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Short SalesCreated by: Pam Gibbs, Licensed Real Estate Agent, Eads, TN Date: Oct 5, 2007, Number of Replies: 32 |
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Has anyone had a lot of experience with short sales?
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Posted by: Shirley Finnorn Licensed Real Estate Agent, AL Date: Oct 18, 2007 |  |
Pam,
I've done two, and they aren't hard to do, you just basically do what the mortgage company tells you to do (what else is new there). One someone told me about and I had a buyer looking for a house at the time - so it fell in my lap. The other was a house I listed and the owner failed to mention that he wasn't making payments. He owed so much with interest and late fees we HAD to do a short sale. The mortgage company was very co-operative. Win-win situation. The loss mitigation department will walk you through it. Rule #1 - the seller walks out of closing without one dime. The mortgage company pays the Realtors. The seller has to fully co-operate, including a letter and maybe documents stating why he wasn't able to make his payments, and the mortgage company has to accept his reason. I could go on and on, but it's pretty easy really.
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Posted by: Rosalyn Traylor Date: Oct 23, 2007 |  |
mortgage company tells you to do (what else is new there).
I find short sales to be time eaters because it is difficult to contact the
person in charge of the package, 72 hours to respond (from each decision
maker in the mix) and then after all the constant monitoring the commissions
are renegotiated. So in the end, time lost also includes dollars shrunk.
Short sales is a loss-loss for all participants, except the patient buyer.
Rose
Rosalyn Franke Traylor
Preston Hollow Realty
Dallas, TX 75220
214-351-0766
Broker
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Posted by: wallystokes@cbgundaker.com Date: Oct 23, 2007 |
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Posted by: Ginny Stopa Date: Oct 30, 2007 | |
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Posted by: Robert Cairns, CA Date: Nov 6, 2007 | |
Pam,
I have had plenty of experience. Short sales are easy to do, or should I say are as good as the agent presenting the offer. Communication and clean paperwork is the key.
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Posted by: fritchie@kw.com Date: Nov 7, 2007 |
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Posted by: Diane Ferraris Date: Nov 9, 2007 | |
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Posted by: G e e n a Becker Licensed Real Estate Agent, Avon, CT Date: Nov 12, 2007 |  |
Short sales are difficult but my suggestion is before you list for a short sale get with the lender and get all the paper work done before you list. The bank takes at least 3 to 4 weeks before it gets back to you and if you list first you have all the people who are wanting the property waiting. You can lose a sale because of the wait.
I totally disagree. I do short sales and I get the listing and the paperwork all in the same sitting. I prepare my co-broking agents when they show the property that it might take 3 to 4 weeks to negotiate out. Buyers that are buying SS’s are looking for a good buy so 99% of the time they will wait.
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Posted by: Pat Baker, Palmetto, FL Date: Nov 13, 2007 |  |
Patricia Baker
Leslie Wells Realty
Parrish, Florida
(Sarasota, Manatee)
PatBakerSellsFlorida.com
pat@PatBakerSellsFlorida.com
941-727-7345
fax 941-527-1250
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Posted by: sonia@sonia-bravo.com Date: Nov 14, 2007 |
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Posted by: Pat Baker, Palmetto, FL Date: Nov 19, 2007 | |
I had a short sale counter off from the bank after the appraisal, and then the buyer countered and then the bank countered and then the buyer said no I'll stick with my first counter and the bank took it. So the lesson learned, don't be afraid to counter the bank's offer.
Patricia Baker
Leslie Wells Realty
Parrish, Florida
(Sarasota, Manatee)
http://www.PatBakerSellsFlorida.com
mail to: pat@PatBakerSellsFlorida.com
941-727-7345
fax 941-527-1250
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Posted by: Lillianne Mida Licensed Real Estate Broker, TX Date: Nov 19, 2007 |  |
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Posted by: Christina Ethridge Licensed Real Estate Agent, Post Falls, ID Date: Nov 19, 2007 |  |
It’s not a matter of agreeing/disagreeing, this is how the banks work. You can list the property – for a slightly below market value – the banks want to see the property on the market for 30+ days – you can gather all of the information they require aside from the offer (such as sellers financial records, letter of insolvency, etc) but you can not submit an offer with a preliminary HUD1 UNTIL YOU HAVE AN OFFER. This is the part that takes 30 or so days. “Getting with the lender” is only possible up to a point – again, they will not consider a price until they have an offer in hand, with a preliminary HUD1 and comps. We have lost a sale because the banks have taken so long to even get to looking at the offer – and there isn’t a thing you can do about that. Calling them twice a day, every single day – bugs them yes, but doesn’t seem to speed up the process.
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Short sales are difficult but my suggestion is before you list for a short sale get with the lender and get all the paper work done before you list. The bank takes at least 3 to 4 weeks before it gets back to you and if you list first you have all the people who are wanting the property waiting. You can lose a sale because of the wait.
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I totally disagree. I do short sales and I get the listing and the paperwork all in the same sitting. I prepare my co-broking agents when they show the property that it might take 3 to 4 weeks to negotiate out. Buyers that are buying SS’s are looking for a good buy so 99% of the time they will wait.
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Posted by: pab@fifthamendment.com Date: Nov 19, 2007 |
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