Short Sales

Why does everyone turn away from short sales?  Besides taking time, I think they are more reliable than REO's.  If the short sale agent has experience and does it right, there should be no "bidding" for a property.  The only thing we have to work on is keeping our buyers in the deal.  What is your opinion on short Sales?
  • May 14 2009 - Sacramento
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Answers (10)

I feel the same way. There is no reason not to pursue a short sale, which often sell around 10% under market value, and there are ways to prevent another buyer from swiping the home will waiting for approval.

All I can say is more business for us Sacramento short sale agents and less for other agents around us. :) Sshhh. Don't let the secret out, LOL.
  • May 14 2009
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I would have to agree with you short sales are a great investment for any buyer. I have 2 deals I will be closing on next month that are both short sales. If you let your buyers know the process will take a bit longer then normal it may be a great deal.
  • May 28 2009
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Short sales are a little tougher on the purchasers.  The buyers have to be patient since the process of the selling bank can take quite a bit longer than a normal purchase.  You can get a great deal, but you have to be flexible and work with the current lender.

Best Regards
  • May 28 2009
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Profile picture for issu
So, if I see a short sales I feel is a good deal, jump on it?  And why the long wait?  I'm not understanding how someone else can take your *short sales* deal away when it's already on the table.  If I'm not making sense blame it on not knowing the ropes. :)
  • June 01 2009
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You can wait several months for short sale approval and just before the approval letter is issued, another buyer can come along, submit a higher offer, and the seller can insist that the bank consider that offer instead of yours. If the bank takes the second offer, you're out on the street, especially if you signed a short sale addendum, which specifically allows the seller to continue marketing the property and send other offers to the bank.
Your short sale offer is contingent upon bank approval. It's a contingent offer.
  • June 01 2009
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I agree short sales are a great investment.
  • July 05 2009
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I have been working with short sales and doing them for around 4 years, and I think it is sad that someone can just come in and snake the short sale.  Personally, I have been working on the selling end more then the buyers end, and I always send one offer and let the buyers agent know that I am dedicating this property to their buyers and if they can do the same, that they can consider them selves the owners.  It has worked out so far. I have kept my buyers in the game.  Thank goodness.

I would love to teach agents how to do short sales, and to try and make it consistent so that buyers agents would be more redily willing to stay in the game. 
  • July 07 2009
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I have luck for my buyers with short sales that have approved BPO.An agent can only represent buyers who purchase short sale homes as their primary residence not investment.REO or bank owned can be sold similar to regular sale other than the owner is a bank and bank lower the price until it's sold.
  • July 07 2009
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Lisa,

I am curious how others feel about not presenting all offers.  I would think that would violate the code of ethics.
  • July 07 2009
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try what our Housing Opportunity Committee is trying... with in our Real Estate Board.....  educated the community.....
  • July 07 2009
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