Saturday, September 25, 2010

Short sales are they here to stay?

Short sales and the financial bailout. Did it affect our business?

Love to have your thoughts on the now not so new financial package. Many of us thought we would now be working with the government as an agency instead of working with the banks. It probably wouldn't  be worse, but then haven't we all set at a DMV office and thought a few hours later " why am I here". This is not the way short sales would be working. Actually a few hours would be nice, in the case of short sales it is how many long month will it take?

Any thoughts how we the consumer or the Realtor did fare? Did sellers withdraw short sales because they were given different options. Not really. Did the banks start handling the situation better. Not at all in my experiences. Nothing has changed.

One of my attorney friends let me know that he noticed a better and faster time to negotiate and get those contracts accepted. That was 3 month ago, he just told me he is is starting to change his mind and likes to change this comment to: Nope, nothing has changed

Short sales seem to be a way of life in SWFlorida  Many of my colleagues do not get involved with them, but if a buyer can get a great buy or it helps the seller to get out of a difficult situation I have taken on the challenge. I did sell a property over the Internet, buyer never saw the house. He found it on my web site. Well it only took four month instead of the previous six month. Do I think this is an improvement? May be,  have to see what the next three short sales will bring. 
Will this continue to be part of our business. I think in this area it is, but many buyers now do not want to get involved in this frustrating process.
We need to have the banks become proactive and develop the same guidelines as the banks use  with foreclosures. Price short sales at the right price and eliminate the four to nine month process of accepting or not accepting the offer. To many sales get lost, leaving nothing but frustrated buyer, sellers and Realtors.   
Love to have your thoughts re the future of short sales. Looking forward to your comments and experiences
 

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