"If I Write for $X on Your Short Sale Listing,
What if it doesn't Cover the Mortgage ?"
This was a comment made by a selling agent ...who "knew about short sales" and had buyers considering writing an offer. Short sales are not as common in Wisconsin as they are in some parts of the country. Whether you choose to do them, get trained to list them or just want to understand the market....understand the term...
ǝlɐs ʇɹoɥs
It means that the bank(s) who hold the mortgage(s) will be short of the total amount that they are owed.
I know that there are lots of people....realtors in the Rain that think this blog is unnecessary....an excuse for writing something...
Honestly...it happened yesterday.....educate, educate...learn learn.
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That's pretty funny! That agent must think that a short sale means it sells fast!
Not sure what she "thinks"....we try to make them disappear as quickly as possible !
That is unbelievable!! You wonder sometimes about those agents and how they are managing in this market!
We aren't the only agents who do them of course...i am short...sooo maybe she thought....:)
Too funny..or is it? To not know how to do them is one thing but to not know what they mean??
Exactly Barb.....didn't know if i should laugh or cry...
I believe it! Here in Florida the land of the short sale, it still happens. Had 2 in the last 30 days. The comment was " Well I thought I would try the short sale".
I had it happen yesterday....and even when I explained it. They said the "law" states that it takes six to eight months for the bank to even talk about an offer...somehow getting the foreclosure law all mixed in with a short sales. JEEEESSSSHHHHHH.
We have what we see as an obligation to educate....hard to teach some folks...
Even in our "paradise" land of short sales, such type comments happen all the time. Not all agents are educated. I even get calls from agents saying my buyers would like to do a lease-option on your short sale! NOT. Or we can close in 2 weeks! You might, the seller, I don't think so. Or what liens am I going to be stuck with, do I take over their mortgage??? Nope, it is free and clear to you the buyer.
I do try to take the time to explain the process. The more agents that know at least the basics and the theory behind a "short", the better for the whole community- and nation! There are bargains to be had. Just need the patience and the circumstances to be able to participate in the bargain! For the sellers it is a saving grace. We try. You try. It will happen.
Dixie
Right u r Dixie....if someone in Florida can't spell short sale...time to leave the biz....
You are right, never stop educating and the need will always be there, some folks just wont admit it!
Is that what Dorothy's house looked like just before it landed on the "other" Wicked Witch?
The "OTHER" Wicked Witch ????? Who is the 'Nother one ?
Who cares if some people think this is for points. I think the point of your post is valid. Some do not know the lingo and its okay to share with them through your blog. How else will someone learn the verbiage? :-)
live and learn....with short sales you have to keep learning all the time...good brain exercise !
It was the sister of the one who showed up and demanded Dorothy's slippers! Remember her feet curling up under the house?
Ahhh....my sister...not related to the witch....has an autographed picture of the Wicked one...there are more than a few homeowners these days wishing the bank was underneath the house...instead of the homeowner !
You mean the Maxwell House Coffee spokesbabe?
When that TV commercial first came on, my mother pointed out to me who the spokes person was. I was shocked that it was the witch!
What if you have a short sale, and it gets involved in a bidding war, and the final price actually DOES cover the mortgage. Since the bank agreed to the short sale price, does the Seller get to keep the overage?
no...never had it happen...and 99 per cent sure it would not appraise for such an amount...and the banks penalties, interest, bla bla bla would be sure to eat up whatever was paid...!
Sometimes I feel like a teacher because it seems we spend a lot of time educating buyers, sellers, and other real estate agents.