I chanced upon reading a featured post which tells about an attorney who refuses to negotiate any more kind of short sales in his legal office. Well, there were some positive comments about this; but there are also very alarming ones. The remarks were ‘members only’ posts so I cannot quote it in here; although, I will discuss few comments that somewhat rattled me.
Several commenters said that they don’t really favour incorporate short sales tactics because these seldom close. Some There are many members who posted that they don’t really make use of short sale listings because it’s not effective in closing anything at all. The thing is, I don’t know for sure the ratio of commenters there who list short sales as well as those who had real buyers for using short sales.
The BIG question really here is: WHY and HOW can you say that your short sales are NOT closing? This is something that should be classified and quantified before reaching any general conclusion. If; for instance, your closing ratio is not over 90% – then I guess you are right! You should not in fact be listing short sales not for the reason that they are not closing and quite ineffective; but rather because you are not actually getting there or closing them for some other reasons.
NEXT Question is: WHAT can be the REAL reason why you are NOT closing your short sales?
- IF you are doing your homework and making a thorough evaluation with each seller before you even list their house up for sale using short sale; then you should be able to determine upfront if the short sale is really going to close or not.
It is not a game. We should NEVER gamble with other peoples’ homes.
- IF you actually look into the whole short sale package that the seller gives you- which supposedly should be done right BEFORE you even list their property for sale as a short sale. Herein, you should quantify whether you will be having any problems with the property and determine at hand if you can address and resolve these issues before putting their property listed for sale.
- IF you are able to make certain that the seller thoroughly understands the entire process of short sale and he or she is willing to commit and partake in the short sale transaction; then there should be no outward reason for this transaction not to close.
- IF you are patient and persistent enough; DON’T intend to give up with the lender, and subsequently, if you DON’T act like a nagging debt collector, as well as if you DON’T easily give up on your seller, then there is absolutely no reason not to get the property short sale closed. It takes real guts and perseverance. Success isn’t mined overnight. You have got to work on it. That only means that if you want to be on top of the food chain or the corporate ladder; for that matter – then this is what you do exactly. No shortcuts to success.
Another, IF ever the seller is going to get foreclosed by next week; then by all means –DO NOT LIST the short sale!
In this scenario, it seems all the odds are in your favour – that is if you know how to play your cards well and can effectively negotiate a short sale that will lead into closing your short sale. In addition, if by exhausting all means, you are not really getting your short sales closed; then you should probably take up enrichment courses on negotiating skills. We actually list, negotiate, and sell our short sale listings. That is what we do in over 20 years – and that has never failed us in the business. We have a whooping 90% approval on short sale ratio – A BIG WOW! And that is after dozens of PURE short sales! This is also what Broker Bryant can attest to; as well as others that do short sales and succeed in them.
It’s true, it can be hard – but that’s the challenge.
Ultimately, don’t take on short sale listings if you think you cannot handle it before you even get to the finish line of getting a close. Precisely because this is unfair to the homeowners, sellers, as well as to the buyers who are all waiting on the approval and finality of the sale – Most of all, it will be unfair to you – among others.
Nestor Gasset and Katerina Gasset- Realtors®, CIPS, ABR, SFR, GRI, REOS
International Properties & Investments, Inc
Call us today at 561-753-0135 to get your house sold.
Authors of Short Sales Success
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Katerina Gasset