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Hello - Thank-you already to this community, as I recently fell apon your site, and this will be my first blog post here !

You can see my entire blog through my portal here !

Having been though this mess several times beginning n the late 2007's, it was pretty clear that we were in for the long hall. 

Now, why is it that most agents steer away from "short Sales"? And even still - How come the perception for the consumer is not there.....at least not in my area. 

My first Short Sale closing happened in 2008, with a property in Southbury, one town south of our home base of Woodbury, CT.

At that time, I must admit, I was not too up on what and how this thing was getting done. But knew the concept behind it all.

So as I leap forward to today with confidence to rally the consumer, and rally our fellow Realtor - to take advantage of this opportunity to help those that need it. 

It is truly amazing, how even today, if a consumer walks into a bank or home, for either a loan or to apply for a rental - and they don't meet there criteria - its ends there. 9 times out of 10. Our local bankers doing there job? Or should we look at each and every consumer and look to do what would be best for them. We can! And I do. As a Licensed NMLS Originator & Branch Manager, it is our duty to do so. 

Short Sale attempt day one - I head up to the home, spend a few hours cleaning and get picture and show ready. Look at the comps, and make an attempt to see just how and what Flag-star will require. So with some help from this community already, I have my Flagstar "guns a blazing" & ready to "get er done".

It would seem that by now the banks would have this system figured out, but alas not yet.

Had a cash offer on my listing, waited 3 months for a HAFA approval from Aurora. Telling them our All Cash buyer for $350K was going to walk if they didn’t move...to approve, wanted one thing after another. Finally we get our approval and the second, credit union, did not want to settle due to the new deficiency law that took affect July 15th. So we lost our cash buyer and Aurora is foreclosing on the house, will not allow us to bring another offer, because they will not postpone the sale date.

Is this how they do it?  They drag it on , make us jump through all the hoops then say no anyway?

I have succefully closed over a dozen Short Sales so far. This one was a hard one to lose...

NEXT?

We have run into problems with lenders being unrealistic with property values. No matter what we provide or try to explain, the banks reply with a number too high for us to get any sort of activity. They have denied requests for re-evaluation and our Sellers are forced to wait it out until they foreclose. Providing very current comp sales, explanation of the market, along with numerous offers at current market value doesn’t seem to make any difference. Their BPO was done and even if it was 90 days ago they are sticking with it.

Any help with trying to get the banks to a more realistic value would be appreciated. -Thanks