I have been pulling data for several days now from my MLS tryingto come up with some empirical proof. But it just ain't happening.The problem is Ican't tell how many withdrawn and expired listings were actuallyre-listed and closed. I guess I could flag the current listings andmonitor them over a period of time. But hey...I have to work for aliving so I'll pass on that. Anyway here is my unscientific conclusion.
First, I think I can agree that only 20%-25% of Short SaleTRANSACTIONS close. I can base this on my own experience. Iknow that it normally takes multiple transactions to get any one ShortSale closed. On some I have had as many as 5 different buyers beforeone actually stayed in the game through closing. However,the percentage of transactions closing is far different than thepercentage of Short Sales that actually close. Short Sales, in thiscase, meaning the property.
My percentage of PROPERTIES that are beingsold as Short Sales that close is well above 90%.And I also know that MOST of the agents that list and sale Short Sales regularlyclose 90% or more. The reason our percentages are so high is becauseexperienced Short Sale agents qualify their Sellers at time of listing.Our Sellers are educated and are prepared to go the distance. EducatedSellers are willing to participate in theShort Sale transaction.
Too many BuyersAgents, on the other hand, are just throwing transactions outthere and hoping they stick. I know this from experience too.Even when we (listing agents) fully disclose the Short Sale processand negotiate a contract with 120 days for Short Sale Approval, Buyersand their agents, STILL get antsy after 45 days and start looking forways to get out of the Short Sale contract.
Iguess...."What percentage of Short Salesclose?".....depends on who you ask. Ask an inexperienced agent andthey'll tell you 20%-25%. Ask an experienced Short Sale agent andwe'll tell you 90%. Both are right.
I can think of no better reason tohire an experiencedShort Sale agent if you are needing to sell your propertyas a Short Sale.
So let me ask you this...."Whatpercentage of YOUR Short Sales close?" See the responses form ActiveRain members here.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
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