Short sales fall to foreclosure by accident

Short sell to foreclosureShort Sales are a bit of a passion for me. Helping people avoid foreclosure has given me a great deal of personal satisfaction. Why else would I do them?? … They are a Challenge!!!

Generally I am very even tempered and I do not go off on my professional associates … Until today!

I read an article that stated there are three main reasons a home goes into foreclosure.

  1. 1.  The seller wasn’t educated on their options.
  2. 2.  The bank simply foreclosed on the property.
  3. 3.  The listing agent didn’t know how to properly manage a short sale and it foreclosed.

People Please. … We are dealing with out client’s futures!

The article went on to point out a few shortcomings an agent inexperienced in short sales representing a distressed homeowner may bring to the transaction.

  • They don’t know how to properly price a short sale.
  • They don’t know how to help their sellers get the right paperwork ready.
  • They don’t know how to present the short sale to the lender – or more correctly –
    the asset manager, VP, etc.
  • They don’t know how to negotiate with that asset manager to remove deficiency language from the acceptance letter.
  • They don’t know the numbers the bank is willing to accept.
  • They don’t know how to push just hard enough to get their short sale approved
    and moving through the system without angering the asset manager and getting
    the file dismissed to the “ignore” pile…or better yet the shredder!!!
  • They have not invested in their education to know how to properly handle a file.

If you do know how to list, promote, and close a short sale you aren’t reaching out to
homeowners…you are doing them a huge disservice!

Just last week in my office I saw two buyers miss out on a short sale because it went to foreclosure and it literally made me sick!!  And think about the sellers!!

Homeowners facing foreclosure can easily get over 200 mailers from agents who
don’t know a short sale from a sheet sale.

Yes, these are desperate times for everybody.  But that is no excuse.

Ok Cindy…..Deep Breath…..Please excuse the outburst.

My team will only accept a client knowing we have a good chance for a successful outcome.

Our clients are not shark bait!

Leave a comment

*