Our quickly changing economy has put many home owners across the country in a tough spot. In our local market, we are experiencing sellers that owe more money than the market can get for them. In order to get the house sold, I have had to work with the banks and make the short sale happen.
Short sales provide a whole new list to the emotions that go along with selling a house. The delays and correspondence from the bank can be torturous. I have had sellers that simply want to "give up" so that they can move on. What I have found to be really important in the short sale process is to give them a detailed time line on how I would expect communications to transpire. Once they see that the delay in communications is a natural part of the short sale process, it minimizes their frustration.
I also like to provide them with a brochure that explains the difference between a short sale and a foreclosure. When the seller sees the benefit to this option, they are usually more patient.
Working a short sale can be a WIN WIN for everyone if all parties know what to expect up front.