In My Neighborhood in Weston>Question Details

Susan J Penn,…, Real Estate Pro in Weston, FL

How is your short sale listing working out with your buyers and sellers?

Asked by Susan J Penn, PA,SFR,CDPE, Weston, FL Sun Feb 14, 2010

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Alex Montelongo, Broker & Associates’ answer
I know that his is an old post but I am responding basically as an update to the market in 2014. Short sales count for less than 5% of the inventory nowadays. Thank goodness that era is nearly over. Appreciation her ein California last year was nearly 30% in some areas. We are finally headed to a healthy real estate market.
0 votes Thank Flag Link Thu May 1, 2014
Susan, the simple answer it depends on which bank i was working with. Countrywide is a nightmare. Wells not far behind. With other banks though, i have noticed they are moving along alot faster than they used, it takes that daily phone call each and every day to see how things are going and if they need anything to move things along though. It is important as the listing agent to make sure everything is submitted correctly and on tiime. I have been continuing to work with short sale sand have been satisfied that they have wroked out well for the sellers.
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0 votes Thank Flag Link Sun Feb 14, 2010
I can remember being told as a child that “if you can’t say anything good about a person (short sale), then don’t say anything at all”. So…next question…
2 votes Thank Flag Link Sun Feb 14, 2010
I've had a few short-sale listings and I can say without hesitation, my record is 100%.

It's not all me, I have a solid team I associate with that simply is the best.
0 votes Thank Flag Link Thu May 1, 2014
Short sales are getting faster and easier with most of the properties that I am working with.
With all my short sale transactions I work with a Real estate attorney that specializes in short sales.

James Loftis
Real Estate 911 Inc
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0 votes Thank Flag Link Sun Aug 5, 2012
WE all know short sales are frustrating for all involved including the agents, the buyer, the seller, title co, lender, etc. The only way I have survived 100+ short sales is by outsourcing the time consuming task (not rocket science) to a third party firm called Open to Close. They stay in touch with all parties on a weekly basis, and they allow me to close deals and leverage my time with a 97% closing ratio. That's my two cents! :)
0 votes Thank Flag Link Wed Feb 24, 2010
Short sales can be difficult. I've had some go through easily, and some fall though, find a realtor in your area that has experience in short sales and your chance of success are much better!
0 votes Thank Flag Link Wed Feb 24, 2010
Short sales are not so different from other normal sale...AKA everything will sell for the right price.
0 votes Thank Flag Link Tue Feb 23, 2010

it depends which bank and also how you structure the package adn the follow up, there are some agents that give the file to the closing agent and the closing agent is dealing with 30 files so she probably doesnt follow uo very often, so that is also a delay, but the bank that I heard and dealt that is the slowest one is Bank of America but the switch systems to Equator and it supposed be better.
0 votes Thank Flag Link Tue Feb 23, 2010
Susan, thought you were the famous Gabepal with such a leading question. As noted already the answer is it depends.
0 votes Thank Flag Link Sun Feb 14, 2010
It seems that short sales can, will and certainly do close. I'm working on closing 2 short sales now, and we are at the last leg of the journey. It certainly has taken time ..... But we are finalizing everything! Time, patience, good record keeping and supporting documents. Things are working out.
0 votes Thank Flag Link Sun Feb 14, 2010
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