Short sales are all the rage right now, which is kind of bizarre when you think about it.
Short sales are obviously not a new thing...they've been around for a long time and happen for a variety of reasons. The reason they're hot right now, though, is the fact that in the majority of cases people made bad decisions during the housing boom and now they're paying for it...because they can't pay for it.
In my coaching, I've found that many agents are hopping on the short sale bandwagon only to find that there are more hoops to jump through than they expected. It's not as easy as they thought. They have to prospect banks and lenders. Neither the bank nor the homeowner are happy with the home value or the options at hand. And on and on and on...
I'm very, very fortunate to work with/for one of the most intelligent and level headed people I've ever met in my life...our Senior Vice President at GetMyHomesValue Marc Hargraves.
He did a really nice post on short sales that I highly recommend you all read for a clear perspective on how it all works. Short sales are definitely a source of revenue for you, but it's important that your expectations are realistic so you can avoid the pitfalls that many agents are learning about the hard way.
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