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Why realtors should be excited about selling pre-foreclosures

By
Real Estate Agent with Coldwell Banker, Tampa FL BK3029088

I have heard time and again from home buyers that when they mention a house that is a shortsale, their realtor talks it down saying things like "the bank won't approve a shortsale; the offer is going to be turned down; it will be forever till we hear anything; you don't want a short sale."

Instead of that reaction, we realtors should explain to our buyers about the timelines of a short sale, and ask if it fits into their schedule.  There are some really terrific shortsale offers that will be accepted.

If we realtors don't boycott preforeclosures, we can work to eliminate them from the inventory of homes and help to "turn the market".

Stephanie LeFew, http://www.TampaHomeBuy.com, Solaris Realty of Tampa Bay, 813-624-3332

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Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

 Very good topic!  Thanks and I hope all is going great 4 ya!

Comment By: Delaware Realty Agent: Tom Davis: Harrington ERA : Networking with Realtors

3/15/08

Mar 14, 2008 04:22 PM
Mark Hawley
Keller Williams Realty - Indio, CA
I don't discourage short sales, but I do tell them that the one thing they need to have is patience.  Some banks respond faster than others.
Mar 14, 2008 04:27 PM
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

I agree completely.  Short sales are a terrific way for buyers to get into homes.  They do have to have patience.  But, the equity gain is usually worth it.

 

Mar 14, 2008 04:33 PM
Mary Jo Quay
H360homes.com - Minneapolis, MN
I Move You Home

You're right, we should be excited about short sales.  They will be with us for awhile, and agents need to understand how to work with the banks.  I have several clients in shortsales with a local bank.  What I like about that is that I can actually talk to someone who will get me a timely answer, and tell me what works and what doesn't.  

On the other hand, I was turned down by a bank to represent a client on a short sale because I told them I couldn't market the property and pay coop commission on their allowance of 3% for both sides of the transaction.   They told me that is all that they will pay.   This particular bank was not aware that Minnesota law grants the seller a 6 month right of redemption after the sheriff's sale.  That means that the seller can live in the home for a full six months after the sheriff's sale without paying anything to the lender before they can take possession.  By the time the bank takes it over they will have lost far more than they would on a short sale.

Mar 14, 2008 04:38 PM
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