The debate will continue to rage among agents and industry experts as to whether short-sale listings should be allowed in the MLS or have additional disclaimers attached to them to warn buyers about the issues related to them.

Dealing with short sales does require a different type of agent and a different type of buyer. Both need patience and perseverance to work through the issues that come with dealing with the banks, lenders and settlement companies. Sometimes the process can resemble a dog chasing its tale. Going round and round until you are finally exhausted and you either give up or you get to settlement.

Today was settlement day on one of my short sale listings. There is no way that anyone will say that the process was easy. In fact the last two days have been hectic with lender issues and miscommunications with the settlement company. At the end of the day the buyers have their new home and the seller is moving on with their life.

The timeframe from listing to closing......48 days!

Is this a record? Who knows but it does go to show that it can be done. Getting the short sale package together before the home is listed, making sure that the authorization letter goes to the lender as soon as it is signed, setting a realistic but NOT low ball price and staying on top of the communication with the lender are all part of getting to settlement.

Will every short sale have a happy ending? Unfortunately even I'm not optimistic enough to say that every short sale is going to get to closing. Can we as agents determine what some of those issues might be upfront and have the seller deal with them before the home goes on the market? I believe that we can. Many settlement companies are willing to do pre-listing title searches to unearth any liens or title issues before a home goes on the market. If we uncover significant issues then we need to keep that home off the market until the issues are resolved. Why spend your time and effort on a home that can never sell?

This tale of a short-short sale has a positive ending. I know there are more and we need to shout them from the rooftops. There will continue to be those who say they are a waste of time and effort but if you plan well and keep the lines of communication open, the chances are stacked in your favor for a positive outcome.

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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

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