At my office meeting this morning, an REO agent said Countrywide's stats are showing 1 out of every 5 short sales are successful. Then, other agents expressed concerns over closing a short sale, and some mentioned that they deliberately eliminate short-sale listings from their buyer's daily emails of new listings.
In part, I understand why some Sacramento agents don't like to work short sales, but the thing is unless a buyer's circumstances dictate a solid reason why a short sale is not suitable for that particular buyer -- for example, maybe they need to close within 30 days or so -- buyers are going to find the short sale listings whether agents send them or not.
Hiding short sale listings from buyers could be considered sort of sneaky, and that practice may constitute a breach of fiduciary responsibility, especially if the parties have signed a buyer's broker agreement.
Because fewer and fewer agents want to pursue short sales, it means there is less competition among buyers who write offers on short sales. Certainly much less than many REO homes.
If you want to buy a short sale, you should find an agent who can help you to figure out which short sales are worth pursing. Not all short sale listings qualify for a short sale, and some listing agents have zero negotiation skills nor patience to work with the lenders. But there are some pretty terrific deals out there in short sale territory. Call me, I'll work with you. I enjoy a 100% success rate with buyers in Sacramento and haven't lost one yet!
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison January 2009.