Before you write an Offer on a Short Sale.....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

  We will always see short sales in a market...sometimes almost none...and is was the case a while ago...bunches...it is the ebb and flow of the economy. Short Sale Sellers are not to be scolded...just like no one gets married thinkiUpside down houseng of divorce...no one buys a house to have it listed as a short sale.

Life happens. Divorce...job loss...death of a spouse...reasons are many and sometimes multiple reasons leaving a wake of financial devastation for the Sellers.

    When you as a Buyer...or a Buyer's agent decide to write an offer on a short sale...before you even "fall in love with the property"  find out how many short sales the listing agent has successfully closed. In our MLS, that is now recorded ...when we started doing them..that was not a category that listed separately and therefore not recorded as part of an agent's Short Sale Signlisting history.    If you can find out thru MLS, then you have an objective view of how many short sales the agent listed and closed.  If your MLS does not categorize listings in that manner...ask the listing agent for a list of addresses and dates of closed short sales he/she has listed. 

    If the list is short...or doesn't exist...it's not the best house to choose for writing an offer as the next hopeful happily ever after. There are too many things beyond everyone's control that can prevent a closing.  Choose the agent who has considerable expertise...ask them what they believe is reasonable for closing...and know that doesn't always happen even with a seasoned listing agent. Buyers must be patient or it is a waste of everyone's time...the Buyer thinks they have bought a house...the Seller thinks they sold one...and none of that may happen with an inexperienced listing agent to complicate the transaction.

    Buyers and Agents BEWARE...research before you write !

     If you or anyone you know is unable to pay their mortgage...no matter where they are in the country...Call the Hansons...if you are not in southeastern Wisconsin, we will refer to an experienced agent in our network. Experience is everything...we are honored to be assistance.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
1,864,888
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I have actually been called to do inspections on two different short sales recently BEFORE my clients actually made the offer!

Aug 11, 2016 08:12 PM #1
Rainmaker
1,864,888
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Oh, in one they declined to make and offer and in the other the offer is still pending.

Aug 11, 2016 08:13 PM #2
Rainmaker
4,797,927
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Sally and David.  It's getting to the point that many local agents don't have a clue of what short sales are.  Almost like it was before the bubble.

Aug 11, 2016 08:52 PM #3
Rainmaker
4,432,533
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good advice for those thinking of buying  a short sale. Thanks for the post.

Aug 11, 2016 09:14 PM #4
Rainmaker
3,874,813
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Sally K. & David L. Hanson ,

You are right..experience is priceless! I would never tackle a short sale. We just have so few short sales here if I did get called I'd refer it to someone who is experienced.

Aug 11, 2016 09:33 PM #5
Rainmaker
3,256,092
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Interesting - Your MLS shows your completed sales?

Aug 11, 2016 09:39 PM #6
Rainmaker
1,966,547
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Feast or famine... thats the way it flows with short sales Sally K. & David L. Hanson !

Aug 11, 2016 10:40 PM #7
Ambassador
3,892,748
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David short sales can be frustrating even in the best of situations, and should be only be entered into with realistic expectations.

Aug 12, 2016 01:47 PM #8
Rainmaker
442,809
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

I wouldn't list a short sale but I've sold several as buyer's agent.   I prepare my clients that we will wait for weeks and then the answer may be no, or the bank may counter higher than the list price.  

Aug 12, 2016 10:25 PM #9
Ambassador
4,020,178
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- just as was the case back in the day, you need to work with someone who knows what they're doing!  And it is a wise agent who will refer it to another agent who has many more short sales under their belt. 

Aug 13, 2016 06:46 AM #10
Rainmaker
4,210,863
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally & David, I so agree, so some research and make sure the listing agent can get the home closed.  Some of us do not do short sales!  

Aug 15, 2016 08:45 AM #11
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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