The Short Sale Training Wheels are off so why are you still falling?

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Real Estate Agent with eXp Realty
https://activerain.com/droplet/DVV

South Florida Short Sale Training WheelsThe Short Sale Training Wheels are off so why are you still falling?

So it's been 4-5 years of heavy South Florida Short Sale activity and that's a long time to be able to try and figure out a system for getting Short Sales through the levels of our Lenders don't you think? I've been one of those Real Estate Agents who chose to help the distressed Seller early on in the Short Sale cycle so I've seen it all yet my most recent Short Sale that I'm handling leaves me wondering if Lenders will ever learn how to process a Short Sale. By now, it should be second nature just like once you learn how to ride a bike and the training wheels come off, you can hop on a bike and it's smooth sailing or should I say, smooth riding.

The Short Sale that I'm referring to has been going on since November 2011. By no means has this been the norm for me yet by now this shouldn't be happening. The Short Sale has been deleted out of Equator 2 times, has been rejected once and now when we're perhaps days away from hearing a final hopeful approval, they decide to issue an auction sale date set to hit the Broward County courthouse steps in just a few weeks - oh geeze!

It has been escalated several times. The word "escalation" is now the norm along the way with a Short Sale. You're asked: "Did you escalate it?" Talk about crying wolf and then later nobody hears you!

The accountability is lacking. Just pass it off to the next guy. It's not my job. It's going through the process. Does anybody really know the process and are they accountable for it? Too many gaping holes in the process. Too many could care less.

Shouldn't Short Sales be able to be accomplished in your sleep by now? Aren't they second nature? Doesn't the right hand know what the left hand is doing? Why would a Foreclosure Auction Sale date be issued on a Short Sale under review? This in and of itself should highlight the fact that the review process has taken way too long if it's gotten to the point of setting a sale date.

I don't know about you but the Short Sale fiasco shouldn't be at this level 5 years later as they should be pretty easy to accomplish my now.

This borrower would have likely lost their battle along time ago if I didn't keep on keeping on. How many Real Estate Agents push and push to this point. Would you have thrown in the towel by now? How long can you keep up such battles before they just wear you down? A good question.

Still too much Lender bureaucracy when it comes to Short Sales five years later. I have a vision. Can you imagine what it might be?!

 

 

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Rainmaker
2,777,838
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

LOL, you're right, you would think it would be second nature by now.  I think part of the problem is that more and more newer people keep trying to do them.  This is why it's so critical to use an agent w/ lots of short sale experience.

Jul 15, 2012 06:58 AM #1
Rainmaker
1,630,473
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I know I read about legislation that was supposed to put a halt to this. Is that legislation still pending, or are the lenders simply ignoring it?

I believe two of the points were:

  • No double-dealing. If a person was in a short sale or attempting a loan modification, they had to put a halt on the foreclosure process.
  • One contact, or one team of contacts, all of whom would know the status of the file.

The government keeps "doing things" and creating new agencies to deal with it - but the banks keep right on bungling along, ignoring the legislation. Or maybe this was another one that was "voluntary" on the part of the banks.

Jul 15, 2012 07:00 AM #2
Rainer
330,460
Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad

Who really knows, no one short sale is alike.  The sellers or the lenders circumstances will vary then throw in some new 23 year old kid without a clue.  I have been lucky I think but expierence always helps.

Jul 15, 2012 07:50 AM #3
Rainmaker
365,288
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Debbie, you're 100% correct as more and more people are trying their hand at a Short Sale.

Marte, yes, change after change from the govt trying to fix it only seems to muddle it all up!

Michael, it's true as there are so many variables particularly when you have a 23 yr old who could care less. I say fire him and hire someone who has been out of a job and would value their responsibility. Experience does help you're right especially with so much at stake that can really shake up a distressed Seller's life when they're trying to avoid foreclosure.

Jul 16, 2012 11:45 AM #4
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Rainmaker
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Lynn Pineda

Real Estate Promises delivered in SE Florida
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