We have taken the time to learn short sales and are CDPE (Certified Distressed Property Experts) and we have studied other methods...continually take webinars and other information to be at the top of our game...to help the best way we can and know the very latest news/laws/practices that may affect our short sale listings.
Southeastern Wisconsin is not Florida or Arizona...we don't have as many short sales. We are from the "know what you don't know" school and let the ones who do...do it ! Our MLS listings of course, let the agent and the buyer know...this is a short sale. We have information at the listing that educates the buyers and the agents as to what a short sale is and what they might expect as a buyer/agent in a short sale transaction.
We have assembled a team that works together...to close the transaction...to remove as many stumbling blocks as lenders can sometimes throw in the path of successfully closing the sale.
Several phone calls yesterday from agents requesting to show our short sale listings made us both wonder how these agents survive...what kind of service are they really giving their buyers....and who allows them to park their license at a brokerage and be clueless as to what the market is really doing ....what a short sale is...
Ring.... Ring....."Hello....this is Agent Suzy from MyOwnBroker Real Estate...I have a buyer who is interested in your short sale on Elm Street....do you have a rent to own contract we can use for this transaction ?"
I am speechless.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Rent to own..what? Funny, but sad. Maybe, with all my experience with short sales (SOFLA realtor), I need to move there, then I can really shine.
Yes, patience is required on everybody's part. Many agents have shied away from short sales before now, and so are not yet educated about them. Unfortunately, educating other agents is going to be part of the process for those of us who choose to list short sales.
That's OK Lisa...we'll handle the sellers :)...the other agents...we're sending them to Florida...I would rather agents who don't get it stayed away from Shorts Elva...though they do provide a chuckle...foreclosure is the least funny thing in real estate.
Short sales in our area are extremely common. The banks were really slow approving them last year, but are pure molasses this year! It's a total "hurry up and wait" problem, and will definitely test the buyer's patience this year......
Who are training these agents? We will always be out there training other agents during a transaction. Great job on assembling a team.
Hi Dagny...nice meeting you....we have been very fortunate...or the team works...or we are lick your face friendly or.....not had much of a problem in getting these done...Thanks Harry...we love our team and hold success celebrations regularly....keeps up our spirits with spirits !
Oh My Goodness. I get calls from consumers asking that type thing, but an agent SHOULD be way better educated. Don't ya dare send them on to Florida! Now you could send the sellers, after you get them closed! lol
We haven't had a huge number of short sales in my market area, but I'm spending today and tomorrow learning and earning my CDPE designation. I want to be prepared when the Option-ARM loans start resetting--a huge proportion of those loans were made in our high-cost area!
Oh come on Dixie....you can teach 'em !
Ahhhh yes...Option Arms...the famous "Pick a Payment"...whoever picked the highest payment..? What a concept !
Sally & David - That is pretty scary!! OR "owner finance"!
Don't u love it when they write "seller to pay closing costs up to $______"...but that's another blog :) !
Yikes...Duh...LOL That's just plain scary!
Halloween comes often when you work with short sales Laura...Gee...I think that is a title for another blog...Have a super weekend !
Halloween comes often when you work with short sales Laura...Gee...I think that is a title for another blog...Have a super weekend !
Sally and David: The line in your post ... "to remove as many stumbling blocks as lenders can sometimes throw in the path of successfully closing the sale" ... is just so hard to read. I so wish that the perception of we lenders was not what you write and project. I completely understand why it is so and that many times it is well-deserved, but this perception is hard to deal with on a personal level. This probably sounds almost crazy ... but it's almost embarrassing for me to read your thoughts. It plainly shows that right from the "get-go", people are expecting poor behavior and bad results from me because I am a "lender". They're looking for my "dark side". It's up to me each and every time to dig myself out of that hole and prove them wrong. The best I can wish for and say to you is ... I hope you understand that there are those of us that are not out to "throw something in your path".
Gene
We understand completely Gene...know that we don't....our short sale sellers do not...get to see the best side of real estate or lenders...it is the realtors' fault the house is worth less...the lender's fault that they lent "too much" money....there are lenders we love,,,,(bet you could be one ) and those we love to_______When you get beat up regularly.....are told you should work for half price...have squeezed nickels several times from every possible source and still have a bloody nose....you get to feeling pretty beat up.
Sally and David: Thank you for your gracious response. Believe me, it DOES help to read it. I fear you too are feeling the sting of the realities of the current real estate market ... and that's just not right. Hopefully this all turns around for everyone in our industry again sometime very soon ...
Gene
Let's toast that Gene...there is always a seat at our bar and a place at the table...you would be most welcome.
How about ALIPATCHAMICAPANI ?
Think that'll fool'em?
It is Inca language for I AM FEELING REALLY GREAT
If I could pronounce it...remember it...as our cats would say....it would be purrrrrfect !
My dear Sally was left speechless? LOL
I was also reading through all the comments, and Gene's comment was one I could identify with as a home inspector.