SHORT SALES? SPARE ME!

By
Real Estate Agent with Coldwell Banker Chicora

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? 

Comments (17)

Bill Parecki
Elite Pacific Properties - Hilo, HI
RS, ABR, RDCPro, SFR, E-Pro, SRS, AHWD, Green

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.

Aug 11, 2008 08:34 AM
Bill C. Merrell
Merrell Institute ~ Appraisal Education Network - Bohemia, NY
Ph.D. - Merrell Institue

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

Aug 11, 2008 08:35 AM
DJ Swanepoel
Real Estate Wiki - Los Angeles, CA

Why do the banks make is so difficult to follow through with Short Sales?

Aug 11, 2008 08:37 AM
George Wilson
Raleigh Cary Realty - Raleigh, NC
Raleigh Cary Realty 919 439 0965

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.

Aug 11, 2008 08:37 AM
Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

In my opinion, short sales are for another agent...not me. I will refer.

Aug 11, 2008 09:02 AM
Ron Moore
RE/MAX Professionals/Regal Builders - Retired - Florence, SC
MOORE Thoughts

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.

Aug 11, 2008 09:11 AM
Jeremy Blanton
Myrtle Beach Homes Blog - Myrtle Beach, SC
Myrtle Beach REALTORĀ®- myrtlebeachhomesblog.com

Great stuff Judy! Welcome to the rain.  It seems people are giving you some great ideas & thoughts.  Keep up the great work!

Aug 11, 2008 10:16 AM
Anonymous
to chuck heubach

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.

Aug 11, 2008 11:44 AM
#9
Michael Johnson
Carolina One Real Estate - Goose Creek, SC
Metro Charleston SC

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.

Aug 11, 2008 11:50 AM
Sharon Richards
Kirsten Realty Tampa Florida - Tampa, FL

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?

Aug 11, 2008 01:17 PM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate
I think that short sales are here to stay but they seem horrible.
Aug 11, 2008 01:26 PM
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

I just wrote a post about the very same thing....I had an offer in April...still waiting after 19 calls and 111 days....

Aug 11, 2008 01:28 PM
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

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

Aug 12, 2008 01:26 AM
Jenn Neumann Deer
RE/MAX Southern Shores - Surfside Beach, SC
Surfside Beach Real Estate

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

Oct 08, 2008 02:56 AM
Anonymous
Anna Rose

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.

Dec 09, 2008 05:38 AM
#16
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

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.

Dec 10, 2008 05:06 PM
Starstate Realty
Starstate Realty - Austin, TX

Hi Judy  - Happy New Year.  Welcome to ActiveRain. I look forward to networking with you and reading your future post. Have a great day!!!

Jan 07, 2009 05:04 PM