Home Buying in Denver>Question Details

Brian Burke, Real Estate Pro in Highlands Ranch, CO

This is for the Realtors. How many offers on short sales have you written as a buyers agent that closed. What is the ratio?

Asked by Brian Burke, Highlands Ranch, CO Tue Nov 3, 2009

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This year 4 -0, last year 2-0 before that 2-0.....I try to stay away from them. I had one last week that after they got the offer the bank decided to work with them and they pulled the listing after all most a year. We have written another this week and am waiting to see how it goes.
1 vote Thank Flag Link Thu Dec 31, 2009
During the past 3months - I have written 6 offers on short sales - of which, none have closed. One of the properties went through foreclosure, one turned out to be a meth house, and the others are waiting for decisions from the lenders. I must say that I have been impressed with the work the listing agents are putting into getting them sold. My phone calls are being returned promplty - and I have felt like I was being kept in the loop. It seems like the banks have everything they need - but are just sooooo slow in responding.! This makes everyone frustrated.
Two of my buyers got tired of waiting and wondering and hoping etc.....we pulled their offers and went ahead and purchased non-distressed homes. Now - they have moved in and are enjoying their new homes.
I would love it if the banks were required to work within a reasonable time frame - and respond with what there intentions are. It would sure ease the anxiety felt by teveryone involved...and we would all feel a bit more professional.
1 vote Thank Flag Link Tue Nov 3, 2009
Brian and others

Short sales are frustrating and thought I would post this as its funny and really does show how much work

its not my clip but very popular on youtube right now...in fact not a bad idea to show your clients this so they realize although this isnt 100% accurate, it does show that it can be a difficult process

1 vote Thank Flag Link Tue Nov 3, 2009
I've learned this year that it depends on the lender and investor. If the loan is owned by Freddie Mac or Fannie Mae, you have a pretty good chance because the government is helping them take the loss. Some lenders are better than others. I don't want to name names, but the worst one (and one of the biggest) just hired a ton of loss mitigation specialists that will hopefully improve things. I've only done Wells Fargo short sales and they all have closed.
0 votes Thank Flag Link Thu Nov 5, 2009
All my short sale offers have closed. They took between 2 months and 5 months.The Listing Realtor on my last one said 80% of short sales don't go through. I advised my Buyers to keep the offer simple and be patient. And I communicated often with the Listing Realtor. I have also found the person in the REO department dealing with the offer to make a human contact at the start.

Elisabeth Lustok, ABR, CMAS
0 votes Thank Flag Link Tue Nov 3, 2009
As a buyer's agent the ratio is a lot lower than the ones that close when I'm the seller's agent. About 75% of the time, my buyers find another house they like and withdraw their short sale offer. I have buyers now who've been far more patient than even I wanted them to be, and it looks like the seller's agent has quit trying, so it may not pay off for them. Not what I want for my clients.

0 votes Thank Flag Link Tue Nov 3, 2009
Hey Brian, great question. Mark and I have written 5 offers on Short Sales this year and none of them closed. All of those Buyer's gave up and we found them homes that were really for sale. We had listing agents who did everything possible to get the banks to accept an offer and we had listing agents who wouldn't give us any information from the time their Seller's signed the offer until we finally gave up. The last time I looked at these homes all of them were still showing for sale...just sitting on the market, getting offers and not going anywhere, just frustrating a lot of Buyer's.

Last year was a totally different story, we closed all of the Short Sales that we had accepted offers on. It seems this year the banks are just sitting on the short sales. I actually met with an assistant of a Congressman to discuss the way Short Sales are making it difficult for normal Sellers to sell their homes, but I didn't get anywhere with it. I think once there's an offer accepted by the Seller they should be showing Under Contract or a new status should be put in the mls until the bank accepts an offer so that dozens of Buyer's aren't thinking they have a chance at a home that's not really available. The Buyer's are thinking that there's a lot of homes to choose from when they look on sites like Trulia and Zillow, etc. but are finding that they aren't actually available. It's also making the market look worse then it really is. The amount of homes showing for sale is not accurate.

I can't wait to see responses from other Realtors. I hope everyone answers honestly and don't try to make it look like they're super agents that get them all closed.

Sandy Kinslow
Coldwell Banker Residential Brokerage
0 votes Thank Flag Link Tue Nov 3, 2009
On the selling side I have been very fortunate 100%, on the buying side we also have been 100% successful, but have only done two so the percentage doesn't mean a whole lot.
Web Reference: http://www.stuartdobson.com
0 votes Thank Flag Link Tue Nov 3, 2009
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