What percentage of short sales are your lead short sale closing offices actually closing?

I attended a brown bag lunch at the local association last week.  The speakers were the closing office attorneys doing the majority short sales in our area.  They flyer saying to come out to this meeting stated they had over 400 short sales "pending" last year.  We only had 4020 in closed sales in Spokane Washington, (down from 8000+ 3 years ago).  When asked the percentage of "closed" sales they said probably only close about 40% of the pending offers or 160 sales of the 400 pending.  I was surprised.

Three questions: 1) Does  this percentage seem right for your area? or what is it more like? 2) Do your numbers seem like these numbers? 3) If an attorney were going to benefit from a short sale conference or class, what class would you recommend?

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Permalink Reply by Bryant Tutas on February 8, 2012 at 1:33am

Personally I close a tad over 90% of my short sales. The figure would be higher if I wasn't obsessed with trying to help everyone I speak to. For example I just listed a short sale on Saturday that is set to be sold at foreclosure auction tomorrow. I have already sold it and the offer was submitted through equator on Tuesday. The file is being reviewed to see if they will postpone the foreclosure.

But having said that I may have to sell a property multiple times to get it to closing. so probably around 40% or less of the contracts accepted on one of my listings actually make it to closing. It's the buyers walking after 90 days or before that pose the biggest issue.

Permalink Reply by Jeff Payne on February 8, 2012 at 3:03am

I close 95% of the short sales that are intitiated.   Occasionally I have to go to a backup or the second buyer, that number is far less than a few years ago.

Usually out of the 5% that don't close, it is because the seller did not like language in the approval letter or was asked for a contribution that they could not afford and we could not make the terms work out.

I am not surprised at those numbers of closing 40%. 

Personally I can not understand why an attorney would want to process a short sale.  I understand the need for an attorney in a short sale but dont really see why they want to process a short sale.  In my area there are a few attorneys who tried it and gave up, they now refer them to me.  They found that it was difficult when they ran into value issues and also found that they got alot of calls from buyer agents wanting updates and it clogged up their system. 

Three questions: 1) Does  this percentage seem right for your area? or what is it more like?  I think that number is probably close for the few attorneys that are processing short sales. 2) Do your numbers seem like these numbers?  No,  I close 95% of them) If an attorney were going to benefit from a short sale conference or class, what class would you recommend? Short sale superstars training of course.  I also recommend Group 46:10's training and Short Sale Genius training. 

Permalink Reply by Teresa Simon on February 8, 2012 at 6:58am

Thanks for the reply.  I will be looking at that!

Permalink Reply by Teresa Simon on February 8, 2012 at 6:57am

Good for you.  I thought I was the only one psycho to take on late in the game.

Permalink Reply by Joseph Alfe on February 8, 2012 at 6:52am

I get 95%+ approved, we close probably 85%-90%, most because of buyer inability to close, a few because sellers.  40% is ridiculous.

Permalink Reply by Teresa Simon on February 8, 2012 at 7:00am

I ws floored with the answer or that the attorneys would even answer the question at that rate.

Permalink Reply by Teresa Simon on February 8, 2012 at 1:46pm

So does anyone know where attorneys are getting actual training in short sales that seems to be progressive?

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