Sorry that I did not post this earlier. Last Thursday, March 12th was the scheduled date for one of my listings to go to "sheriff's sale". With a drastic price drop I generated enough showings to bring in 2 written offers and over 12 showings in less than 7 days. Over the weekend the home was shown 6 more times with a 2 more calls coming in today. Here is a quick update on what happened since my last post.
Last Thursday morning I called the homeowner and asked him to call the Lender to find out if the home had been sold. While he made that call, I called the foreclosure attorney to find out if they had gotten the famous email to stop the sale.
As I was being transferred a couple of times, I literally held my breath as the agent took the information and checked her database.....NO! it had NOT BEEN SOLD....we had another 30 days to work the short sale!
I had done what they told me was "impossible". I had stopped the sheriff's sale and had the Lender open the file for another round of negotiations.
It took me a few minutes after I hung up the phone to do my victory "salsa" dance around the office and calmly start breathing again.
Now the real work starts.....negotiating the offer.
Listen, I know the majority of my fellow Realtors are not thrilled with our current market conditions. Many refuse to work short sales, show them etc. You can put your head in the sand and hope they go away, but the numbers are telling us that they are not going away any time soon.
We, as professionals, must take control of the situation. We must educate ourselves on the process. The days of the easy sale are on hold. The buyer's that are out there are better educated, thanks to the internet on our markets - sometimes even better than us, the professionals. They want a bargain and if you are lucky enough to work with a qualified buyer you have to do the best job in helping them find the best home for their current situation and that may mean that you may have to include a short sale listing.
So stop your whining and ranting! Stop letting other's take those short sale listings because they are "soo hard....take soo long, etc." You can either embrace them and make some money off them or sit on the sideline and watch the rest of us make the money.
If you don't want them....send them my way....call me, email me, fax me if you are in the Chicagoland area....referrals are always welcomed!