Real Estate Thoughts – Short Sales

The Colorado Springs Real Estate Connection (Wagner iTeam) is always learning more about the current real estate market and economy. One way we do this is by chatting with and listening to other real estate professionals – both locally and nationally regarding their thoughts on different real estate issues.

This week we are discussing Short Sales.

The two main categories when talking about short sales are: Advice and Frustration

Advice

“My thought is that the person responsible for calling them ‘short’ should be called to task for setting a false level of expectation…”  – Leigh Brown – Real Estate Diva – Charlotte Real Estate Voice (Leigh is also a Certified Distressed Property Expert … so she KNOWS short sales!)

Read: New Way to Be Competent in Today’s Real Estate Market

“Sellers should be prepared to possibly be on the hook for the shortfall or pay taxes on it as ‘income’. There are lots of little details with big consequences so having attorney representation is a great idea.” – Lisa Sanderson – Poconos Real Estate Agent

“I will come out and say it. Real estate is not for day traders.  “Investors” looking for “get rich quick” schemes should realize that the same schemes can turn out to be “get poor quick” schemes just as easily.” – Geordie Romer – a Leavenworth WA and Lake Wenatchee WA vacation home market real estate agent

“[As an agent] Call. Every. Day.   It’s annoying, for sure, but the squeaky wheel definitely gets the oil in Short Sales. I keep the info that I need with me and call when I am in the car (hands-free of course) – I don’t mind being the annoying Realtor that calls every day as long as the deal gets done faster – whether I am on the buy side or the sell side. I have done whole shopping trips through Costco while on hold with Wells Fargo lately – their hold music sucks. I also know a bunch of asset managers by name which seems to help – if you can get an extension number or email address, guard it with your life and use it often. I might be annoying and call every day, but I do try to be nice about it – that anonymous voice on the other end of the call is the one who can push a deal through or kill it! Also, if there is any way to pay one mortgage off in full and only short the second – do it. It is WAY easier and faster to negotiate only one short even if there is two mortgages.” – Stacie Straub – Denver Real Estate Agent

“Put in your offer and keep looking for an alternate house seems to be the best plan of action in our area.  We were supposed to close today on one, but at the last minute the 2nd mtg that was supposedly resolved’ is now an issue.  Another has been without an answer since December, thanks to Countrywide’s kindness. We are beginning a new search in earnest and leaving the offer there in case they take it.” – Dawn Maloney – Hudson OH Real Estate Agent

Frustration

“Ughh…take(s) too much time, processors don’t care, agents don’t communicate, banks would rather loose money than sell short.” – Missy Caulk – Ann Arbor Real Estate Agent

“[Short Sales are] Frustrating, long, No clear guidelines, rules change all the time, banks seem 2 wrk against themselves, many inexperienced parties.” – Jeff Bogert – NYC Suburban Real Estate

“The word “Short” in short sale is an oxymoron… It takes too long to complete & they are NOT the cure all! … as well, too many agents are ignorant on how to complete them and whats involved.”  – Rocky Van Brimmer – former Sr. Foreclosure Analyst & Central Ohio Real Estate Agent

“The same people that gave out silly loans are not processing short sales, can’t imagine why they are so screwed up.” – Rob Aubrey – Salt Lake City Real Estate Agent

“A short sale is a last ditch dismal effort of 1 who had boardwalk fries taste and a potato chip budget (ruffles, not kettle brand)” – Matt Rathbun – Real Estate Agent Trainer

“Short sales are like beer goggles for home buyers – looks attractive – not so much when you sober up!” –  Joshua Hanoud – Springs Hill FL Real Estate Agent

Short Sales CAN be frustrating!!! Read: Buying a Colorado Springs Foreclosure or Bank Owned Home

And Now a SPECIAL TREAT – A “Thoughts on Short Sales” video response from Jason Farris – Fresno CA Real Estate Agent:

Thank you everyone who offered their “Thoughts on Short Sales” to us here at the Colorado Springs Real Estate Connection!

Read Also: Why a Colorado Springs Short Sale is a Great Alternative to Foreclosure

*Thoughts expressed in these “thoughts” posts do not necessarily represent the views of the Colorado Springs Real Estate Connection nor the Wagner iTeam. It is just nice to hear what other professionals are thinking, right?