At one time I felt the best way to process a successful short sale was to work hard on your working relationship with the asset manager at the bank, Make sure they knew you understood how hard their job was, make sure they knew you were an expert Realtor in your market and most of all make sure they knew that your goal was to work out a deal that was a win for the buyer, seller and the bank.
As of late, proven over and over again I am fearful that compassion exhaustion has taken place on all sides of the deals and everyone involved is looking to process the deal to the determent of everyone else involved. Recently I notified a bank that I was concerned my first buyer was going to back out and I had received a backup offer with the a higher offer. Did they feel if I needed to substitute a new buyer I would be looking at starting the entire file over ? The reaction was filled with exhaustive emotion, begging and basically telling me to stick with the current offer if at all possible, net cost to the bank or investor for not wanting to see a fully executed back up, was a closed deal at $10,000 less than the investor could have received.
Then came the next deal where the bank, refused email, direct phone calls, and worked on a fax system that took days to image a document. As an abandoned property sat falling apart in the Florida heat the bank took months of requesting updated documents only to scare off numerous buyers and finally accepted the lowest of three offers, two appraisals later.
At one time we heard often from numerous banks that they were trying to streamline their short sale systems and work to make the deals happen as quickly as possible. Remember when banks were offering incentives to sellers to make the deals happen ! Have rising real estate prices given banks a false sense of security ? Have third party processors looking to prove valuation through expensive auction processes further hurt the system ? Are short sales going to be part of the next wave of distressed properties or are banks aiming toward taking more property through the foreclosure process ?
This Fort Lauderdale Real Estate team will continue to work our clients short sales with a never ending fight to a successful conclusion. If the first attempt fails we will go back again and again and work with our clients in South Florida to provide a superior level of short sale processing. We know in our hearts and throughout out our experience that when a Fort Lauderdale Short Sale is a success often the banks investor ends up receiving more for the property than they would ever get if the property were to sit through the lengthy forecloser process. Delaying properties from coming to market and not allowing homes to being placed in the hands of people who will live there, take care of the properties and be part of our communities, is not a win for anyone.
Have you noticed a change in the processing of Short Sales ? Are you seeing more and more buyers not wanting to get involved ? The real estate crisis throughout this country is not over and Short Sales are an important part of the solution. Would love to hear your thoughts !
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