A few weeks ago we were referred a short sale and went to the home to find it in a "pre-rummage" state...piles here and there to be re-cycled, sold, moved.....not quite ready for pictures...no room could be photographed....some were difficult to walk through...showing may be a hazard to the health and welfare of buyers..yicks !
We explained to the prospective sellers that to put the home in the best possible light in MLS...and to the public, we needed to have the house "camera ready" and appear inviting to the new buyers. Heads nodded in agreement and there was a date set for the rummage sale...trips to Good Will...Sister Suzy's...and a week passed...and then two. Well...the weather wasn't "quite right" for a rummage sale...Life got in the way...because, because.....
The Forecloure clock continues to tick whether it rains or the sun shines, We have compassion for every short sale seller....there are tears cried, sleep lost....many extra hours, mega files kept....it is what every short sale listing specialist does in that part of their practice.
To have a short sale be a CLOSED SALE which is the object of course...the sellers must be on board in every sense of the word, just as with a traditional sale. Know that there is compassion for your situation Short Sale Sellers...that depression can be immobilizing...it is hard to choose what to keep and what to discard, sell, or donate...we appreciate that these are difficult decisions.
Know that it is in your very best interest to have your home "camera ready" and buyers eager to buy, your short sale done as quickly and efficiently as possible. If you are having trouble making those moves...getting things in order...ask a friend, a relative...they will understand as we do, that moving on with your life is the very best thing you can do.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
It appears that once a home owner sees foreclosure in their future, they often just throw their hands up and let life happen.
Best not get involved with owners like this because they'll just work an agent who will never sell the home.
Depression can be an immobilizing factor Lenn...and we sure understand that. About 95% of our short sales are by referral....and the referral sources are very diligent about getting the sellers the help they need...and we are able to move forward....we have yet to abandon any for lack of cooperation, thankfully.
True True True! We have a seller with grass is sooooooo tall, I fear a codes letter. Great advice!
We encourage our short sale sellers to keep the landscaping "tidy"....the upside of staying there is they are not paying their mortgage and can direct whatever money there is to the necessities...the exercise is good for the depression they are likely to have....and many banks are not too sympathetic if sellers aren't helping themselves.
You have hit the main point in short sales, the sellers have to be educated and reminded very frequently that a short sale will benefit them the most
I hope the changes in short sales mentioned elsewhere come soon. That way we can get the overhang of short sale supply off the market and move forward. Bank owned is already resolving itself, now short sales need to follow.
Very true, I will not list a home short until they have me every document, all financials in my hand FIRST.
I learned the hard way. A seller didn't get me everything, I couldn't sell, it went to forclosure. What a lesson.
Fernando - So right....while depression is a horrible thing and understandable..short sale sellers are truly in a
"move it or lose it" position.
Dave - Short sales will be resolved when there is greater education...to realtors, buyers and sellers about the benefits and being prepared..and then...there are the lenders...
Missy - Everything up front, every time...and time to analyze the financials...often the stress or not realizing what is and is not an expense is a huge difference in the hardship of the seller...that can go both ways !
Wow! Those are some photos...ugg! I admire your compassion for your work...
To be clear Kristin...these were not actual pictures...but "actually"....the place I was talking about was not a great deal better....
I agree that the key to closing short sales is to have educated and willingly engaged sellers. This is the challenge the agent has...keep the parties engaged. I think it is important to qualify the seller upfront before listing the property as well.
If you don't pre-qualify a seller it is a waste of everyone's time...The sellers have to understand that for the conditions that are within their control and budget (keeping the home picked up and ready to show) it is important for the success of the sale !
Sally and David,
This is a frustrating thing to happen whether it's a short sale or not.. I have had sellers call me to list their home and it be in such disaray that you could not walk through it. We would visit and make an appointment for me to come back.
When I would go back, no change and they thought they were camera ready.
She will most probably be run over by the Foreclosure Bus...and that is a decision she makes for herself and her family.