Short Sales (i.e. LONG SALES) are NIGHTMARES!
Sure even a blind squirrel may find a nut here and there, but there is a reason why everyone in the industry and most consumers who have had experience with them hate to even hear the term Short Sale!
Like I always say, Short Sales are...CLOWN CARS FULL OF HORRORS!
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps
IRS is gearing up for Short Sales!!
We all know Short Sales have become NIGHTMARES as these banks are not under the same pressure to allow them anymore, plus the Debt Relief Act of 2007 is expiring Dec. 31st which means sellers are going tohave to pay income tax on the short sale amount.
If you have any seller dragging their feet, they better step it up or they could be facing quite a large IRS debt coming at them!
Maria E. Cipollone
Maria Natalia Ortiz Ladenheim
Real Estate Consultant
Direct line: (786)2632609
Miami Riviera LLC
I think if I did either, t may be list a foreclosure as it could sell quickly --- and close quickly.
All the mentally challenged folks working in the banks are in the short sale department.
I being listing short sales for the last 5 years and they work pretty good, some times they take for ever (when I handle the buyer) but most of the times are smooth and easy (when I have the listing and my team working together) So like I said before make sure you are not wasting your time with a seller trying to gain time and looking to live free for as long as they can't.
Just try to avoid situations where you know the seller's are not going anywhere and you will get to the closing.
I know a few agents here in New York who do exactly that. Their inventory turns over quickly and they always have listings. They have a lot less stress with their deals because they've set a standard for the kind of listing/seller they'll work with. And they get to commission checks much faster.
I know more than a few agents who have turned "to the Dark Side, Luke!" and listed lots and lots of short sales and REO's. Huge inventory, fewer sales as a percentage of inventory. The variables included in the short sale/REO calculation are too many and unknown. Sellers who don't submit complete short sale packages; bank negotiators who are inflexible when negotiating terms on REO sales; appraisals for Purchasers' mortgage loans that can be short of value or loaded with repair conditions. In short, lots of uncertainty in getting to a closing table and collecting a commission check. But these agents list away. I guess it's good to be independently wealthy.
If I sold real estate, I'd list and sell, list and sell, list and sell all day long. Commission checks trump a big pile of unsold homes.
My preference is to list a short sale. However, that is just due to my personal experiences with them and knowing how to work with lenders to achieve a fast and optimal result.
D & I International Realty
With the right lender, the right buyer and the right expectations, the right system, everyone will make more money, but only if you know what you're doing.
IT's easier to work for tips via a Foreclosure.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL