Home Buying in Miami Beach>Question Details

Marc Middlet…,  in Miami Beach, FL

Would you rather list a Short Sale or Foreclosure?

Asked by Marc Middleton, Miami Beach, FL Thu Sep 20, 2012

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Steve (888) 662-4404’s answer
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!

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service U.S. Marine Corps
2 votes Thank Flag Link Thu Sep 20, 2012
Great question. I would MUCH rather list a foreclosure IF it offered a fair listing commission and not a flat rate. They are certainly faster to move and give me, the listing agent, more control over the entire process and timing.
1 vote Thank Flag Link Thu Sep 20, 2012
I am more experienced with short sales, which typically have proven rather profitable.
1 vote Thank Flag Link Mon Sep 24, 2012

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!

1 vote Thank Flag Link Mon Sep 24, 2012
I have opted both, but it is best to begin the short sale process as soon as possible. Since a foreclosure usually takes approximately 7 months to complete from the date of the first missed mortgage payment, it is best to try and list the property once a borrower cannot afford to make the payments any longer.
1 vote Thank Flag Link Mon Sep 24, 2012
I have listed both, but dealing direct with the lender with a foreclosure is the path of least resistance.
1 vote Thank Flag Link Sat Sep 22, 2012
I will take both of them. With a short sale because it takes longer to sell, I can get more leads. However, it is neither an easy or short process. And with Foreclosure I can sell it faster and move to a new listing.

Maria E. Cipollone

1 vote Thank Flag Link Sat Sep 22, 2012
5 short sales listed, 3 pending, 2 more new short sales listed next week pending document gathering.
1 vote Thank Flag Link Fri Sep 21, 2012
If I could hel a homeowner I would rather list a short sale!
Nice question,

Maria Natalia Ortiz Ladenheim
Real Estate Consultant

Direct line: (786)2632609


Skype: natylade

E-Fax: 1-888-419-1542

Miami Riviera LLC
1 vote Thank Flag Link Fri Sep 21, 2012
I agree with Terry;
if for no other reason than I am helping some homeowners out of their "Hole", instead of helping a Bank!
1 vote Thank Flag Link Fri Sep 21, 2012
I have been doing short sales for several years now and I have an extremely high success rate of getting them closed. Personally I would list 10 short sales over 1 foreclosure.
1 vote Thank Flag Link Fri Sep 21, 2012
Yep. Even with an aggressively priced property, each offers its own twists. In the end, yes...you may get a faster approval with a Foreclosure (if you win the bid), but you also have other challenges, including curing violations, etc. Short sales may make you the only offer the lender reviews, but many lenders are trying to get more than often the property can bring still today. Both require proper knowledge on how to handle every twist and with enough volume, one can be successful at either/both.
1 vote Thank Flag Link Fri Sep 21, 2012
Foreclosure, definitely. A short sale can drag on for months. Many times controlled by the seller who doesn't really want to sell or an uncooperative tenant.
1 vote Thank Flag Link Thu Sep 20, 2012
Great Question,

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.


1 vote Thank Flag Link Thu Sep 20, 2012
Foreclosure for sure - if priced right!
1 vote Thank Flag Link Thu Sep 20, 2012

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.

1 vote Thank Flag Link Thu Sep 20, 2012
I have never sold real estate but I've been in this industry since 1989. If I were a Realtor in the current market I would NEVER list a short sale or foreclosure. Instead I would use all my experience and skills to list properties with well-motivated Homeowners, price the properties to sell quickly, market the heck out of the property to churn my inventory quickly and move on to more and similar listings.

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.

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Thu Sep 20, 2012
Foreclosure required time and experience, Short Sale required time, experience, patient buyer and cooperative seller.
1 vote Thank Flag Link Thu Sep 20, 2012

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.

Luis Iglesias
D & I International Realty
Principal Broker
(786) 395-0341
0 votes Thank Flag Link Fri Oct 5, 2012
A foreclosure; short sales are still difficult and unpredictible.
0 votes Thank Flag Link Wed Sep 26, 2012
List a Short Sale.
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
0 votes Thank Flag Link Thu Sep 20, 2012
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