Good morning Superstars.Whether you like short sales, want to do short sales or want to avoid short sales, short sales are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset.
This article is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being strong enough in our negotiation skills so we do not have to accept whatever bone the banks want to throw us.
Here are a few of my thoughts:
Folks, agents are getting screwed on short sales because they don't know what they are doing. Sellers are getting screwed because they are hiring these agents.
Short sales are serious business and need to be treated as such. Sellers need to seek legal and tax advice and then hire a Broker/agent that understands the process.
My biggest frustration is the lack of education of folks trying to handle these transactions. The public is being harmed and that goes against every thing being a REALTOR(R) stands for. Let's take the time, to learn what we need to know, so we can help folks get on with their lives. Let's all step up to the plate. Not only can we help people but we can get paid for doing so!!! Are you ready to get serious?
Tags:
Bryant,
I'd echo everything you said about listing short sales from my experience in Chicago short sales. One element often gets overlooked, representing buyers in short sales.
Buyers have just as great of a need to look for a Realtor with short sale experience. Frequently I've seen buyers on these boards after they're under-contract upset that they didn't know their was two loans, that their's a tax lien, that the property is about to be foreclosed on - all things that an experience buyer's short sale agent can check before even writting an offer.
Buyers, check if your agent has closed a short sale on the listing side, many haven't and assume that short sales are just something the listing agent needs to know about. Check if the listing agent processing the short sale has any short sale experience. You'll have a much better buying experience if you do.
As a would be buyer, I agree 100% Jim. We are so out of the loop that we often don't hear things for weeks on end. If the agents would just CC us with emails or send out a weekly message telling us something we'd be a lot happier. Even if the message was negative, at least it's something! I really believe this is the reason so many would be buyers end up walking. We feel like we're being ignored and taken for granted. It's a very stressful situation for the buyer and a little bit of knowledge goes a long way.
Right now, we have not heard a word from anyone since May 17th. Does that mean no one has done anything? Nothing is happening? If we'd had a weekly update we'd at least know nothing has happened, or they could tell us the lawyer called and left messages but no one returned them. At least we would know someone did something instead of just ignoring the sale and us.
Again, I really think if would be buyers could get regular updates, they wouldn't walk as often.
Well said Bryant!
Right on Bryant!!!!
Well done and said Bryant. I would like to add some thoughts.
A reminder and friendly warning. For all of us that do Short Sales, it is important to remain vigil about the business. Short sales are traumatic events for families. They are emotion filled transactions. They are about people and it is very difficult not to get caught up in the emotion. You feel awful for you clients. You want to help in any way you can. There is a trap here. We need to continue to be professional. The danger is that in most cases, our clients are so happy that someone (us) has given them some hope, that they would do, sign or say anything we ask if it means the Short Sale will be approved. On the other hand, there are some clients (Sellers) that are angry. They are being forced out of their home. They are looking at every document, correspondence etc. They don’t want to move. Conversations can be strained. Obtaining documents and signatures can be difficult. You want to make their life as easy as possible. This is another potential danger. Again, remain vigil. There may be times when you think it might be easier to just handle the paperwork yourself. Why bother the Seller? They are so stressed. Another trap.
Please, all of you remember to be vigil. Be professional. Make the tough calls. Get the clients signature. Use your expertise. However difficult, keep your emotions in check. It’s not about the money; it’s about helping people and being able to look yourself in the mirror each morning.
Just a reminder and friendly warning.
Amen Mike. And also remember that we can't help everybody.
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