes to sell.

Mar 14, 2012 01:05 AM
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

Hi Dee, Just so happens that I have a closing in 2 hours, that is a short sale transaction. We started application before Thanksgiving!!! My client( The buyer) withdrew the down pymt. from his 401k, thought he would close in January so he gave up his apartment. Now he is living on a friends couch, with an extra $6k burning a hole in his pocket. When we finally got the banks approval for the short sale, he then had to get a gift for the down payment because half his money was invested at the local casino.

Mar 14, 2012 03:31 AM
Ashley Connolly
Northeast Water Wells Inc - Jaffrey, NH

Just stumbled upon your blog what a great series;) Just subscribed cant wait to read more :) Thanks again

Mar 15, 2012 01:36 AM
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

You crack me up! I love the 12 oz pound cake and the "a little pain never hurt anyone"--great idea for a series! The term short sale is definitely misleading to the public.

Mar 15, 2012 01:58 AM
Michael J. O'Connor
Diamond Ridge Realty - Corona, CA
Eastvale - 951-847-4883

There has to be a funny way to link the 'moron' part to 'short-sale'.  I'm just not quite clever enough to figure out how....

Mar 15, 2012 03:19 AM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Dee, my favorite oxymoran related to short sales is the HAFA program or what I like to call the "HaHa".

Mar 15, 2012 03:39 AM
Jack Snyder
Loan Originator in Orange County for Nations Direct Mortgage, LLC, NMLS #109738 - Equal Housing Lender - San Clemente, CA
Loan Officer, San Clemente, Orange County, CA.

I agree with you completely. If you have an inkling of wanting to buy, contact an agent immediately so they can get you in touch with their trusted MLO. Get qualified FIRST, then go shopping.

Do your self a favor, GET THEM QUALIFIED FIRST!

Mar 15, 2012 04:31 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Cute play on words....sadly it's so true. I wish the banks would try to clear these faster.

Mar 15, 2012 05:45 AM
Randy & Nancy Selby
The Woodlands,TX Connect Realty.com - The Woodlands, TX

For sure. Short sales are looooong sales.

Mar 15, 2012 06:08 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I have often thought that they were misnamed.  Thanks for the post and good luck with the book.

Mar 15, 2012 07:00 AM
Anonymous
Anonymous

A new rule is coming into effect regarding timing.  Lets just hope this works!  No wonder why so many of us do NOT SHOW SHORTS! 

Mar 15, 2012 08:55 AM
#32
Wayne Jackson
Lakeshore Realty 208-714-4109 - Hayden, ID
North Idaho Realtor, Serving Coeur dnullAlene and Hayden Lake

Dee, Who in the heck named them anyway?  One of my clients started out about 6 months ago wanting to look at only short sales and REO's. Now after the banks rejecting a couple of offers, he doesn't want to look at short sales.

Mar 15, 2012 03:42 PM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Dee, no doubt about it -- short sales are the oxymoron of real estate. I'm working with a lender now who says we'll get an answer in five weeks. I hope so, but I won't be surprised if it takes longer!

Mar 15, 2012 06:18 PM
Dee Nofziger
|Key Realty | Maumee Toledo Real Estate Blog - Toledo, OH
Maumee Real Estate, Toledo Homes, Key Realty

Joy - Yep, smoe days the phone doesn't stop ringing for all of the short sale buyers hoping for a "quick" closing. Too funny.

Joan - Having a buyer presentation thaat includes the truth about reos's and short sales can be really helpful as to keeping control of your buyer!

Carla - Glad you enjoyed the post. I am having fun incorporating into my blog posts. Not to mention AR has such great google juice! The book is pure fiction, but I liked the idea of using it to entertain via blog also.

Jon - until we get this market cleaned up I fear this conversation will never end!

Chris - Not funny is correct.

Anthony - believe me, that crossed my mind, but I was trying to stay clean.

John - Now THAT'S funny!

Praful - Glad I could help you explain the process to your buyers in the future. Sometimes a bit of humor helps things settle in a little better.

Eric - Funny how a lot of people equate the process as being a quick one. Never dawned on me until I once had a buyer say that to me. I probably looked at them like they had 3 heads.

George - Thanks! I am having fun writing them!

Doug - Yes, we see misery often in our profession. Can't  wait to see happy faces soon.

Jackie - I can't imagine the stress many homeowners are under right now.

Charlie - Yes, definitely the ultimate oxynmoron in the real estate profession right now.

Michael - Realtors get paid a lot of money , though, so who cares how hard they have to work, right? (I'm kidding, but don't you agree that sometimes the general public has this attitude)

Sandy - glad you enjoyed the psot!

Greg - OMG! I once had something similar happen. had a cash buyer for a REO. Deed hadn't been transferred after sheriff sale yet, so we had to wait to close. By the time the deed was transferred 4 months later, the buyers parents (who were gifting the oney) decided to get divorced and nobody was handing out any gifts until that was resolved! I lost a commission, plus a $2000 bonus plus thebuyers are still in an apartment. OUCH!

Ashley - Glad you stumbled upon Its Raining Real Estate. I have had a lot of fun over the years posting and the Oxymoron Diaries are now my pet project for sure. The book itself is a work of fiction on Amazon and B&N, but the oxymoron Diaries blog posts are definitely taken from real life!

Sylvie - Glad you enjoyed. Writing the book got me through a really stressful time in my life. Then I got hooked on writing. So far the response has been 100% positive.

Michael - I am working something creative linking "moron" with short sales, believe me!

Bob - Loved your play on words with HAFA and Ha!Ha!

jack - You are so right!

Karen - I've heard help is on the horizon.

Randy and Nancy - definitely looooooooooong!

Gene - Thanks for stopping by!

Wayne - oftentimes a buyer will start off thinking SS and REOs are the way to go, then after one disaster after another, they decide maybe something more traditional would better suit their digestion.

Pamela - 5 weeks would be QUICK in some cases!

 

 

Mar 16, 2012 12:47 AM