Short Sales - Tips and Warnings

Short Sales have become almost impossible to complete. Just this past week, we have decided NOT to take short sale listings and NOT to show short sale listings. That's a huge decision, and I believe it is becoming the norm for the more experienced real estate agents. Here's why . . .

Short Sale Listings - We are required to do about $500 worth of pre-listing work from meetings, site visits, photos and data entry into the MLS system. Then we are required to answer showing calls, submit offers, do volumes of unnecessary paperwork . . . for nothing. Over the past three months, 100% of the short sales we have been involved with, have gone to foreclosure.

When that happens, not only do we lose the listing and all of the work we did was for nothing, but the listing will be given to another agent in the area. The reason for that, is the lender turns the property over to an asset manager, and the asset manager gives the listing to one of the REO agents they are associated with . . . even if that is an out-of-area agent that is going to do a horrible job.

We lose an average of $3,500 on each short sale listing now. That represents all of the time we put into these listings, as well as driving expenses, property visits, etc.

Short Sale Showings - Over the past few months we have not seen a single short sale that we have been involved in, move to closing. Lenders are now opting for foreclosure. We have wasted hundreds of hours of time showing these properties to buyers, and we have submitted many offers . . . only for the offers and process drag on, and on, and on. Eventually, the property is foreclosed . . . and all the work and time was waste.

So we no longer list or show Short Sales. My suggestion to you is this. If you are extremely patient and you can find an agent that will actually show you short sales, go for it . . . providing you are prepared to strike over and over and over.

For additional information visit our website www.FloridaHomes.PRO or email me Mike@FloridaHomes.PRO - You may also call me at 772-260-5448
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