Short Sales are "Gone" .....Aren't they ?

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

    Would that this was true...that not one more time we would have to take folders full of information, explain the process and how it may happen...that renting was the in the foreseeable future for years to come. How DOES it happen ? 

Upside down houseYou think to yourself...the economy is better...in Wisconsin we are seeing new companies coming here bringing literally thousands of new jobs (We are pleased to be your Realtor/Ambassador to the Badger state.)  Are people just "living beyond their means" ?  No....Not in our experience...short sales are not entirely gone ....though less(there was a time we had 36 at once each with 2 liens.)    

            If it is not unemployment, under employment...or careless spending...what IS the reason ????     Times have empty walletchanged and with that has been a change in expectations of home buyers....we can only speak for the conditions of our market but have heard it elsewhere as well.  In our divorce niche...."The Cleavers" spent money on their children's education...medical expenses that were unexpected, very necessary home repairs...i.e. furnaces. That house that they bought years ago has been maintained...but the expectations of the buyers are different. They aren't looking for "just maintained"...they are expecting and getting upgrades...where are the quartz counters, updated baths, and upgraded appliances ?   The necessitydollars went to tuition, child care for working parents, repairs on home and cars....the money was not spent foolishly....it just was not spent on the attractive upgrades that Buyers have come to expect in various price ranges but reflect the "necessity of values" of the homeowners. 

    Now the once "happily ever after Cleavers" become the not so happily couple and divorce.....and what was good enough for them...and fit their lifestyle and their needs...does not match the "wants" of the market".  Yes, they did pay their mortgage on time....they may have some other debt...and there is nothing left to spruce the nest and makedivorce split house it comparable inside and out to the homes that are selling for the price that they wish they could get it.    Misplaced priorities ?  No we think not....an unfortunate chapter in life...and we are here to help anyone in that situation...due to divorce, death or some other hardship. 

      This has been a professional service post brought to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams in southeastern Wisconsin.

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


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Rainmaker
5,183,717
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good mornng, Sally K. & David L. Hanson for many, they're between a stone and a hard place.... and divorce happens.... the fortunate part of that story is they will have the Hansons to give them guidance and handle their listing...

Jul 27, 2017 05:20 AM #4
Rainmaker
1,808,792
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Sally, I am seeing a number of homes selling under what they paid in 2005-2006 but none are short sales due to equity...those are lucky sellers but there are many out there still struggling.

Jul 27, 2017 05:39 AM #5
Rainmaker
4,208,668
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, great post, and you two are the ones to call when times are tough or experiencing a divorce!  

Jul 27, 2017 06:22 AM #6
Rainmaker
2,031,478
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Sally and David - this is sadly the case and many are in this boat.  They had the right priorities but it doesn't mean their house is worth what they want.

Jul 27, 2017 06:53 AM #7
Rainmaker
3,745,221
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. You are the best and with your insights and knowledge you make things clear and easier.

Jul 27, 2017 07:28 AM #8
Rainmaker
5,580,435
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience. Short sales and foreclosures are not going away.

Jul 27, 2017 07:35 AM #9
Rainmaker
2,708,889
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am happy to not see them in the market, but hopefully the banks will continue to work with people in this manner when they have fallen on hard times.

Jul 27, 2017 07:46 AM #10
Rainmaker
3,478,770
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good morning, Sally and David -- stuff happens and regardless if it's hitting a fan or merely knocking someone down, you two understand the nuances of the business and how to address the situation.  You definitely know how to make just the right pitcher of lemonade given the ingredients you have in the cupboard. 

Jul 27, 2017 07:54 AM #11
Rainmaker
4,432,533
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not seen many short sales in our area recently. They are not  gone .

Jul 27, 2017 08:09 AM #12
Rainmaker
1,574,423
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Thanks for this post. It's good to understand how there can still be short sales with prices rising. Deferred maintenance will come back to bite you, whether it was intentional or not.

Jul 27, 2017 08:23 AM #13
Ambassador
3,890,768
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David short sales are still very common here in CT, and as you so well pointed out, are an even bigger problem when it comes to a divorce.

Jul 27, 2017 09:07 AM #14
Rainmaker
1,864,588
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

The classic hard here, stone there.  Short sales are getting fewer and fewer in my inspection experience.  Sellers seldom spruce the house up with upgrades to sell it!

Jul 27, 2017 01:09 PM #15
Rainmaker
3,081,014
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Sadly we are still seeing short sales, very few but at least 1 a month comes my way Sally K. & David L. Hanson 

Jul 27, 2017 03:35 PM #16
Ambassador
3,984,175
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I am working a short sale now and the seller had the home rented and the tenants tore it to pieces. The seller lost his job and it is all unfortunate.

Jul 27, 2017 08:04 PM #17
Rainmaker
3,040,386
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Sally.

Short sales are few and far in-between around here.   I can only remember one lately. 

Jul 28, 2017 02:02 AM #18
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

Good morning Larry and Sheila.  There will always be some short sales for many varying reasons.  Though, hopefully, they won't dominate the market like they did a few years back.

Jul 28, 2017 04:53 AM #19
Rainmaker
529,640
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

I haven't seen any short sales recently, but what I do have is investors who had taken out loans on their properties and are now unloading them to get out from under. Even if they have to put some money in at closing. During the intervening years they have been collecting rents from tenants. It worked for them.

Aug 26, 2017 02:58 AM #20
Rainmaker
525,764
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

The banks are preparing a pipeline of new short sales. Lower credit scores, low down payment, and even zero down payment loans.

Aug 26, 2017 03:21 AM #21
Rainmaker
474,064
Colleen Fischesser Northwest Property Shop
RE/MAX Advantage | Managing Broker - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

There's a phrase I've use many times over the years..."Life happens" and it does. Death, divorce, illness. We sometimes forget selling a home isn't always for a happy reason. 

Aug 26, 2017 07:55 AM #22
Rainmaker
61,566
Scott Thompson
Columbia Mortgage Plus - Blue Springs, MO
Commerical Finance - Blue Springs, MO

Short sales in the Greater Kansas City area are down, sharply.

Dramatically.

There was approxiamtely 1 metric f*ck ton of them (that is just an estimate) for a very long time.  Now the list is under 10, generally.

Make it a Great Day.

 

 

Aug 26, 2017 08:03 AM #23
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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