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short sale g…, Real Estate Pro in Phoenix, AZ

How many of your short sales are closing?

Asked by short sale guru, Phoenix, AZ Mon Feb 25, 2008

I'm curious to know from the Realtors out there how many of their short sales are closing? Who is trying to handle them and who outsources? Who accepts short sale listings, who's staying away? Please share your frustrations, experiences, accompolishments, etc?

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Answers

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I posted earlier, and offer an update - the market is constantly shifting. Many buyers and agents who shunned the short sale because it seemed such a long shot, might take a second look. The banks have educated themselves, created systems and have streamlined their processes in most cases. That means, a properly presented short sale SHOULD take no more than 4-6 weeks in approval stage - not 4-6 months.

This is not to say that it is easy. Short sales are still a mine field to negotiate. Some of the "streamlined" processes actually create additional problems, such as an over-reliance on AVM's (Automated Valuation Models) as the instant validation of an acceptable offer. These AVM's are close - sometimes, and WAY off other times. Many banks plug the offer price into the HVE and if it doesn't spit out that the offer is "acceptable", they reject the offer, and if the sale date is close, will often just take the property to trustee sale. End of story.

Know this: they can be challenged. Freddie Mac uses the HVE: Home Value Explorer. Their loan servicers don't HAVE to look any further than running the number by the HVE. In fact, Freddie Mac told me that directly. If it's way off, however, they do have the **option and authority** to order a physical interior BPO. (though, they will often tell you otherwise) . One just has to be insistent in a polite, collected and persuasive manner. They CAN and WILL do a BPO if you can demonstrate effectively that the situation warrants it. If you're just whining, and trying to convince them to take a low-ball offer - you should, probably, try harder to get an offer in the fair market value range.

Some excellent short sale negotiators have been "born" through this trial of fire with the foreclosure market - many agents are choosing to turn the negotiation over to a specialist. As I mentioned before, I have an in-house specialist, whom I adore - but I've also recently worked with another agent's favorite negotiator (reluctantly - in truth) named Josh Culver , who is excellent as well. (btw - I have nothing to lose or gain by recommending Josh - he just did a great job!) We have a very competitive, multiple offers market, so his market strategy includes having the buyer pay his fee - since the seller (short sale lender) won't, the owner, usually can't and reducing commissions down to 1% doesn't make sense for the agents either, and results in counter-productive marketing. In a recent escrow, we had the buyer pay the 1% fee - but asked the seller (short sale lender) to pay 1% of the buyers closing cost so it was a wash. Funny, the banks will pay some closing costs, generally, but they won't pay the same fee if it's labeled: "short sale negotiation fee". They have guidelines - and if their guidelines say "No warranties - no 3rd party fees" - then shift the money around and structure the deal in a way that fits their guidelines. It's not that the banks are being unreasonable - they just can't function if they have to re-invent the wheel for each and every individual circumstance. It's our job, as agents, to figure these things out, and structure the deal in the clients best interest, n'est-ce pas?

I would recommend before anyone jumps in bed with a short sale expert that they ask some very pointed questions and get some intelligent answers before handing over the reigns. (as a consumate control freak - I would insist upon it!) If they can't tell you what the bank's process is...how long it should take, when to know if it is taking too long and what to do about that - I'd personally move on. There are still many agents who B.S. their way through and stumble onto the path by accident. There are plenty of folks with 1.5 short sales under their belts who now know everything....hmmm. I'm not saying everyone should have hundreds of shortsales to their credit - but if one doesn't have the experience...maybe one should team up with someone who does?....just a suggestion...

I appreciate the chance to exchange some strategies between agents here - I think it's helpful - we're all in this together, and if we genuinely help each other, all of us are going to make it out of this foreclosure crisis sooner than later. Likewise - I appreciate it most, and encourage my fellow agents to submit insider tips and helpful info rather than launch into self promotion and links to one's short sale advertising pages... seems a little...icky...to me? Let's remember - this is a forum, not a commercial.

IMHO -

Jeri Creson, Broker
TotalAccess Realty Advisors
(818) 448-1298
jericreson@yahoo.com
5 votes Thank Flag Link Fri Oct 16, 2009
Here in Sonoma County, “Wine Country”, the greatest, almost broke State of California, here's what I'm seeing:
* We are NOT seeing any big surge in Short-Sales. They are plodding along of roughly 12-17% of our monthly sales being SS. Our high has been just over 100 back in July but that's now fallen to 80 (17%) in September with total closed sales of 468.
* Our Continue to Show status (CTS) however shows some 1150 listing in this status with a whopping 650+being short-Sales!
* In our MLS we are seeing agents using an escrow/title company (we're in Northern California where they are ONE and the SAME!) to allegedly "negotiate" the SS. However, in California you must be licensed or an attorney to do this. The title company charges $1200.00 per deal which Lenders are not want to pay so the listing agent states, "Buyer to pay $1200.00 to _____title company for short-sale escrow" which fries many of us who don't like a previously agreed to business fee being dropped on our buyers!
* Also, the listing agents are throwing in interesting phrases to split brokerage fees. One guy stated, "All fees to be split 50/50 with Selling office receiving a maximum 2.5%"! Now what's up with that! Many of these folks are getting as much as they can and capping the Selling office brokerage fee. They usually state "we're doing all the work" not having an ounce of empathy for the Buyer's Agent who has written 15-20 offers for this ONE client!
* Our issues usually come down to the dreaded "Approval--subject to the following" letter. Most often it is the unsecured, or worse, a cross secured note wherein the lender is demanding a large note for the "forgiven “debt.
* We have also had the lenders stating they will seek recovery even after our attorney has confirmed the non-recourse of a note. Thumping their chest doesn't do anyone any good!
Great answers so far. I agree with Jeri, this is a FORUM and NOT a COMMERCIAL! Many who lack the nuances for social networking make this mistake. As Ricardo Bueno states, "I just want to shake your hand but you’re jamming your tongue down my throat!"
3 votes Thank Flag Link Tue Oct 27, 2009
Opening Pandora's Box. :)

You are the short sale guru ... but I see a lot of other people now specializing in Short Sales, like in my area we have The Short Sale Company who I just had a cross transaction with that closed. Its a tough game for many, no doubt.

Many agents and brokers just shy away totally. It can be one of the MOST frustrating transactions to ever deal with, and up to 5 months to close whereas the normal transaction averages 4-6 weeks. Crazy.

I will take them all on. We close maybe 50% it seems to me, it would be a lot more but you cannot always control your own clients and the Lien Holders response. Mostly its just learning the ropes, what to do.

I do not solicit other agents or brokers to get their short sales with a split, like some do, but its ok to do that if thats your game. However I do share some info on what a short sale is all about at:
http://www.realhomes.us/shortsale.htm

Once you have learned all the facets and requirements, you may want to just refer short sales out to agents who specialize in them like Greg or others. Those that get the hang of it may just want to do their own and play the waiting game. To me..? Its just business.

Don Sr. / Broker
Tacoma WA
Web Reference: http://www.realhomes.us
3 votes Thank Flag Link Tue Mar 4, 2008
Several short sale experts have told me that Bank of America is the worst of the big lenders when it comes to processing short sale purchases. Having waited eleven months as a buyer for one of these B of A short sales, I can tell you from personal experience that I believe the experts.

The seller I am trying to buy from bought in the nineties when house prices were lower than today's value.

But she is upside down because the house was used as an ATM cash machine, Cash out refinance after cash out refinance.

These kinds of sellers (and their listing agent) will get you into a contract as a buyer and waste your time and money.
Then the seller will cancel your deal at the last minute, after you have spent money on appraisal and inspections. The reason? Seller learns that B of A does not formally forgive the debt owed in writing. Something her listing agent could have told her was probably the case eleven months ago.

Ask your real estate agent to screen any short sale for the rare short sale that is saleable with cooperative banks and willing sellers. Odds are, you are better off buying a repaired flip house, or a move in ready bank foreclosure than a short sale.

Percentage wise. I listed two short sales this year. One sold, (Chase, single loan, deficiency balance forgiven, 24 hour approval, excellent buyer) the other is now lender owned (Cooperative lender and seller, timid buyers)

When I did not control the listing, I have had perfect buyers, but been at the mercy of listing agents who did NOT properly screen their sellers for willingness to pursue a short sale to conclusion.

A new corollary to this thread is: " What percentage of short sale listings do you turn down. because the seller is not qualified, or willing, or you know you have an uncooperative bank? It is linked below:

http://www.trulia.com/voices/Agent2Agent/What_percentage_of_…
2 votes Thank Flag Link Tue Sep 21, 2010
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
We take on a lot of responsibility that comes with a Short Sale listing. If we mess up we not only lose our own commission but there is a seller who has to deal with a foreclosure on his/her credit report. I actually had relatively good experiences with Bofa since they have the Equator system. However, it is my experience you have to follow the process closely in order to give the transaction your very best shot. If you don't see the case moving you need to keep calling and escalating. Negotiators go on vacation or leave the company and all kinds of other things can happen. I really have to fight for my short sales. That's the bottom line. It was always a struggle and nerv wrecking. Extra effort helps a lot. The problem with outsourcing the processing and negotiation of a Short Sale is that you don't know or control what your own negotiator is doing. I give you an example from when I was the agent of the buyer. My buyers made an offer on a short sale. Bofa had approved a price of 139900 for the house before. Since then all appliances had been stolen and the house became a dump. My clients offered 130k. The professional negotiator filed this offer without making sure that the lender knows that they approved 139900 before. Common sense tells you that they would know. But they didn't. He also did not act when a new BPO was ordered. He should have told them "hey we have already an approved price". He did not fight it. I would have intervened at that point already. Then the bank comes back and offers 148k. Now he is fighting, sending emails, escalating, sending photos of the property in bad shape etc. I think that represents the reality of Short Sales. 1. You have to be on top of everything 2. you have to fight many times over price (then you go into commissions and tilte fees and escalating and calling Fannie Mae to postpone an auction etc. But at least I know that I call as many times as necessary and try whatever I can. My recommendation is to do the processing of your short sales yourself. It is not much work as long as there is no trouble but when there is an issue and there is always something you want to be in charge. Good Luck!
2 votes Thank Flag Link Fri Sep 17, 2010
I have negotiated several short sales so I can speak from experience. I have had a 100% success rate dealing with short sales and all the different lenders in the industry. I negotiate all my short sales. I do not trust an outsider to negotiate for me.

I lost a few buyers in the process and had to put the listings back on the market a few times, but after a lot of hard work and patience the properties sold at the short sale.

The real challenge is when there are two loans on the property. You start with the first lender. They do not respond quickly and in a declining market, the value of the home goes lower than the offer that was received. The lender wants to do 2-4 BPO's on the property. If the BPO comes higher the buyer backs out. The roller coaster starts again. You look for a new buyer, the buyer offers a price that the bank wants, the bank takes a while to look into this offer and finally approves it.

Now you are ready to negotiate with the second lender. They demand that the first lender pay them $10k. The first lender only agrees to $2000-$5000. You go back and forth for a month and the buyer backs out again just when you thought you had done it this time.

Agents are so put off by the whole process that they don't want to sell a short sale listing. And then there are agents that will list it but are not motivated enough to follow up with the lenders. They think that the lender said they will respond in a week so even when they don't hear back, they do not want to call the lender again and in a short sales situation, as an agent you need to call the lenders every week and keep following up till the approve the short sale.

From all of this you can see the patience one needs in dealing with the challenges of a short sale. It just does not make sense as to why the banks cannot get their act straight and help in making the short sales easier since it is a win-win situation for them, and the seller who can avoid a foreclosure and of course the agent and the overall market since the foreclosure properties are bringing the prices down.

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
510-279-9580
2 votes Thank Flag Link Fri Oct 16, 2009
Not all should close. Sometimes the lender hangs tough for a deficiency even when the loan is non-recourse. "Approval" isn't always a good thing if the conditions put the borrower in a worse spot.
2 votes Thank Flag Link Tue May 27, 2008
All of my short sales are closing! Yes, hard work and persistance pays off. We have been listing short sales for the last three years. My partner and I are ready for more. We are in South Florida inside Broward county and Miami-Dade county. We have overcome IRS tax liens, green pools, city liens, and properties with more than one mortgage.

No one really had any idea that families would be losing their homes. My heart goes out to these families as we know this turn of events does not appear to be ending.

Susan Penn, PA, SFR, CDPE, EWM Realtor
http://www.susanpenn.com
1 vote Thank Flag Link Wed Oct 12, 2011
I'm not into percentages, as any honest and ethical experienced short sale agent SHOULD tell a borrower that the majority of short sales that fall apart are the sellers fault completely.
1 vote Thank Flag Link Fri Dec 31, 2010
We're closing most of our short sales. Where we've had issues, it's been related to BoA.
1 vote Thank Flag Link Thu Sep 23, 2010
So far, 100% of my listings have received offers. 90% of them go full term to approval without losing a buyer. The ones that do not have buyers who walk away close 100% of the time.

It is irresponsible for a listing agent to take a short sale listing if they intend to outsource the negotiations to someone other than another agent on a referral basis. Attorneys screw things up. :)
1 vote Thank Flag Link Fri Sep 17, 2010
Thats a trick question. I think it is "100%" unethical to give ANY answer to that. Why? Because the listing agent or negotiator has little to do with deals falling apart in most cases. Reality is, deals fall apart because of sellers not cooperating, tenants who will not cooperate, buyers backing out, or 2nd lenders being a pain in the bottom most of the time. Most deals fall apart through something that is completely out of the control of the listing agent or person negotiating the files.

Any consumer should consider this reality, and use caution on anyone claiming "X%" of our short sales close!

There is definitely no substitute for experience, and the best place to start is to find a good, experienced agent in your area to help with the short sale:
1 vote Thank Flag Link Wed Apr 28, 2010
Exactly. To even say "we close X% of our short sales" is basically a complete scam artist/dishonest person, as the mitigation company or agent are NOT the reason most transactions fall apart. While yes, it does take a good team and negotiator and agent, its usually 1.) the buyer 2.) the seller or 3.) the lender who drops the ball or does not perform.

It does all start with finding a good agent:
1 vote Thank Flag Link Thu Mar 4, 2010
I work in mid-Florida in the past 2 to 3 years I have listed about 75 shorts have closed a little better than half currently have 21 pending. My background (commercial loan default - mitigator) gave me the knowledge to do them. However, you have to decide if you want to be a negotiator or a realtor. I outsource the negotiation aspect of the mitigation process now.

All lenders will accept, based on varying issues regarding, policies (both internal and external), encumbarances, debt to be forgived, language of loan default, investor ratios, mortgagor solvency issues etc, will determine approval.

Frustrations - are based on the understanding the knowledge of the mitigagtion process of all parties attached to the outcome.

Experuiences - many.

Accomplishments - as in any real estate transaction having buyer and seller happy and me being paid.

Happy short selling.!
1 vote Thank Flag Link Thu Aug 6, 2009
Personally, I am closing about 90% of the short sales that I have under contract. If it does not close, it is because the buyer has gotten tired of the waiting game with the current lender and they must move on in order to preserve their own new loan and obtain a home. I handle my short sales myself and follow up on them once a week for those that are not in critical condition. I worked one this week that was slated for foreclosure on Friday and it was avoided as of Wednesday afternoon. 1st and a 2nd. The 2nd had to agree to settle for "x" amount and now the 1st is reviewing for a short payoff acceptance.
The most frustrating part to me now is waiting on the MI companies who hide behind closed doors, shields and anything else to keep from being discovered and will not speed up their process.
1 vote Thank Flag Link Sat Mar 21, 2009
I have actually only had one. I have had three buyers on it though. The first two got frustrated because it took so long for the bank to answer and gave up. I was able to close it on the third buyer. It was a little frustrating, but if you stay on top of it, it can be accomplished.
1 vote Thank Flag Link Thu Mar 19, 2009
We specialize in short sales. So far the only ones we haven't closed are ones that get approved and the sellers change their minds, or the sellers are not cooperative in taking showings or making their home presentable.
1 vote Thank Flag Link Thu Mar 19, 2009
The rate of closure it would seem is directly proportional to how much training and experience the listing agent has...we are Certified Distressed Property Experts having been certified in short sale transactions and been absolutely 100% successful both residentially and commercially. You have to know what you don't know and know that every realtor does not have the training to do a short sale successfully.
1 vote Thank Flag Link Thu Mar 19, 2009
I would love to put you to the test, I have nothing to prove here, but I think you do!....SO, I am giving that opportunity for you to broadcast to us dumb, unworthy of a license, on and on of whatever else you think about us. Here's the challenge "tempedude" that wants his next purchase to be in 85254, stock broker, loss mitigator, that does not need a crystal ball to know exactly when the "bottom" will be... upload a photo of yourself here on Trulia (you should be able to that with your eyes closed), give us a name (your name first, last) so we can look you up on the tax records, to see if all the properties you bought, sold, rented, that you have accomplished..... even exist! From all the responses you give here on Trulia, it is safe to assume.....
1. You were married to a real estate agent and you are a scorned man.
2. You could not pass the real estate exam.
3. You passed the real estate exam, excited to start your "career" in real estate, but figured out.... WOW!Clients actually have to like you to do business with you.
Bottom line is, you really have too much time on your hands! With ALL the amount of money you claim to have (I doubt anyone on here cares), why do you enjoy attacking agents here on a network site? Your remarks are arrogant, and you really do come across VERY ignorant. I doubt you have a PHD, but am pretty certain from your responses that Google is your ONLY and BEST friend! ~Bettina
1 vote Thank Flag Link Mon Dec 22, 2008
Michael - I see the same thing out here.
Lots of short sales and REOs on the market, and it seems like there's houses being sold left and right.
When you take those properties out of the picture though - and look at the typical resales - you have the same property sitting around that's been here for a while now. You have the majority of people trying to hold on as long as possible - and hope to ride it out, a handful who are just tossing ridiculous numbers out there to see if they can get a bite at '06 prices, and a handful who are genuinely trying to sell thier house - but can't complete with the "deals" in the short sale and foreclosure market.
1 vote Thank Flag Link Tue May 27, 2008
I have an update on my original post. I ran the sales stats for our County the other day as I've been hearing all sorts of scuttlebutt about how the market is "turning around" and was interviewed by a local radio station. The "Continue to Shows" are bloated and show, on face value, more sales. However, when I ran a search on the 750 sales, 305 where "Short-Sales". Of our 375 "Solds" for the month only 32 where "Short-Sales" Of the "Continue to Shows" 195 where "REO".
The reason sales are up in MY area is simply a "fire-sale" is NOW underway. This also applies to new construction as it does re-sale. The REO's are slashing and burning prices while the new home communities are doing likewise. But more telling is this--our Realtor Marketing Breakfast on Tuesday mornings tours the East side of town one week and the West the next. Historically we've always had more agents and properties participating on the East side but we'd get a good amount for the West. However, for the past 5 months our Westside tour has sometimes amounted to only a page or two at best, maybe 12 properties. 90% of the properties are REO/ShortSales. We have a ton of inventory on the Westside but the REO guys just don't PUT them on tour. When I start to see good old "homeowners (you remember those folks don't you??!!) once again selling homes on the Westside of Santa Rosa I will declare for all to hear--THE MARKET IS NOW MAKING A REBOUND!!
Until then, all stories on sales increasing are simply people selling to survive--before the Iceman Cometh!
1 vote Thank Flag Link Tue May 27, 2008
We just closed a short sale on the listing side. And we have closed a couple on the buying end. Each transaction is unique unto itself. Even when successful the short sales are still frustrating. Unfortunately they're going to be with us for a while so we've got to learn how to deal with them. From what I understand the banks are finally getting with the game and staffing up and acquiescing a bit on price. So hopefully things get better.
1 vote Thank Flag Link Tue May 27, 2008
Jim - i've done a ton of research on short sales and REO property. The number 1 point that's been beaten into the ground over and over again - is know how to pick the right opportunities. Not all shortsales/REOs are created equally, and not all make great opportunities. If you're able to pick out the ones that are worth chasing, there's obviously some great deals to be made. There's also a lot of headache to be had if you don't.
1 vote Thank Flag Link Tue May 27, 2008
I average about 40% of the short sales I handle going through to COE. Un like the 90's there are a ton more of them. This time around I did my first short sale in 2006, it was pretty easy then, we closed it in under 60 days. NOw Im lucky if I get a response within 60 days! With what is happening right now Im steering away from them when ever possible, but I can also see that for the next 6 to 8 months they are really going to be a big part of my biz like it or not!! Short sales are not for beginners or the faint at heart, there is so much paper work involved, constant calling to the lenders and a ton of hand holding with the buyers. I am a listing agent so Im always holding the buyers agents hands.. also I put right in the MLS in agent comments to allow 60+ days for bank to respond for apporval. this really helps cut down on expectations by the buyer and buyers agent.
good luck out there!!
Leanne
1 vote Thank Flag Link Mon Mar 31, 2008
Superb article Don! : http://www.realhomes.us/shortsale.htm

I deposited my short commission check yesterday. - That is the positive side of the story. The negative is that it was ten times the headache of an average transaction. The other headache is that my commission was guillotined ( shaved is too soft a word for what they did to me )

One irony of the commission takeaway is that had the principals left my commission intact, and closed six months ago, they would have netted more to the creditors, and the buyer would have collected months of additional rent from the tenants.

The goal and result of cutting the brokers commission, was purely to punish the brokers for procuring a buyer. As long as creditor negotiators remain hostile to buyers and agents, I will continue to advise people that buying a short sale should be a buyers last resort.

The disincentives to both buyers and agents far out weighs the 2 to 3% discount from market value that can be squeezed out of a short sale. Although the addenda from asset managers on Bank owned REO's are also hostile to consumers, they are usually not as terrible as short sales, and the discount from market value can also be as high as 2 to 3%.
1 vote Thank Flag Link Thu Mar 6, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Don, the link you posted was REALLY helpful - thank you.
1 vote Thank Flag Link Wed Mar 5, 2008
We've also been averaging about a 25% success rate in our office. It really all depends on how "short" the Seller is. We've seen some pretty breathtaking numbers forgiven by lenders. I had an estate which was being sold by a trustee. We came up $14,000 short and my client asked me what we should do? I told him to call the 2nd, $95,000 owed on the property, and see if they would negociate. He explained to them he had a "defunct" estate and they overnighted a $15,000 reduction! Overnighted!! The area is laced with foreclosures so the lender knew what had to be done.
We've had some deals get approved with $250,000 short! There's a reason the "Debt Relief" Bill had a 3 year and $2,000,000 limit. I think those in the higher price points can hold out "longer" and have more resources than those in the lower price points. This has a ways to go!!
1 vote Thank Flag Link Mon Mar 3, 2008
I have one finally closing this Friday (2/29/08) on an offer that was first submitted in early September 2007! I have 2 or 3 other offers out on Short Sales, going on 3 weeks without so much as a hint on an answer. I am listing 2 short sales in the next few days ... grab the tylenol bottle and hang on, I guess!
1 vote Thank Flag Link Tue Feb 26, 2008
4 years after this thread was started this is still a lively topic. I am curious to know if the agents claiming success rates over 80% also turn down the unqualified and the unmotivated sellers?

Every weekend when I go to show homes, half of the short sale listings my buyers want to see have sellers who 1> do not have lockboxes 2> do have restricted hours. Such as "showings between 10AM and 2PM, Tuesday and Thursday only" by appointment only. Must make appt through listing agent. It is not that I mind the extra work trying to set up those appointments (okay, I do mind) It does send up a big red flag that maybe these sellers aren't motivated.
0 votes Thank Flag Link Tue Nov 22, 2011
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
In Portland area the average is 1/3, but I'm selling more like 2/3 which is pretty good considering regular homes sales in our area are at 1/2... You have to know what you're doing and stay on the ball.
0 votes Thank Flag Link Tue Nov 22, 2011
Depending on MANY variables, a good agent should close 80%-90%. Many that don't close are the sellers fault and inability to cooperate in our experience.

It is ALL about having a good, experienced short sale expert to assist you. For no cost local short sale assistance, check out -
0 votes Thank Flag Link Fri Nov 18, 2011
We are up to 85% close rate.
Not bad.
0 votes Thank Flag Link Sat Nov 5, 2011
Happy to have any consumer or agent verify our success rate for closing short sales...we currently have 28 listed....and have been doing them for 3 years with 100% success rate....happy to print out an MLS report for anyone who wants to verify it...or refer to our referral sources or satisfied sellers.
0 votes Thank Flag Link Tue Oct 11, 2011
This is a completely loaded question. Avoid working with ANYONE who answers this question with a percentage %. Reality is, many short sales don't close due to factors completely out of agents control, such as uncooperative sellers. It is funny when there are agents on this page saying they have closed 20 short sales and have a 98% success rate. Not sure how that one is calculated... People come up with numbers like that in a desperate attempt to add value to something where value isn't present. They NEED to sell themselves, because the truth is, they aren't any good!

ONLY choose an experienced short sale agent with a proven track record. Check out -
0 votes Thank Flag Link Tue Oct 11, 2011
This is a trick question, as most short sales NOT closing are due to sellers not cooperating. The question is, how well are you screening your sellers?
0 votes Thank Flag Link Mon May 2, 2011
I just closed another one through reo prep. Very satisfied and I think I am picking up a few more from them immediately. Ya for http://www.reoprep.com
Web Reference: http://www.reoprep.com
0 votes Thank Flag Link Wed Mar 23, 2011
I love short sales and work with a very professional negotiator who treats my clients like family! We are closing all of them except for when the sale date is a week or two away or the clients are not disclosing all their information properly or honestly in rare situations. I would love to help on any new listings in San Diego or Orange County. I am happy to say my clients have been great to work with and they are getting a bit easier in some situations. I am also settling promissory notes!
0 votes Thank Flag Link Tue Mar 22, 2011
On an average, I would say that 3 out of five actually closes. It depends on the lender. I have seen some lenders send a file to foreclosure with a bonafide offer on the table. Our buyers agents in the office refer their short sale inquiries to our shor sale specialist. Many listing agents son't like short sales because they are so tedious. It's alot of paperwork. Surprisingly, BOA is becoming one of our favorites to work with since they have Equator.
0 votes Thank Flag Link Mon Mar 21, 2011
Currently I have around 50 listings, 48 are Short Sales. I would say 90-95 of those Short Sales will close.
0 votes Thank Flag Link Sun Mar 6, 2011
We close short sales in all 50 states. Every bank has their own guidelines, and even worse every bank works withe different investors, so trying to do short sales yourself is going to be a very trying experience.

Visit us at http://www.shortsellmyhome.net
0 votes Thank Flag Link Tue Dec 7, 2010
Three of my short sale listings closed within the month of November. Another one was approved by the 2nd lender today. We got first lender approval last week.

So far 100% of all the short sales I have negotiated have closed.

Meena Gujral
Help-U-Sell Achievers Realty
http://www.helpusellachievers.com
40083 Mission Blvd
Fremont, Ca. 94539
925-425-9491
0 votes Thank Flag Link Wed Dec 1, 2010
This is a trick question, as most short sales fall apart due to the sellers not cooperating, or some matter that is out of the agents control.

It is good to find an experienced short sale agent first who knows how to get them done one way or the other:
0 votes Thank Flag Link Wed Dec 1, 2010
A brief look at Pinellas County Florida MLS stats do show are remarkable improvement in shortie success.

Active Single family homes: 6,492 of these 1,722 are shorties and 495 REO

6 month solds:------------------2390--------------823---------------------------858
YTD solds:-----------------------3565--------------1258------------------------1290

With some understanding of the duration of the shortie-to-close time required, we can see more than 50% are closing, a remarkeable change from 6 monts ago.

However, I will focus my energy on the bigger pie.
0 votes Thank Flag Link Tue Oct 19, 2010
We close 96% of our Short Sales. We are a short sale negotiating company located in Florida, but we work in 48 states. If you ever need help with any short sales . Please call me at (386) 269-0595
Web Reference: http://ww.truelossteam.com
0 votes Thank Flag Link Tue Oct 19, 2010
We are closing 85% of our short sales. You need to focus on the BPO. If you know anyone in the Pennsylvania or NJ market needing my services, please give me a call. 215-817-4278
Web Reference: http://www.AForwardMove.org
0 votes Thank Flag Link Wed Oct 13, 2010
Its interesting looking at the answers how they have changed even for my self.
Past few years have been 30-40% then this past year with equator and reoprep managing the process I wold say 50 to 60% and it seems that lately I have been at about 80% so this is a sign that things are improving. I have to give a thank you to the folks at reoprep because they have assigned quite a few SS listings to me and have been a blessing to work with.
Web Reference: http://www.reoprep.com
0 votes Thank Flag Link Mon Oct 4, 2010
I close about 95% of my short sales. The 5% that aren't closing are ALL buyer issues...can't qualify, spouse arrested, No Visa, Cold Feet, etc. I have 100% Approval Rate so most of these buyers have lost their earnest money. I do not outsource so I can always be in total control of the situation...whatever that may be. I am Short Sale Certified (CDPE and SFR). I've been doing short sales since March 2006. I've had good and bad experiences with all banks...I don't believe there is one particular bank that generally is better or worse than another. There are so many variables that most buyers and sellers don't know about...bank, investor and mi company. It is not a fast process and all parties involved have to agree.

Lisa Allen, REALTOR, CDPE, SFR
Short Sale Specialist
404-925-8261
LisasListings@att.net
0 votes Thank Flag Link Fri Sep 24, 2010
Hi Guru

At the moment we are having sucess with a little over 80% of our short sales.

Here is a hint to my fellow agents. Whether it is a Lender (Short Sale) or an Asset manager (REO) when they send their questionaire and want the Buyer's contact info (Present address, Phone Number, Email and my favorite - Social security number) they get My Officee address, my email, 555-55555 for a phone number ande 123-45-6789 for a SSN I learned a long time ago there unscrupulous people out there that wait for your buyer to wear down and the listing to expire and then resurect the deal after you are out of the picture

JD Weisenburger
Coldwell Banker Vanguard Realty
0 votes Thank Flag Link Thu Sep 23, 2010
It is interesting to see the responses here as short sales have changed a lot in the last two years.
0 votes Thank Flag Link Thu Sep 23, 2010
I do a lot of short sales and also have short sale listings. But before I take them I make sure my paper work is in order. I have my packet for that lender in order. I make sure that the sellers do have a hardship and have everything in order before I start. I get everything off to the lender in the format they want them in. Making sure that everyone stays on the same page. I do not out sources at all. I have found that they don't do any better then I do with getting everything in order, You must know if you will be dealing with more then one bank. If there are any additional liens on the property. Make sure you get the best clean offer that you can. Make sure that you provide them with buyers pre qual or proof of funds.

Debby
Homestead Realty Inc
Milwaukee WI
http://www.debbyrealestate.com
0 votes Thank Flag Link Sat Sep 18, 2010
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