A Winning Formula for Short Sale Success

Philadelphia Short Sales:  A Winning Formula for Short Sale Success !!

Stephanie Somers here from The Somers Team.   Call me a pessimist.  Call me a realist. Call me what you will, but I never really been called "lucky". Though in hindsight, perhaps I am particularly with Philadelphia Short Sales.

I think I may have stumbled onto what seems like a formula for a successful short sale:

P + R + L = SSS

Pessimism + Realism + Luck = Short Sale Success

This formula is based on 3 different factors to be taken with a dose of humor and awe at the utter randomness I have unveiled ! Too much Freakonomics !

1) Back-out Buyers (Be careful what you wish for)

2) Customer Service Representatives

3) Good ole Lady Luck

Pessimism Spurred by Back-out Buyers

As a Realtor partner of Chris Somers the Team Leader,  I pretty much do a majority of the back end work on our Short Sales. I will call on Chris,  nick name "big guns", when I have exhausted all of my charm with the negotiators of Short Sale deals. Very recently I have taken notice that "Back-out Buyers" are a growing phenomenon with almost every Short Sale that parks itself on my desk lately. It has become so prevalent that I have vowed from now on, I will assume that at least 1 buyer will back away from every short sale we do between the time we begin the process until we reach the end.  Call me a pessimist ! I have started to tell our clients to expect to go through more than 1 buyer during the Short Sale process. I have also begun to develop a list of Back-up Buyers in the event that a Back-out occurs.  If or when it happens, I want my client to be prepared. The short sale process is difficult enough for the seller and if they are blindsided by a back-out buyer, they may loose hope in the process and loose faith in me thier Realtor and advocate.

Realism:  It is what it is.  Deal with it.

I think we'd all agree that educating the consumer is certainly part of the Real Estate profession. And I will be the first to admit that there are Realtors out there that could use a few tutorials.  I wonder why the Bank's Customer Service Employees, the ones that heard all of the incoming Short Sale calls, do not have more education regarding Short Sales and Customer Service ? In my experience, it is not uncommon for the customer service person in the Short Sale department of any given bank, not to know what they are talking about. The right hand typically does not know what the left hand is doing. They may not know how to use the computer software to access the note on your file.  They may not fully read the digital files and miss telling you about important tings that will impact your Short Sale. They may not be familiar enough with the terms used in the notes to feel comfortable reading them to you, and thus omit very important information. This is not true in all cases but it is sadly true in many many many cases. I mean no insult. It is what it is. I expect it and deal with it though persistence.

Just the other day I found that one of our short sale files was "closed-out". A close-out often occurs when the Short Sale Package is incomplete and the negotiator gives up trying to work on the file due to lack of data or communication from the customer or Realtor. They just shut the file down and focus on another file. I do not blame them. They are beyond busy.  BUT, they closed-out one of MY Short Sales!!!  They claimed that they have been emailing me for a week or two and I had not returned their email ! Absurd I say ! I had called at least 2x per week for the last 3 months and each time I called I had to give all of my contact info to the representative including my email and phone number every time ! Somehow they wrote down the wrong email once.  Then they used the wrong email address.  Talk about luck... and when I had called in as usual the customer service reps I spoke to  NEVER communicated that they were trying to contact me. I was tipped off that something was wrong when I was transferred to an automated message: DO NOT CALL AGAIN FOR ANOTHER 30 DAYS. IF YOU DO, IT WILL JEOPARDIZE THE SHORT SALE PROCESS. (Bank of America) Luckily I had caught this mistake within minutes of the Close-out and was able to salvage the process. I guess luck was on my side.

No logical explanation can make sense of what can sometimes transpire with Short Sales.  Just go into it with Pessimism + Realism + Luck and you may get a taste of Short Sale Success !

Good luck out there !