I have sold "short sales" just as many real estate agents in today's market. This is a difficult and challenging process. And, it does take patience - from the buyer and the seller!
Buyers of short sale properties should must have very flexible time lines. Most agents tell me to give them 60 days. This seems like a long time if you are trying to purchase a home and get moved!
I am not sure the banks understand they are losing sales because of the inefficient process. Actually, I am sure they know it. But, more importantly, I believe they do not care.
Seller's of these short sale properties want quick answers. Sellers want the contracts, when offered, accepted. Buyers want the same. A lot of buyers would like to purchase that short sale but they have scheules.... What do the lenders want?
I have sold a couple of new construction properties in the Viera Florida area over the past couple of months. The buyers looked at short sales but in the end the unknowns associated with the process impacted the decision to look elsewhere.
Short sales can be an opportunity for buyers....if they have the time and patience!
Considering buying a home in the Viera, Suntree and Baytree areas of Brevard County, FLorida? Give me a chance to your Realtor of Choice - Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Melbourne, Florida.
Please read my other blog here.
Full-service Realtor serving clients along Florida's Spacecoast (Melbourne, Viera, Rockledge, Suntree, Cocoa Beach) - all within 45 minutes of Orlando Florida! Golfing communities, waterfront & more!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Gary - I really think that the banks hold out so long partly to prove that they aren't gonna get any other offers. I'm not sure that it's complete inneficiency on their part. I think that it's more calculated than they ever will let on. But, yes, frustrating!
Short sales can cause short fuses Gary and the process is indeed slow.
So patience is required....nice post and graphic.
Lindsey - You may be right but the short sale prices I see here are on par with the market...ain't getting better! Thanks.
Gary - Short fuses...very precise descriptor. Thanks!
I think they are losing sales, too. I know my clients don't want to wait that long. They usually need to move quickly.
I have not had many buyers willing to go through the process. The last one I had canceled the contract, because after 6 weeks we still could no get a response to our offer. That is ridiculous.
Debi - I have the same problem...clients want to act but cant wait. Thanks.
Randy - Six weeks and no response...that is sad. The banks need to learn!
Gary: You are absolutely right about Short Sales taking time. With so many foreclosures this is a nich market for some agents. I have teamed up with a co worker and we are doing these. Yes, it does take time. It isn't for all buyers or sellers
Dianne - If the buyer has the time - and patience - and a good agent, it works!
Hi Gary,
You hit the nail on the head! All we can do is set a realistic expectation and hope that they really have the "time & patience" to see it through. :)
Suzanne - I like that wording "a realistic expectation." Thanks.
Gary,
There are a lot of really great short sale deals available right now. But, patience is the key with short sales. As Suzanne Sands-Somerset said, we do need to set realistic expectations with our sellers and buyers when they are getting involved in a short sale. I personally prefer REOs (lender owned properties). They tend to be better values and the lenders are usually able to close more quickly.
Bony - Thanks for the comment. I have sold an REO. It does seem that it would be a little faster.
Gary, you're right as patience is required. If all the communication is done up front then there should be no surprises. Short Sales area an extraordinary way to purchase a home and like you said patience is key.
Lynn - An extraordinary way.. what a great way to put it. Thanks...yes, patience is a virtue!
Mirela Monte has a great series of posts on short sales- you may want to check them out as the comments are very helpful. These sales are anything but short. :-)
Chuck - Thanks, I will check out the posts.
I think it can go beyond patience sometimes. I have buyers who would like to consider short sales but they are reluctant to do so because they don't want to wait endlessly for a response to their offer.
JoEllen - I understand. There are opportunities but the "cost" is not worth it sometimes. Thanks.
Some are LONGER than 60 Days Gary ! - we have an April 1st written contract scheduled to close mid July!
When a precessor handles over 100 files and no one covers their desk on a 2 week vacation
all parties involved are at the mercy of an unorganized ( faxed the paperwork 7 times in 3 months) peter does not know what paul is doing scenerio thant takes PERSEVERENCE beyond the ordinary
to get the deal done.
Jeff & Grace - Perseverance is it. As long as your buyers are willing to stick with it,