Listing Terms for Short Sales

I'd like to know what you all are doing in terms of listing dates/expirations for Short Sales.  On a traditional sale, I would tpyically do a 6 month term, but on my Short Sales I'm pushing for 1-year.  Most sellers understand that the processing and approval of the Short Sale can take 90+ days, combined with the fact that their property is located in a soft market with 6+ months average days on market, but some give me push back.  What are your thoughts?

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Permalink Reply by Jeff Payne on July 8, 2011 at 2:09am

All of mine are 6 months, we usually get them under contract within the first 30 days and our average contract to close is 75 days or less so that almost always keeps us within the 6 month period. Many of our normal listings only are 90 day listings by our choice.

If we do happen to get it under contract and take more than 6 months, rarely do we get pushback about extending the listing

Permalink Reply by Wendy Rulnick on July 8, 2011 at 3:36am
I typically do one year contracts on my short sales.  For my regular listings, I do eight months.
Permalink Reply by Ray Snook on July 8, 2011 at 2:14pm

I do 7 months on my short sale listings and always end them on the last calendar day of the final month. I always end last day of the month on all my listings  - makes it easier not to miss any and risk them getting canvassed. I have only gone over 7 months a few times and not had an issue renewing the listing - key is to keep the seller updated so they feel you are still working it!

 

Permalink Reply by Vikki Deedrick on July 10, 2011 at 2:28am

I get one year agreements on all short sales.  I've not had any clients not be agreeable. 

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 10, 2011 at 3:16am

Short Sale or not for the most part 6 months. On short sales, if "certain" lenders are involved, minimum of 1 year.  Also, it depends on the property.  If the area is oversaturated and a difficult to sell, then no less than 1 year.  I have a couple of listings that are 2+ years - but that's only because of the high-end market and typical selling time is 500+ days.

 

 

Permalink Reply by Sue Irwin on July 10, 2011 at 6:25am
Ray, I love this idea of last day of the month for listing expiration dates -- brilliantly easy!

Ray Snook said:

I do 7 months on my short sale listings and always end them on the last calendar day of the final month. I always end last day of the month on all my listings  - makes it easier not to miss any and risk them getting canvassed. I have only gone over 7 months a few times and not had an issue renewing the listing - key is to keep the seller updated so they feel you are still working it!

 

Permalink Reply by Barbara Wing on July 10, 2011 at 10:37am

All of mine are for 1 year.  AND I also add to the listing agreement the following:

 I have the permission of the seller to adjust the price to stay current with market value and to extend the listing if needed. 

 

I do this because so many of my listings are investment/vacant and the seller does not respond on a tmely basis. 

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