I have been a REALTOR since 1977, seen our markets go up and down, been through the 1986 tax reform that put a real hammer on investment properties, sold property when the interest rates went as high as 18%, sold property when our Air Force Base (our largest employer) closed in 1993, have even sold some forclosures, and even sold some prior to the foreclosure, making everyone happy. But short sales, the new word of the day, is about to make me cry uncle. I have been part of one transaction since April, it is now August and still no word. I will try to steer clear of these in order to spare my clients the headache. Give me a foreclosure any day. Anyone else?
I have been involved in several of these short sales and they (the banks) do not make it easy. I think just are not prepared to deal with the volume of them and it shows. The fact remain that we will be dealing with them for a while.
The problem is getting everyone on the same page, and making the eller understand that they are not making money if the bank is taking a loss.
Just my opinion.
It is tough, but if that is all we have to work with we have to make them work.
Banks are beicoming more receptive- since the bubble is not reinflating
Just my opinion.
Bill
Why do the banks make is so difficult to follow through with Short Sales?
I have definitely learned to tell my clients if they are looking to purchase in a timely manner there are not guarantees of when or if they will accept our offer. And you better make sure you have properly filled out right to represent buyers since you may not be guaranteed of a commission.
I'm with you, Judy! Most of the negotiators assigned by the banks or other mortgage companies just don't know what thier doing and that makes life pretty difficult.
Great stuff Judy! Welcome to the rain. It seems people are giving you some great ideas & thoughts. Keep up the great work!
You are on target, and I also do not take a listing that is in the short sale mode, nor do I want to show them anymore. Too iffy.Sadly, the one I had happened 7 months into the listing, and I am just trying to complete and represent my seller as well as I can.
I'm with you! I hate short sales and will not take a short sale listing unless it is someone I know very well who needs help. I also educate my buyers to the headache that it can be for them to discourage them from wanting to pursue such homes.
I agree, I wish short sales would go away, but it is hard to steer clear of short sales in Tampa because 80% of all listings are short sales. On the buyer side, you just fell like pulling your hair out when the buyers walk away. On the selling side I have been able to close our listings. Be glad when this market changes! When do do think this will happen?
I just wrote a post about the very same thing....I had an offer in April...still waiting after 19 calls and 111 days....
Hi Judy, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, realtionships etc.
Best - Sash
PS: FREE blog traffic strategy video...Hope this will help you... click here
I just wanted to say hi! I am sitting in a blogging class Jeremy Blanton is teaching and acclimating to ActiveRain.
Short sales are not my favorite. I have never had one until we were in a closing the other day and the phrase 'short sale' came up...at closing! Nobody had said anything about it before but it almost ruined a closing. Luckily, the attorneys got it figured out but I'm with you on avoiding the short sales when possible! - Jenn
I'm a Certified Short-Sale Professional for South Carolina. I understand that dealing with a "Loss Midigator" can be very stressful. However, we as agents have to understand that the "Loss Midigators" are the Gate-Keepers to getting your deal approved and us getting a commission. It would be wise to takea look at becoming a Certified Short Sale Professional. Once you have the right training, you Short-Sales will be your secret to success in the real estate business.
There are a lot of agents who have had similar experiences. You have to ask yourself if it is worth it and if this is the best use of your time. With all of the time and effort involved in a Short Sale it is hardly worth it to do one for properties at the low end of the market.
Hi Judy - Happy New Year. Welcome to ActiveRain. I look forward to networking with you and reading your future post. Have a great day!!!
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