Short Sales...yuck!

By
Real Estate Agent with Coldwell Banker Schmitt Real Estate Company

I am so sick of hearing SHORT SALE! The term has burrowed its way into the heads of Buyers here in the Florida Keys and now that is all they are interested in. No way am I an expert on Short Sales and from what I hear... I don't wanna be either! Potential Short Sales are NOT the only game in town.

Sellers finally get it that the days of top dollar are gone (for a while anyway) and are aggressively competing with all the potential short sales. Sadly, Buyers seem to be stuck in the mindset that they need to latch onto a Short Sale in order to 'get a bargain'. They can't seem to grasp the concept that while they are (inpatiently) waiting for a response (along with 10 other potential Buyers for the same property), they are missing out on the true deals from the frustrated Seller NOT in financial dire straits! Sounds like I am on a soapbox, doesn't it?

Anyway, frustration duely vented, I'm off to get ready to go into my office for another day of work at the profession I love!

Comments (7)

Chip Jefferson
Advanced Building LLC - Lexington, SC

Yes I would imagine the word short sale from a buyer would strike cheap in my heart. We dont deal with them either.

Jun 11, 2008 11:17 PM
Jerry LaRose - Orlando Fl Real Estate Expert
Orlando Realty Partners, Orlando Short Sale Specialists - Orlando, FL
Orlando Fl Real Estate Expert, Short Sale Expert

Nira,   unfortunately here in Orlando it is a way of doing business. I'd say 30% of properties are now short sales. If you don't do them, you're out of business. Get a few under your belt and you'll feel better. They're not as bad as you think. Good Luck

Jun 11, 2008 11:30 PM
Anonymous
Frank Orlando

Nira,

     Fortunately (or for owners unfortunately) here in Georgia we are a non judicial foreclosure state. The time it takes a bank to foreclose is only 90 days, hence short sales are rare. We co-broker with another broker in Destin and most of his sales are bank owned, lets find a better terminology than "short sale". Buzz words are too often miss interpreted by the general public...

Yours,
Frank & Jodi Orlando 
Get Us A Home Realty Inc & Atlanta Relocate  Toll Free 1-888-500-5040
Frank Direct 678-758-7895
Jodi Direct 678-758-8271
Our Web Sites: www.GetUsAHome.com
                         www.AtlantaRelocate.com
E-Mail: FrankOrlando@bellsouth.net

Jun 11, 2008 11:43 PM
#4
Steve Homer
The HBH Group (Keller Williams affiliate) - Round Rock, TX

Nira:  What I am sick of is agents who sell the Short Sale route to clients as if it is an end-all, fix-all!  It IS NOT!  The process can have just as many bumps in it for a seller as does foreclosure.  The banks have sold this as a good way out of foreclosure for the mortgage-challenged, but I would advise every agent to be WELL INFORMED of ALL the ramifications.  I wrote a post on this (and you can see I hit some raw nerves of several agents who ARE short sale pushers).  You should read it and all the comments.  The discussion was very interesting and I welcome more comments on it.  CLICK HERE to read the post titled "Are Short Sales Like Snake Oil? - You Decide!".

Jun 11, 2008 11:55 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Banks have changed the way they look at short sales. . you will see a major improvement soon.

Jun 12, 2008 12:02 AM
Darin Haughie
Esslinger-Wooten-Maxwell, Inc. (EWM) - Pinecrest, FL

It seems to take to long, I tried a class on it, but the bank seems to take to long to respond. I see sales people trying to sell CD's on how to do it?  I try to steer away if I can because the stats show only 1 in 5 get to close.

Jun 12, 2008 12:05 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

I get calls from agents asking me if my listings are short sales...I tell them if it ain't in the listing diclosure then why ask? I have listings that are priced right so why not make a deal with a real listed home and not having to wait for an unknown answer from the bank. I'm workin on one right now but don't expect to hear anything anytime soon. I have closed a few with little problems but they are all different.

Jun 12, 2008 12:09 AM