Comments on: So You Want to Buy a Short Sale? A Word of Caution

By: Linsey Planeta

Linsey Planeta — Fri, 01 May 2009 06:30:34 +0000

Thanks Troy. I guess at the heart of it is the willingness for patience and the acceptance of the fact that you may end up without the property – even with a everyone doing their best. There are so many unknowns. They CAN work- but this is no place for the anxious, the emotionally attached, or the buyer looking to move in any time soon.

As for the rates…the clock is ticking in my opinion. There is time, maybe for the moment. But rates will be an issue before long.

Thanks for coming back. Hope you are well.

By: Troy Martin

Troy Martin — Fri, 01 May 2009 05:16:03 +0000

Ah come on short sales aren’t that bad…. Frustrating for both the seller and the buyer for sure. I would just let all parties know that even with the best intentions short sales could get you no where. It’s also very worrisome on the buyers side as they see rates rise and fall with no option to lock thier rate until the short sale is actually accepted and a timeframe agreed upon.

Reality is sometimes painful but it’s good to see someone dishing it out just like I do. I love the no nonsense approach. Keep up the good work.

By: Claudia Jordan

Claudia Jordan — Sun, 26 Apr 2009 02:43:44 +0000

Thanks for your reality post. Last weekend, my cash buyer wanted to buy a short sale for $600k (asking price) that is scheduled for Trustee’s Sale on 5/7/09. The listing agent said the seller would not accept an offer because the lender was requiring something he would not do and he was letting it go to foreclosure. I asked why the listing was still active if it was unavailable? Hopefully, this process will begin to streamline with more agents getting distressed property training and knowing when to hold and when to fold.

By: Linsey Planeta

Linsey Planeta — Fri, 17 Apr 2009 22:45:54 +0000

It’s a tough thing. I’m happy to show them as long as my buyers going into the process, eyes wide open about the lengthy process and the inherent risks. With so many that are on the market, it’s hard to avoid them.

That being said, I often notice that after experiencing the frustration, it doesn’t take long and the focus shifts to homes that will actually respond in a reasonable amount of time. Hang in there Brad. It can’t go on forever!

By: Brad Correll

Brad Correll — Fri, 17 Apr 2009 22:23:30 +0000

Lindsey, I total can relate you on the realities of short sales. It has been nothing but a time drain for both me and my buyers. Most buyers do not understand the frustration that a short sale entails and that majority of short sales end up falling apart and become bank owned properties eventually. I have highly encouraged my buyers to stay away from short sales and concentrate either on privately owned or bank owned properties only. Unfortunately, if you don’t include short sales when showing clients properties you risk the chance of losing them to another agent that is willing to work with short sales. For me, it’s worth the risk. I want to write offers that are going to happen ( and my buyers that are going to be happy), not a run-around for 4-6 months from the banks.