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Replies (5)
- Albert Elhage, "aelhage"
- Contributions:33
Pro's
1. Can potentially get a great deal
Con's
1. Can take a very long time to close
2. Seller usually retains right to market property up to close (someone can "swoop" in and steal it from you the week before closing after waiting patiently for months to close)
3. Listing agent might have not submitted a complete SS package to lender
4. Listing agent may have never closed an SS before
5. Bank may take forever to respond to offers/inquiries
6. Could be more than one lien on the property - and lienholders may not agree on how the proceeds should be allocated between them.
The pro's outweigh the con's for me personally, as a buyer, due to the sheer amount of deals out there (foreclosures, etc.). However, if the other side of the transaction has an agent/attorney who are well-versed in these transactions..........it "can" go smoothly.
- ConnieK_Oklahoma
- Contributions:2899
personally I would just assume let someone else do short sales and would even hope that less people were willing to do them. I'm not afraid of brining the buyer and won't deny them in a buyer's search results, or make any attempt to avoid assisting a buyer with one- but I certainly don't jump for joy when I see it.
I have seen at least 2 short sales where the seller had to write a hardship letter that basically made me sick to my stomach when seeing how they lived and what they claimed in the letter and while that is hopefully a RARE case, I'd rather let someone else represent short sales. they are bad for the market, they are bad for the bank, they are not as good for the seller as the seller seems to think and only the buyer and agents benefit (but really only the buyer benefits because the agent is affected by the affected market more than the buyer).
they might be worth my time for the commission but they are not worth the tax they place on job satisfaction/feeling of doing something worthwhile.
I have seen at least 2 short sales where the seller had to write a hardship letter that basically made me sick to my stomach when seeing how they lived and what they claimed in the letter and while that is hopefully a RARE case, I'd rather let someone else represent short sales. they are bad for the market, they are bad for the bank, they are not as good for the seller as the seller seems to think and only the buyer and agents benefit (but really only the buyer benefits because the agent is affected by the affected market more than the buyer).
they might be worth my time for the commission but they are not worth the tax they place on job satisfaction/feeling of doing something worthwhile.
- Vivian Ferreira, "Vivian Ferreira"
- Contributions:8
They can be much easier than fighting over the same foreclosed property with 10 other buyers!
- Guy Gimenez, "Broker and Investor"
- Contributions:58
Not even remotely. I would rather be sitting on the beach not making money than faxing documents for the 14th time to the third loss mitigation specialist and not making money.
- ConnieK_Oklahoma
- Contributions:2899
@Guy
you left out the part where you have to ask buyers to sign a new version of a document each time the mitgation specialist changes and adds a new required document or wants an updated arms length affidavit etc.
:)
I should retract that one sentence about might be worth it for the commission....that's a false statement. same amount of time spent flipping burgers would produce more income.
Short Sales
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- 5.0/5.0
- (13 reviews)
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