Realtors have a very important role when it comes to helping sellers short sell their homes. It is the Realtor who works to attract the purchaser by communicating with buyers and their Realtor. The seller’s agent and the buyer’s agent often have to negotiate to come up with a consensus that is acceptable to both clients. Getting everyone to come to a mutual agreement is not an easy task for Realtors.
Some Realtors may get stressed out because of the task that is placed upon their shoulders. They have to look for buyers, help the seller come up with a good hardship letter, deal with a buyer’s realtor, and basically do everything they can to help with the short sale. The seller’s Realtor has to analyze various offers and send these to the lender (or the bank) and wait for them to respond to the offer that is sent to them.
Sometimes all the effort is in vain when a buyer decides that they are not interested in buying the home anymore. Often buyers agree to buy a short sale property but then, never get back to the seller or to his Realtor. Then they have to find out whether or not the buyer is still willing to buy the seller’s house. I recently met with one in a another town. “I hate short sales", she told me. "They are frustrating and take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”
Apparently this agent does not specialize in short sales. Neither do a lot of the other agents that complain about them. These agents openly admit they hate short sales. They say stuff like, "Maybe lenders worry about what would happen if they approved too many short sales." They haven't taken the time to learn how they work. They don't know who owns the loan, or their short sale requirements. (This is all readily available information for anyone who has an internet connection.)
Maybe these agents have chosen to specialize in other area of the real estate business, such as new construction or first time home buyers. Or they specialize in commercial property. All of a sudden they want to short sale your house. Where does that put your odds of a successful short sale? I agree that short sales can be frustrating. But, most short sales do not take 9-12 months, especially when you know what you are doing.
Some Realtors may get stressed out because of the task that is placed upon their shoulders. They have to look for buyers, help the seller come up with a good hardship letter, deal with a buyer’s realtor, and basically do everything they can to help with the short sale. The seller’s Realtor has to analyze various offers and send these to the lender (or the bank) and wait for them to respond to the offer that is sent to them.
Sometimes all the effort is in vain when a buyer decides that they are not interested in buying the home anymore. Often buyers agree to buy a short sale property but then, never get back to the seller or to his Realtor. Then they have to find out whether or not the buyer is still willing to buy the seller’s house. I recently met with one in a another town. “I hate short sales", she told me. "They are frustrating and take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”
Apparently this agent does not specialize in short sales. Neither do a lot of the other agents that complain about them. These agents openly admit they hate short sales. They say stuff like, "Maybe lenders worry about what would happen if they approved too many short sales." They haven't taken the time to learn how they work. They don't know who owns the loan, or their short sale requirements. (This is all readily available information for anyone who has an internet connection.)
Maybe these agents have chosen to specialize in other area of the real estate business, such as new construction or first time home buyers. Or they specialize in commercial property. All of a sudden they want to short sale your house. Where does that put your odds of a successful short sale? I agree that short sales can be frustrating. But, most short sales do not take 9-12 months, especially when you know what you are doing.
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