The Other Side of Short Sales

By
Real Estate Agent with Lyon Real Estate BRE #00697006

keys to a sacramento short saleEverybody talks about how hard it is for a buyer to wait for short sale approval, but you rarely hear people talking about the toll it takes on sellers. Short sales are no picnic for anybody, but they are especially difficult for sellers.

If the deal falls through or the bank rejects the short sale, the buyer hasn't lost everything. The buyer has lost a little time. The buyer can go buy something else. The sellers, on the other hand, either start over with a new negotiator or let the property go to foreclosure, which is the very thing they were trying to avoid by doing the short sale. This is after waiting for months for an answer from the bank.

It's the uncertainty that sellers have to face. It's emotional blackmail. They don't know what the bank will do. Not even a seasoned Sacramento short sale agent can accurately predict 100% of the time what the bank and the bank's investors will demand. From the torture of having to write a hardship letter to handing over personal documents such as tax returns, bank statements and payroll stubs for scrutiny and examination by people who don't give a crap about the seller, short sale sellers experience plenty of anxiety. Who wants to be placed under a microscope?

They worry about what the neighbors will think. Will the neighbors judge them because they are trying to do a short sale?  Will the neighbors get ticked off that the short sale will pull down their property values? Will pranksters throw eggs at their house?

If they have children, do the kids pray on bended knees at night that their short sale gets approved? Our Heavenly Father, bless mommy and daddy and Sparky, and please let the bank approve our short sale.

Sellers worry that their lives will never return to normal. They have never-ending questions to which there are no cut-and-dry answers. Should they pack up the house? Will they move in with their parents? Can they insure a vacant house? Who will water and mow the lawn? Who will rent to them? Is their credit rating shot? Where do they have to move to find a job?

I wish buyers would think about this before defiantly walking away. They're not harming the banks. They are causing irreparable damage to the sellers.

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

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Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Re-Bloggged 5 times:

Re-Blogged By Re-Blogged At
  1. Bob Hertzog 09/13/2010 02:17 PM
  2. Las Vegas Listing Agent Dawn Barrier 702-812-4550 09/13/2010 02:34 PM
  3. Dawn Maloney 09/13/2010 02:56 PM
  4. Maria Mastrolonardo 09/14/2010 09:42 AM
  5. Chris Ann Cleland 09/18/2010 11:39 PM
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Topic:
Real Estate General Information
Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Club Chaos
Lyon Realtors
Posts to Localism
Short Sales Specialists
Tags:
short sale approval
bank rejects short sale
foreclosure
short sale
sacramento short sale agent
hardship letter
insure vacant house
elizabeth weintraub

Comments 35 New Comment

Rainmaker
312,028
Lori Churchill Cofer
Realtor - 509-330-0086 - Pullman, WA
Beasley Realty

Elizabeth,

All I can say is they are lucky to have you ease their way...what I don't get is an agent taking one on when they not only don't know how to do them...and worse...don't care...

September 14, 2010 10:20 AM
Rainmaker
1,149,675
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

More than in regular real estate transactions, there are a lot of emotions zinging about in short sale deals. I try to be sensitive to the needs of all parties but I especially want to be there for my sellers. Some days it's like being a guidance counselor, others it's like being a doctor, housekeeper or maybe even sometimes a cruise ship director or stage manager. All situations are different and require flexibility, empathy and, most of all, I suppose, kindness.

September 14, 2010 10:45 AM
Rainer
30,768
Ryan Case
Pacific Servicing

If they can't make an easier process for short sales then perhaps agents should just stop doing them being they are such a hassle, take forever, and success rate is low!

September 14, 2010 10:50 AM
Ambassador
1,758,342
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

Elizabeth - I missed this somehow and just found it via a reblog of another post that mentioned how wonderful it was. Agreed. We certainly don't hear much about the seller and aren't they ultimately the ones who suffer most? The bank certainly doesn't. The seller's situation simply worsens while things drag on in many cases, with some facing the foregone conclusion of the trustee's sale.

 

September 16, 2010 10:11 AM
Rainmaker
639,790
Marchel Peterson
Spring TX Real Estate E-Pro
Results Realty

Elizabeth, I have done two short sales (long before they were popular) and in both instances I lost buyers along the way. Luckily both times I ended up with a buyer showing up at the end who ended up purchasing the home.

September 18, 2010 11:42 PM
Rainmaker
1,149,675

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents

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Additional Information

Broker-Associate at Lyon Real Estate, midtown Sacramento office. Selling since 1974. Homebuying expert at About.com. Best short sale agent in Sacramento. Elizabeth sells homes from Galt to Lincoln.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for About.com, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you.