What problems are you experienceing with your short sales?

By
Real Estate Agent with IPB Commercial

I have found most agents have the same 5 problems when dealing with short sales.

  1. Banks are discounting my commission!
  2. I can not get anyone to make an offer on my listings?
  3. The banks take forever to approve my short sales!
  4. I hate talking to the loss mitigation reps and waiting on hold for hours!
  5. The buyers flake out just before I get the deal approved and then the bank forecloses on the home!

Are these similar to the problems you experience? I want to know your opinions and what kind of problems you or other agents you know are having with short sales.

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Rainer
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Jim Evans
Prudential PenFed Realty - Lake Ridge, VA

Kylie, it is true they are difficult. The main thing is constant communication. especially to the buyer's agent. Let them know when the bank has communicated that they have received the package, when the appraisal (or BPO) has been ordered, when a negotiator has been assigned.

Commissions are less likely to be discounted if the list price and offer fall within the thresholds allowed by the lender. But you need to take a class in order to be able to do the math and figure out list price vs threshold.

Use remarks in the MLS such as: "Short Sale package has been reviewed by lender". or "Only 1 lender to get quick approval". If the buying agent feels that you know the processes they are more likely to write on yours.

Countrywide is the worst that we have worked with. Several others, especially Wells Fargo, are a dream. They will even be proactive and do the appraisal before they receive an offer...even on a conventional loan.

Best of luck to you.

Apr 08, 2009 09:27 AM #1
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Rainer
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Kylie Hatch

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