When can we stop selling homes as a Short Sale?

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

When can we stop selling homes as a Short Sale?


When can we stop selling homes as a Short Sale?Another day today, receiving another call from another distessed Seller. Back in 2008, I actively enlisted myself to help the distressed Seller and continue to do so today. Helping a distressed Seller is very rewarding. At the time, it seemed that only a handfull of Realtors were learning all that they could and working hard at saving homeowners from Foreclosure whereas, the majority of Realtors couldn’t stay far enough away from them. Fast forward to today, December 2012, most Realtors now will list a distressed Sellers’ home for sale due to the sheer numbers of likely Short Sale Sellers. Of course, that doesn’t mean that they’ll have a high rate of succes at doing it, as they’ll find out it’s a lot different from selling a non-Short Sale home. Short Sales require perserverance, negotiation skills and empathy.

In my South Florida Real Estate market particularly Coral Springs, the averages are running around 25% of all closed sales. Add that to home sales that have already been foreclosed upon and you have around 40% being distressed home sales; a whopping amount of distressed homeowners. That’s a high on going number and I’m not seeing any monumental changes to those numbers. It’s very disheartening that these numbers still exist.

What do we need to stop the bleeding? How about a striving, growing economy putting out much lower unemployment numbers and higher growth rates? The path to that outcome has surely been debated. I would think that most would agree that we need jobs so these distressed Sellers struggling with no work or less work and income, could gain employment. How are we going to get these new jobs? We’ll need employers large and small to start hiring while stopping layoffs. What encourages these employers to hire? We need certainty in our economy, as we certainly do not have that; when will we?

Why am I still seeing Lenders fighting tooth and nail with approving legitimate Short Sales? Okay, what is a “legitimate” Short Sale? It’s a homeowner with a proven hardship and/or scenario making them unable to afford their mortgage payments. Why not work with these homeowners so they can move on to rebuilding their lives? Case in point, I’m negotiating a Short Sale currently where the Lender is countering the Buyer’s offer by almost 29%! It’s crazy! The fair market value of the home is not 29% higher! I was told any effort to try to change the Investor is futile and to let the Buyer walk and then they’ll offer the Seller a Deed in Lieu. Sure, the Lender would prefer to take a Deed in lieu without having to go through the lengthly and COSTLY Foreclosure process here in South Florida. Of course, you just can’t believe everything the negotiators try to throw at you to see what sticks. This isn’t sticking, I advised them. Okay, so now they indicate the Seller must pay to have an Appraisal completed and they want an up to date Market Analysis from me. However, don’t expect much, they say, as the Investor could counter again thus increasing their net amount required. Oh geeze...when can we stop selling homes as a Short Sale? Until we can, I will be there to Fight for the Distressed Seller!

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Rainer
399,309
Ki Gray
SkiHomes.com LLC - Aspen, CO
SkiHomes.com - the ultimate snowsport home search!

Amazing how much the market has changed in the past 5 years.  Good luck with the short sale market in Coral Springs, Lynn - seems like a very popular area.

Dec 01, 2012 03:22 AM #1
Rainer
172,864
John & Irma Nelson
San Antonio Real Estate Broker/Agent with Get It Sold Realty - San Antonio, TX
San Antonio Real Estate Agents - San Antonio Homes

I think the short sale market wil lcontinue to be a major segment of our business as the feds try harder to prevent foreclosures...and with the market slowly appreciating here in Texas soon the houses won't be under water...(we can hope)

Dec 01, 2012 03:30 AM #2
Rainmaker
1,676,510
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Lynn, I'm just up the street from you sort of speak. I have found under a certain price point namely 300k, 60% are short-sales, 30% are REO's and 10% are standard sales. The banks have not been unrealistic in counters if any or at least in my dealings. I mainly deal with buyers as a 80/20% ratio, so I feel I have a good handle in my little world of paradise of Palm Beach county.  

Dec 01, 2012 03:44 AM #3
Rainmaker
6,038,878
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Some real estate professionals will no longer take short sale listings.  It is easy to spend too much unproductive time on short sale efforts that do not result in a settlement.

Have an outstanding weekend and a very special week.  Be sure to have your camera in hand for the moments you will want to share.



Dec 01, 2012 08:46 AM #4
Rainmaker
365,288
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Hi Ki Gray, thanks for your well wishes.

Hi John and Irma, I agree that the Short Sale will not be leaving us anytime soon.

Hi Winston, no it's not the norm that Banks are being unrealistic, as I'm with you in that a great majority do get it right yet, I'm shocked when you'll still see the few who really don't get it.

Hi Roy, you're right as handling a Short Sale is very time consuming. If you do choose to process Short Sales it's best to be committed in going for the Short Sale approval otherwise, it can be quite unproductive as you indicate. I feel it's best to leave the Short Sale  to Realtors who are determined to gain approval. Love your photo by the way and thank you I have been enjoying my weekend and I hope you are too! :)

Dec 01, 2012 10:07 AM #5
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Rainmaker
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Lynn Pineda

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