RealTown's BlogTalk

we are constantly learning and reinventing our business. we are also learning from the distressed property course here in Arizona. Beth

Regarding agents packaging short sales, are you ever concerned about banking/foreclosure laws? I walked into a conversation regarding short sales, they were discussing the concern of agents preparing the information instead of an attorney and sharing war stories about delay in packaging by agents. Interested in other people's input.

Mary Lou Wall - Thank you.

Trevor,

Thank you for posting this great information. We here in SW Colorado are just beginning to experience short sales situation. Therefore no one in the area really knows the process very well. Your information well provide a place to start

Mindy J Rosenbaugh

RE/MAX Mesa Verde Realty

Cortez, Co

www.SWColoradoliving.com

We have been doing short sales in MN for approximately 1 1/2 years. 95% of our listings are short sales. We have been quite successful (we are closing approx. 90%) in my brokerage for a couple of reasons. We have a team negoiating our sales, not the agents. We use the title company to do this. They have been trained and have developed relationships with various mitigators. This has taken a huge stress load off our agents. We have the team updating us twice a week via email to us and the co-op agent. We are averaging approximately 90 days to close a sale. Some of them we have done in less than 45 days. My best advise to anyone doing short sales is to get a team to do the negoiating.

This is an amazing post Trevor. Thank you so much for sharing with us.

Totsie Slover

CENTURY 21 Deming Realty Co.

I defiantly agree that short sales are the wave of the future. I believe that short sales were hard to execute for a variety of reasons which have only recently been alleviated. Most Realtors steered clear from short sales because they were not as prevalent as they are today. Now many sellers are upside down in the mortgages forcing them into a short sale position. Secondly, banks did not see a need for the short sale and were unwilling to cooperate. Now they are flooded with bad loans that have turned into REO properties. They have realized that they need to protect their assets and sell them short sale to protect their pockets and avoid the very expensive route of foreclosure. Lastly, because short sales were far and between it was hard for Realtors to know what banks were looking for. Not to mention the bank really didn't know what they needed. Now the process has been streamlined and can be executed much easier and with much less headaches!

Hi, Writing from the East End of Long Island! We have sold many, many short sales. Our experiences now are quite different from when we had our first short sale - two years ago. Because of the volume that the banks are experiencing, we have found "disconnects" and disappointments.

Recently we had a deal on a short sale where our buyer was advised that her offer was accepted and to go ahead with an appraisal. When the appraisal was submitted to the seller's bank - we were informed that the property had been foreclosed! Obviously the "short sale department and the foreclosure dept had a "disconnect". After it closed, it came on the market again - for less than our buyer's original agreed upon deal!

We have also found that the process is taking much longer because of the flood of requests and that many times they are falling apart because of the reluctance of the second lender to agree to what the first bank thinks is a "fair deal"! Marcia Smoller Little Bay Realty Wading River NY

Debby said it all,If they dont know what there doing then,thats the problem,over weekend,I drove 50 miles,to show and didnt find out it was a shortsale til he called back day later.no mention of it and didnt know what a BPO was?He said taking offers for 90 days,then bank send appras out? then they,call for highest & best.I couldnt survive,doing business like that. see alot of this,give me an REO over not so shortsales.My hat is off to those of you who list them.

http://www.realtown.com/tjrltr/blog/buyers-get-off-the-fence

Regards;

TJ

Short sales are so tough. Banks are so behind due to the number of people in trouble paying their mortgages. The best advice I can give you from my experience is:

1. Be persistent and call in EVERY DAY!

2. Make sure your paperwork is complete and flawless before submitting it to the bank.