Many agents have chosen not to work with banks or short sales. This can add another income option for many agents.
It takes a bit more calmness and listening to get the listing of a short sale. These are people that have been struggling to make ends meet and now have come to the decision that foreclosure is just around the corner.
The option is the short sale process. What do you have to do? Simply the agent has to be allowed to talk with the lender. The seller needs to provide paperwork to the lender as well.
Another issue that sellers have to face in a short sale is the very likelihood the sellers will not get a dime from the sale of their home. Showing the numbers to the sellers and having them accept them is all you can do. If they choose to not go along hoping they can find a buyer to make a profit means you have a decision.
Many times sellers have that last gasp of hope and you are it. They want to sell or try to sell before having to convert to a short sale and concede it is over. Who can blame them?
Some lenders have policies that are very restrictive dealing with short sales. The lending officer is not the person that you will be dealing with in a short sale situation. For the pros that are dealing short sales they know the mitigation department is where you will be working. If you work enough short sales you will even get to know the members of the mitigation team. They will slowly help you help them in geting rid of non performing loans and properties.
How do you feel about working short sales?
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Gary - I haven't listed a short sale property yet, but feel I better start learning about it.
GARY, I have done two but they were several years ago before they were so popular. Persoanlly I think they should be called long sales not short sales. I have always represented the listing. To be quite honest someone would have to REALLY love a house as a buyer before I would recommend they go through that trauma. I would NEVER tell someone no but you have to be willing to wait it out not knowing if you really have a deal.
Gary, I've close a few short sale listings recently and have 6 on the market right now. The more I do the easier they get. I placing 4 more on the market this week and that will actually give me more short sale listings than regular listings!!!
I have only had one experience, and it's not over yet. It is not on my top ten list of favorite transactions.