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Patrick Jackson

  • 22 Helpful Answers
  • 112 Answers
  • 2 Blog posts
Agent at Keller Williams
Experience:
REALTOR for Keller Williams North Collin County December 2001—present
Residential real estate agent
Commercial Photographer for Various clients September 1978—September 1986
Product and location photography for advertising
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Specialties:
Residential REALTOR in North Texas. Communities: McKinney, Plano, Allen, Frisco, Anna, Van Alsytne, Rural property in Denton, Collin & Grayson Counties.
Certifications
& Awards:
REALTOR, ABR, E-Pro, GRI
Keller Williams Realty -
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Interests:
Boyd Bronco Band, My kids, fly fishing, sailing
About:
As a McKinney resident, I have witnessed the growth of Collin County for a couple of decades. My wife, Sherry and I moved into the historic district of ... show more
Testimonials:
"Thank you for working so hard for us and finding us a great home. You have been so professional and helpful during this very long process.... going above ... show more
Patrick Jackson answered:
Short sales are extremely unpredictable and frustrating for both buyers and agents. While a short sale may be a great opportunity, these contracts are dependent on the cooperation the seller's first and often second mortgage lien holder. These are financial institutions that have thousands of short sale requests on their desk. The lender must determine for each file whether it is more economical to cooperate with a short sale or foreclose on the property. Their decision is strictly financial and often based on a drive-by property evaluation and market analysis provided by a third party broker who is paid $50 - $75 for their opinion. The most organized of these lenders will have a schedule that might produce a response to your offer within 45 days. This is after the seller provides the lender with a hardship letter explaining why they are not able to continue making their payments and are forced to sell the property for a price that will not cover the outstanding loan or loans. The worst of these lenders may never respond to a short sale contract between you and the seller. You may wait for months without a single reply from the lender. They are not required to respond to any offer.

There are hundreds of short sales on the market right now. Some are listed by short sale experts who have excellent records in negotiating with lenders. Others are listed by inexperienced agents who know nothing about the short sale process but use the short sale opportunity to attract new buyers to a listing that is otherwise impossible to sell.

If you have unlimited time, patience, and have an agent that you trust to research the feasibility of a short sale, then you might be successful in getting a good deal on a property. You will probably find that the most promising opportunities will have multiple offers. You're not the only one looking for a deal.

In this market there are many opportunities for great deals. But even foreclosures are less trouble and have a much higher percentage of closing than short sales. Good luck! - Tue Nov 3 2009, 21:47

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