TOP TEN LIST OF SHORT SALE OBSERVATIONS

By
Title Insurance with THE ZARETSKY LAW GROUP P.A. - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

OK all you short sale Realtors - Here is my list of the top ten short sale rules when dealing with sellers and buyers.  What is your top ten list for YOUR favorite category involved in the short sale process (lender, buyer, seller, buyer Realtor, Seller Realtor, processor, loss mitigator and servicing agent, etc.)?

My TOP TEN BUYER / SELLER observations regarding Short Sales are:

10 - A Short Sale is a tough place for a buyer looking for personal housing.

  9 - A Short Sale is not for people that just want to move.

  8 - A Short Sale is an option for people legitimately in trouble - it is not an entitlement.

  7 - Borrowers need to take responsibility for their decisions.

  6 - A hardship is not a desire.

  5 - Borrowers often mistakenly think foreclosure or bankruptcy is a better route.

  4 - A Short Sale is not a Short Cut.

  3 - As a rule, Lenders accept Short Sales based on Economic Reality .... Sometimes

  2 - If you don't ask for relief you won't get relief.

  1 - Lenders forgive those not entitled to relief ... more often than you can imagine.

Copyright 2009 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. June Piper-Brandon 10/05/2008 01:09 PM
  2. Gabe Sanders 10/10/2008 07:35 PM
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Topic:
Mortgage / Finance
Location:
Florida
Groups:
All Things Florida
Florida RealtorĀ® Network
PALM BEACH COUNTY SHORT SALES
Short Sale REALTORSĀ®
Tags:
foreclosure attorney
florida mortgage foreclosure
palm beach foreclosure
mortgage modification
renegotiation
foreclosure lawyer
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Rainmaker
201,319
Mike Jackson
Realtor - Certified Distressed Property Expert
Bradley Real Estate

I can relate to your top ten Richard.  I do think a short sale can be for people that want to move depending on what stage the short sale is in.

October 05, 2008 01:07 PM
Anonymous #2
Anonymous
Anonymous

I would like to add one more thing...The closing of a short sale is anything but short. On average it will take about 4 times as long as a normal transaction and that is assuming the bank is still in operation, is solvent and not in the process of being bought out...mine took 6 months (6 months from the time all parties had all information needed to close the loan!) 

Realtors don't earn nearly enough to work a short sale.

October 05, 2008 01:13 PM
Rainer
13,923
Jennie L. James
Realty Executives Tucson Elite

Good list. It is important that people know all their options before deciding to buy or sale a house in a short sale situation.

October 05, 2008 01:14 PM
Rainmaker
646,544
June Piper-Brandon
Piecing Dreams One Home at a Time
Century 21 New Millenium

I have a couple who may end up in a short sale only because they got transferred to another state and the market is no longer what it is.  They can't buy a house as long as they own this house, and this house is about $30,000 overpriced right now.  I have successfully negotiated several short sales, each one is a challenge but in some situations it's all that is available to the owner.  I liked your list so much that I re-blogged it!!

October 05, 2008 01:15 PM
Rainmaker
163,115
Susan Milner
Cape Coral Real Estate Broker, FloridaFutureAgents
Florida Future Realty, Inc.

Good list. Not sure about #10 but maybe in some cases.

October 05, 2008 01:32 PM
Ambassador
1,143,642
Paul Henderson
I always put my clients first in any transaction!
RE/MAX Professionals.

Richard, That is one of the best posts on short sales I have read...

October 05, 2008 01:33 PM
Rainer
13,134
Deb Jobin
Realtor - Deb Jobin & Company - Licensed in RI, MA
RE / MAX River's Edge

Richard,

These are great rules.  In fact I plan on presenting your list at the next office meeting.

October 05, 2008 01:50 PM
Rainer
49,855
James G. Pycha
(R), REMAX Kauai Broker
James Pycha (R) - REMAX KAUAI

Hi Rich . .   I really appreciate your post.  Very good Short-Sale Reference Items.

Aloha

JIm

October 05, 2008 02:05 PM
Rainmaker
238,853
Gene Allen
Realtor Hampton Roads Real Estate
Resh Realty Group

Thanks for the information.  I am sure it will come in handy in the future.

October 05, 2008 03:25 PM
Ambassador
1,328,532
Jon Zolsky, Daytona Beach, FL
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Richard,

Read your 10 rules and you would notice first that there is an attorney behind. You know what is wrong and what is right.

Then you tice a street smart and practical person behind, You know what happens in real life, even if that is not right, or how it should be.

Then you notice a poet. They have wit in them, and they are well written.

Thanks, I am a fan of yours, I liked this post. It makes you smile, but it is quintessentially true (I wanted to say "right")

October 05, 2008 05:09 PM
Rainmaker
211,125
Richard Zaretsky
Florida Real Estate Attorney
THE ZARETSKY LAW GROUP P.A. - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Joe -

If you are in no hurry = a short sale is a terriffic way to bag a great deal on a home.  Go for it but use a knowledgable Realtor.  You can find what you need here on Activerain!

November 19, 2008 11:04 PM
Anonymous
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Rainmaker
211,125

Richard Zaretsky

Florida Real Estate Attorney
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