It is most important that you educate your sellers of the process and make sure the buyers agent is also knowledgable.
I think the bad reputation short sales receive is due in part to too many inexperienced agents, hungry for listings, taking any property listing without really pre-qualifying the seller for a hardship. And of course the bank or banks involved play a big role as well. BOA seem to finally have their act together but many of the smaller banks just don't have the resources to move like them.
HAFA and the client was turned down 3 times for a modification before he decided to well. B of A says the problem is with their system. LOL! I fully expect the BPO will no longer be valid by the time we get approval early next week. Sad part is, we have an offer, one we can work with and I can't even submit it!
It takes persistence and patience and, yes, like Jennifer, I used to be a paralegal so I know how to put the paperwork together the way the Bank wants it. I have even prepared a 'CMA' that was more like a legal brief for one of my files, complete with market trends, inventory levels, and a CMA. You just have to be willing to do whatever it takes to get the deal done. I have lost short sale clients because they got tired of waiting, had one where the BUYER couldn't get a mortgage and stringing us along, but I have never failed to get one closed as long as we had a legitimate offer and buyer.
PS - there is an awesome short sale website designed for agents to network with eachother and help each other out with forms, guidance, etc. I'd be happy to share it with you. And if you need recommendations on really awesome negotiators/law firms, happy to share that with you too.
My office has been specializing in short sales since what seem like 'forever' !!!, and we've been very successful.Processed about 160 and have 20 or so on the go at any one time We have an experienced, full time, in-house staff that handles the processing and submission of the paperwork to lenders. Some short sales are MUCH smoother than others; it depends a lot on the lender, how many mortgages there are, and who the investor ho;ding the note is. We would love to take referrals if you do not wnat to mess with short sales
Please let me know if I can help you further
Do you or any one you know want to buy or sell real estate or a business in Florida? If so please let me know
Check me out at http://www.trulia.com/profile/DisneyWorldVacationHomes/#__rec
Lic. Real Estate and Business Broker
Accredited Luxury Home Specialist
8810 Commodity Circle
Telephone +1 407 832 4888 Fax + 1 877 833 7163
please reply to:alan@FrontlineFloridaRealty.com or FrontlineFlorida@earthlink.net
We have an experienced in-house short sale negotiator free of charge who handles A to Z of our short sale listings. I have personally closed 100% of my short sales but of course have heard horror stories from my colleagues. About 50% of our listings are short sales so we have a really good handle of the process and have worked with virtually every single bank out there.
Hope this helps.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com Or abidhendi@ORLANDOPROPERTIESONLINE.COM
Website: http://reosofflorida.mfr.mlxchange.com/ Or http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
My office has been specializing in short sales since 2008 or so, and we've been very successful. We have an experienced, full time, in-house staff that handles the processing and submission of the paperwork and negotiations with the lender. Some short sales are MUCH smoother than others; it seems to depend a lot upon the lender, how many mortgages there are, and who the investor on the loan is. Fannie Mae has been particularly difficult recently, as they've randomly started expecting contract price to be 35% to 55% higher than market value.
Although no short sale is "typical", we've been experiencing sale times of about 45 to 90 days. Again, this depends on so many variables that it's hard to pinpoint exactly, but that's a good estimate.
Good luck to you!
RE/MAX Exclusive Collection
I am in Vancouver, WA . I am an Exclusive Buyers Broker. There are more traditional sales coming into our inventory, even this time of year, plus a lot of new affordable builds. Two years ago I was completing one or two shorts per month with clients. Yes, they can be time consuming and have hiccups, but at that time it was really the only way a first time buyer could get into a home around here, and I actually had some very savy higher end buyers that were willing to wait through the process. Currently, my clients have so many choices that they are choosing to "opt out" of short sales on their auto replies. Good luck.
Lets hope so....
Best of luck, Marie
I agree with Judi, no two short sales are alike. One thing I have learned with short sales is to expect the unexpected. It seems unforeseen issues always seem to arise but luckily I have managed to close all my short sales thus far.
Best of Luck,
In short, we have been very successful with negotiations involving short sales. We have our own short sale division within our company. They specialize in doing short sales and it is all they do. All of our agents receive free short sale negotiation so our staff is very busy with their transactions in addition agents from other companies have our staff do their negotiations as well.
The short sale negotiation cost is paid by the banks and there is no charge to buyers, sellers, or realtors.