Thinking twice before you show short sale listings??????

these are not hard to do as long as you follow the rules. As a ABR these are the best buy in the current market.

Can you give us an idea how many go past 90 days from buyer offer to close of escrow?  Have you done many that close in the traditional 30 days?

Agents may try to avoid them but all the buyers want to see them. You're right I always call and try and get a feel for how much the other agent knows about short sales.

I prefer foreclosures over a short sale. There are just too many variables when dealing with a short sale. Once a property goes into foreclosure I believe the bank is more realistic...they will have the property appraised and try to move it as quickly as possible. At least this has been my experience in our area.

Shucks.  We have to call the listing agents to find out if the sellers even qualify for a short sale.  The collective short sale listings that are never going to sell is astounding.

I agree with you..short sales are a great buy. Hopefully the listing agent knows how to deal with this.

Hi Evelyn

Super input regarding the listing real estate professional, they need the expertise in short sales and how to navigate the short sale process.

Good luck and success

Lou Ludwig

For additional information visit www.LouLudwig.Com

 Yeah, Not all buyers want to go through the process and the emotional rollercoaster that it can be. But I think investors are all over them right now.

Short Sales are well priced - but it's far more straightforward to deal with the lender on an REO property. 

I must agree with Ross Quintana, The primary home buyer that needs to know they have a deal and a specific closing date will be hard pressed to offer the flexibility to wait out a bank - agreed short sale. But an investor who doesn't intend to live in the property sees the opportunity to "let the seller and his bank" take their time. after all if it take a significant amount of time to close the property could actually be worth more at closing than it was when negotiated.

There's a good many short sales offered in our area, but we are seeing a lot of those pendings fail to close as they bank decides to foreclose instead.

One short sale we recently closed took NINE months from the writing of the offer to close! Nine months. Most buyers cannot wait anywhere near that long for a home they want to live in. And with the huge amount of inventory available that is not a short-sale, most buyers are moving to other properties. Our 2 cents.

I stumbled into listing a couple of short sales, and had to learn very quickly, but no amount of learning prepares you for the inactivity of an overwhelmed loss mistigation department, who won't return your calls, or communicate with you about the file

Evelyn:  I actually teach this in a Short Sale Class.  I hand out a list of questions to ask agents.  If they are clueless, or won't answer, it's off the show list.  But basically, if you know how to list short sales successfully...then you know what questions to ask a listing agent.  I actually put comments in the remarks section of the MLS that say, "Financial & hardship info to banks.  Appraisal ordered.  Title work done.  Allow minimum 30 days for approval.  One contract only presented to bank."