Monday, November 30, 2009

My Foray into the Short Sale Mess

So inevitably I suppose, the short sale spectre which has been looming this past year, finally entered into my day to day business. I currently have two deals (or attempted deals) in the short sale category. I am the selling agent on one, and the buyers agent on another.

While being on the buyers side is a lot less work, I find it more frustrating, because besides squeaky wheel phone calls to the listing agent, I have no control, as the frustratingly slow wheels of the bank system continuously leave the buyer up in the air as to whether this will actually happen.

Dealing with loss mitigation bank personnel is incredibly frustrating, because it seems there is no vested interest on that end to make the deal happen. All necessary hoops--hardship letter, financial corroboration, comparative market analysis, the necessary short sale "packet" as been submitted, and yet we sit and wait. I do believe that this will happen, but when is the question, and in the meantime, as an agent, all I can do is try to keep impatient buyers from moving on.

I read a stat that 80% of all short sale attempts fail, and the average short sale takes eight months to complete. I blame the lending institutions for that. The obvious apathy that I encounter on every phone call is absurd.

On a brighter side, my holiday weekend was full of showings. Buyers are looking again, and despite what the doom and gloomers are saying, things seem to be picking up.

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