Home Buying in Arlington>Question Details

Cynthia, Home Buyer in Arlington, VA

Been told that realtors in VA. are refusing to handle or work with short sales. Told it never works

Asked by Cynthia, Arlington, VA Tue Sep 9, 2008

Makes it tough for those wanting the deals that appear in the marketplace.
What to do? Heed their advice and simply not go there?
Find a realtor that knows the current and navigates to safety?
Help!

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6
ARTUR URBANSKI’s answer
Cynthia,
Yes, short sales can be very stressful and frustrating. However, they potentially offer best values to clients. One way to benefit from them and is to look for so called "approved" short sales (ask your agent to check it on Comments on MLS). These are sales that were approved, but by the time approvals were obtained, buyers gave up. So, you have listing Agents with approved short sales but without buyers. Not all "is gravy" however, as the approved price might too high for new market conditions (in many places prices keep decreasing). So, if you offer below the approved price, your offer will have to be "re-approved". This can be painful because of the time involved, but definitely less painful and much quicker than waiting for the "original" lender(s) approval. Also, look at the # of lenders involved. If there is only one lender things are fairly straight forward, but with two lenders things can get messy. Next thing to look for is to find out how experience with short sales is the Listing Agent or if he is using short sale facilitators. Facilitators are often (not always) better than agents doing them as the name of the game is "experience". Hope it helps. Check also this website http://ShortSaleDosDonts.com It explains what short sale facilitators do.
Web Reference: http://www.cimpler.com
1 vote Thank Flag Link Tue Sep 9, 2008
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
MVP'08
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I wouldn't necessarily go so far as to say that ALL Realtors in VA are refusing to work with short sales...but I wouldn't be surprised if the majority of the agents you encounter would rather not deal with them.

Do some homework and find out WHY they choose not to work with them...it's quite possible that you might make the same decision as a buyer...

Take a look at the link below for some information regarding short sales and how they work from a buyer's perspective...
1 vote Thank Flag Link Tue Sep 9, 2008
Cynthia,
If you are encountering an agent that does not want to handle something there is a reason. Say an agent says I would prefer not to handle Commercial. wouldn't the commercial seller love the residential agent that said that because the agent knew little about commercial. If the agent does not want to handle short sales they know little about them.
Do you have any Real Estate offices that have mortgage offices in the same office. If so you may find someone that handles short sales. Try the larger firms and just call and ask them if they have an agent.
I will be happy to check and see if any Century 21, Remax or Era offices near you have a short sale agent and refer them to you but I will need to get with you for permission.
Margaret
0 votes Thank Flag Link Wed Sep 10, 2008
Short sales are typically very tough on realtors and buyers. It takes the right person on both parts to make them work. Most buyers are geared up for the challenge, so that's why lots of realtors don't want to do them. It's tough on the realtors too. We might work on a deal for two months only for it to go down the tubes the day before closing....the buyer gets frustrated and perhaps doesn't want to buy a home any more due to the stress and so we've spent a couple of months working twice as hard as normal on a home that then doesn't close. We only make money when they close so I'm not surprised some realtors are not working them. I personally like the challenge, but am selective on which clients I want to go after them. They have to understand things can go wrong and that they can spend/loose money in the process. They also need to be very patient and typically have someplace to live that is very flexible...for example if they are living with parents or friends or can own two houses at once. If money is tight or you need to move on a specific day, short sales are not always the best deals. If you have a little money to gamble and are flexible on time you can often get a better than average deal. They won't be steals likely, but perhaps better than average. If your realtor won't go there and that's what you really want to do, ask for a referral. I've normally found there is an expert in the office willing to work foreclosures or short sales or any other type of property. Some know condos, some know townhomes, some know foreclosures....you just have to find the right person to work with.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Sep 9, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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It is correct that MANY agents simply do not want to do short sales because on a percentage basis; very few every get to closing. Short Sales are only feasible for certain buyers. Many will take 60-90 days to close; if they ever close at all.
Also keep in mind; while you may find an agent with short sale experience, if you run across a listing agent whom doesn't know what they are doing - it can make the transaction painful or impossible.
While I do not work on short sales; I know a colleague who does and I will be happy to pass along her name if you would like. Contact me at Jim@JimDowning.com
Best of luck.
0 votes Thank Flag Link Tue Sep 9, 2008
I suggest that you find another Realtor - one who (a) knows what a short sale is and how to prepare a proposal acceptable to the bank/lender; (b) has closed at least several short sale transactions; and (c) is persistent and not easily discouraged. My wife & I began specializing in Georgia short sales last year. We are coaching students of Harris Real Estate University and co-authors of a book on the subject. Take a look at their website link below. The university has an extensive referral network across the country of agents specifically trained to handle these type transactions. If you are interested in purchasing a short sale listing, I could refer you to a qualified agent in your area of interest (if so, email me offline).
0 votes Thank Flag Link Tue Sep 9, 2008
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
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