The Longest Sale in Real Estate.......A SHORT SALE!!!

By
Real Estate Agent with Re/Max ALL PRO

Okay I'm strictly speaking from a Realtor's point of view - there is nothing short about a short sale!!!  It's the longest sale in history - (If only I could compare this wait to new construction - no no -  once under contract with new construction, you at least know what to expect) Was it a joke by the lenders to come up with such a term??  I know what the term "short sale" means and how it's relevant to the process for what the sellers have to do ..... but there is still nothing short about it -   I'm not picking on lenders and my frustration is not directed towards all lenders -  Since short sales started to become so significant in the industry it has become the new "fear" for some Realtors, sellers and buyers alike.  I have already had my share on both sides of the deal, so I do have a little experience and compared to some of the stories I've heard from other agents, I got away unscathed!!  I think over the past year or two there has been a lot of improvements from what I'm reading but overall, I think there's a lot of room for improvement especially with the turn around time  -  I'm fine with the waiting game as long as all the parties involved are very clear with realistic expectations -   Where I have a problem is working sometimes twice as hard and twice as long on a deal just to have a lender telling you, after weeks of waiting, sometimes months, what our bottom line will be and what we're worth in terms of commissions ( and why in the world do they always want to cut out your administration fee if you have one?? like that's really going to help them meet their financial goals - OOOYYYYY talking about adding insult to injury .   Has anyone gotten an acceptable reason as to why it takes months to make a decision on whether or not the offer will even be excepted??? I'm sure all the lenders know, the longer they take the larger their losses -  oh that's right, they will get back to you when THEY are ready - is it the Realtors fault that some (not all) lenders have a small part to play it this crazy game that helped get some of these sellers in the situation their in now??? - many of these sellers very likely didn't qualify for the loan(s) in the first place -

I'm happy to report that in the Maryland/DC/Virginia area, which uses MRIS (Metropolitian Regional Informational Systems) we (the CEO of MRIS and Realtors from MD/VA) had a meeting earlier this month.  The primary reason was to release the 1st Quarter reports for 2008 with accurate housing Trends. Overall it was helpful, but more importantly the question came up in the Maryland meeting of how MRIS can further assist Realtors in regards to short sales.  MRIS representatives did say that they are working closely with MARs (Maryland Association of Realtors) and hopefully the DC and VA Associations as well in contacting lenders across the East Coast who play a significant role in finalizing Short Sales to express our concerns and how we (Realtors) are effected.  It was also recommended that NAR (National Association of Realtors) get involved as well, so that our voices as Realtors can be heard since I don't believe short sales are going away anytime soon - If anyone has any updates on NAR's position in regards to Short Sales on what they are doing to assist us in our plight, please let me know, I would appreciate any information you have to share! Thanks

 

 

  

 

 

 

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Rainer
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Janet Alvanzo

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