The Long and the Short of Short Sales!!

So many of us continue to look as Short Sales as a negative. So I have prepared a list of what and why it takes so long, and what is short about Short Sales.

First the:

Short of it

• When you call the bank to find out an update on your file you get a very SHORT answer.
• When you submit a package to the lender you will hear back SHORT-LY (10-14 business days)
• A Lender's definition of SHORT is a lot different then a client's definition of SHORT.
• For some reason we think that if we call the bank 3 and 4 times a week that the bank will SHORT-EN the process when we know that is not the case.
• There is nothing that is SHORT about a SHORT sale.
• When dealing with banks some banks are much SHORT-ER than others (Countrywide)
• Many think that banks think like most people that is logical, but there is nothing logical about a bank when dealing with a SHORT sale.

The Long of it

• Unfortunately, everything takes a LONG time when dealing with short sales
• With managing expectations buyers and sellers will wait a LONG time before answering on whether to accept the offer or not.
• The LONG frustrating process becomes manageable when you communicate with all parties.
• The biggest problem with this LONG process is that lenders continually change their processes without communicating it to the people negotiating with them.
• Communication is key to make a LONG process SHORT-ER

I believe that Short Sales listings are very important. Besides being lucrative, it fufills our original objective and that is to help people make a tough situation better. I got in the business t help people now my motto is "I got into business to help those Long Sales become Short"

Good luck to all and may everyone educate themselves before taking these short sale listings.

If looking for an agent to help you sell your Short Sale in Palm Beach County please make sure you use a Certified Distressed Property Expert.

David Serle, CDPE, EPRO

RE/MAX Services