Is anyone else exasperated with short sales?

Real Estate Agent with

Short sales in FloridaGot a homeowner in trouble with his lender? Can't do a workout? The answer is a short sale.....This is the answer right?? It is what's best for the client...right? It provides the agent with a great listing at a great price....right? Surely with the reduced price it will be a quick sale, fast closing....right? It helps the market by reducing inventory....right?

In theory it all sounds good. But I'm finding that it's not all good. I'm finding homeowners are facing big questions as to the tax implications of a short sale. I'm finding many homeowners are having trouble renting a home due to the destruction of their credit. I'm finding that these "great listings" can take weeks and months to negotiate. I'm finding that there are agents who will post these listings in the MLS at a completely unrealistic price without even talking to the lender, thus reducing the value of every other home around that listing.

I'm also finding that many new developments are struggling due to heavy "investor" (really means speculator who had no business being there) fallout. These developments are like ghost towns, no one occupying the homes, no activity in the neighborhood. People are walking away or failing to close, and the ones who stay in are short sale-ing the community to death.

In addition, I'm finding way too many "short sale expert" agents out there. I am not one, I know enough to not get in to trouble. I know who I can refer distressed homeowners too and who to stay away from. These so called experts usually cause more damage and undue stress to the homeowner and really just make the profession as a whole look bad. If you are going to do short sales, PLEASE get educated properly. Me, I've a lot to learn before going "live" with a seller.

Anyone who wants to shed some light on how to do these properly, I'd be glad to listen.

God Bless

Neil G. Blair-Bennett
Alliance Realty Group
14090 Metropolis Avenue, Suite 206
Ft. Myers, FL 33912
Cell: (239) 645-3798
Office: (239) 274-6637 ext 3022
Fax: (239) 225-0086

Comments (3)

David M. Childress
Howard Hanna Real Estate Services - Akron, OH
I would love to be your RealtorĀ® in Akron Ohio!

Hi Neil, I do short sales and I can tell you they are no fun. Lots of hard work. But, I have been able to help a lot of people get out from under the threat of foreclosure. I try to do it the right way by getting a "ballpark" number from the bank before listing it. At my listing price I know they will take a reasonable offer in that range. Sometimes the bank is not realistic and a couple of low offers will make them understand. There is a right way to do them, but you are right, a lot of agents do not!

Jul 17, 2008 04:58 AM
Susan Goulding
Crown Key Realty, Tracy & Mountain House Real Estate - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate
Way too many agents who have no clue what they are doing with short sales absolutely correct. You forgot about the workout divisions that have people who are equally clueless on what to do and how, I have sumbitted the same shortsale package to the same fax number 4 times. Where is it going?
Jul 17, 2008 04:59 AM
Kathy Hyatt ~Plantation, Davie, Sunrise REALTOR
Remax in Motion - Plantation, FL
Broward Realtor Selling Plantation,Davie & Sunrise

1I have to be honest and tell you that I do not do these anymore.  I tried really hard and they just never closed.  The buyers dont want to wait that long and the Banks normally pay a reduce commission.  I am also hearing more that banks are not even entertaining these either more.  They are either just going to foreclose or auction off. 


Jul 25, 2008 05:30 AM

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