Got 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.
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