As much as I bemoan the length of time and the hoops I go through to do short sales transactions, I am taking this opportunity to say, "THANK GOODNESS FOR SHORT SALES!"
Why?
...Because it's a way to guide our sellers who have found themselves in dire situations and may not know their options.
...Because it's a way for distressed property owners to avoid foreclosure or bankruptcy, and thus salvage their credit
...Because more homes are within reach for home buyers who have little money but have a lot of time and patience to wait
out the lengthy short sale process
...Because while there is a frenzy for buying foreclosure where people compete in multiple offer situations for AS IS purchases, there is less competition for short sales where there is room for negotiation
...Because short sales offer opportunities not just for the buyers looking for a good deal, or sellers hoping for debt forgiveness, but also for realtors who truly want to help their clients and who are in it for the long haul. When the going gets tough, the tough gets going. Right?
...Because we've learned how to do another type of sale. And every key learning is a new marketable skill.
What do we have to lose? It takes time, sure....but eventually, it will bear fruit. The more we sow, the more we reap.
Perhaps this is a good time to add that ALL of my current escrows are with short sale buyers and sellers!
RELATED POSTS:
SHORT SALE PACKAGE: Make sure it's complete before submitting to the lender
OPEN LETTER to Short Sale Sellers. If you really want to sell your property....
BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com
RED FLAGS: Are short sale sellers selling, just or stalling?
Short sales are unfortunately here to stay... for awhile. good post!
Short sales may be here for a while, but the new rules coming around the corner may well change them dramatically.
Awesome post Pacita. . I have been an advocate of short sales for over 3 years now.
They are hard to do but the rewards are incredible. .
besides a big paycheck, you have a grateful client that is waking commercial for your services.
And you helped your Home State have one less foreclosure!
Pacita: I could not agree more. We help people ...and we do reap what we sow. I embrace the expression: When the going gets tough ... the tough get going. We have a land of opportunity to help people ... by putting good will out ... only good will come. I is all part of the healing process. Thanks for your post.
Pacita, Thank you pointing out the positive aspects to a short sale. And if buyer's agents have clients who want to purchase one, it is best to educate them on the process because sometimes it is a slow, arduous process. The best to you!
Kathy --- I'm just glad that people do have short sales as a choice. It would be so awful if homeowners didn't have this, and the mortgage forgiveness act to help them.
Jim --- I hope the new rules, if in fact there are going to be some, will resolve whatever difficulties people are running into.
Fernando --- you are right. I do have a short sale seller who is at the end of her ropes, and she's counting on me to complete the sale for her.
Kathleen --- yes....now, more than ever, we have to be empathetic to our clients. It isn't just about money, but in helping people. Our rewards will come later.
Wanda --- it will definitely require education. Fortunately, there is enough information out there that people are starting to understand what it is.
Great Blog. Not to mention that I make more on short sales than on retail listings. The sellers don't expect me to have open houses or market their property and they really don't care on price. I will miss these transactions when they are gone.
Satar ---
Depending on the short sale property, I will still do my best to market the property because the objective is to get the offer FAST so that we can submit it to the short sale lender with enough wiggle room to prevent a foreclosure. As such, I still do a bit of staging if needed, take lots of pictures, create a visual tour, hold brokers and open houses, etc. My sellers are counting on me to get this done. And I'm glad they're listening to me, too.
One of my short sales attracted so many really good offers at significantly over the list price, so I have no doubt we will get short sale approval. For this one, i pulled out all the stops. Here's the visual tour