In retrospect of Why Short Sales – selling home as Short Sale. Getting ready to close on another Approved South Florida Short Sale, I’ve been looking back over the past years recalling on the many Short Sale moments that I’ve experienced as a South Florida Short Sale Realtor. Thinking….why did I decide to help the distressed homeowner, why did I go against everybody’s advice to avoid specializing in Short Sales and why do I continue to represent Sellers as a Short Sale Realtor? Exactly, Why Short Sales and why selling home as a Short Sale is an option for the distressed South Florida homeowner whether in Coral Springs or any other South Florida city.
The decision was pretty easy when I made the decision to specialize in Short Sales many years back. I saw the pain that distressed Sellers were going through and the word really wasn’t out on the possible Short Sale alternative for these Sellers. Everywhere I heard about foreclosure this, foreclosure that yet, very little was being reported on the Short Sale option to avoid foreclosure. Many were asking “What is a Short Sale?”, “Can a Short Sale help me” ” Who can help me sell my home as a Short Sale?” The questions and lack of answers were everywhere. I attempted to do my best and get the word out about Short Sales. I’ve been blogging extensively about Short Sales ever since.
As Short Sales hit the Real Estate Industry more heavily about 5 years ago, there weren’t many representing Short Sale Sellers yet now everybody seems to want to try their hand at Short Sales for reasons other than why I jumped into the Short Sale Real Estate market.
Now, that Short Sales can represent 20%-30% of the market, many realized that this perhaps is becoming the norm. Many are now climbing on board as they’ve been forced to find out about Short Sales. Does this mean that everyone is well qualified to assist the Short Sale Seller? No, it does not. Unfortunately, like anything, there are those that get in over their heads when representing Short Sale Sellers. This results in the Short Sale Seller having to deal with the consequences and the outcome can be very traumatic when these Sellers best interests aren’t met. There’s too much at stake to not get it right for the Short Sale Seller. If you’re considering selling your home as a Short Sale, make sure you interview your Realtor to make sure they know what they’re doing. You could ask them these type of questions:
How many Short Sales have they listed and sold?
How long have they been selling homes as a Short Sale?
What is their closing ratio? Mine is currently at 98%-99%. Just talk to my Short Sale Customers
I look back at the many Lenders and how they have attempted and/or improved their Short Sale systems. Have they made it easier for the distressed Seller to complete a Short Sale and have they made it easier for the Short Sale Buyer to want to participate in a Short Sale. Can I say that things have improved vastly? Not vastly, yet somewhat and it’s a hit or miss. It’s kind of like what differentiates myself from other Realtors handling Short Sales as some of the employees of these Lenders will be very dedicated in processing the Short Sale for their borrowers yet their are others who really don’t care a whole lot and won’t go to bat for their borrowers. Beware of the latter half.
Looking back, I now wonder about the future of the Short Sale. Where are Short Sales headed? Will the Short Sale fall by the wayside or will they ramp up like never before? Unfortunately, I don’t think they’re anywhere near falling by the wayside. Short Sale Sellers you’re not alone.
Take a look at Foreclosures where so many have been put on hold due to all the foreclosures having been handled illegally. Many may come to market now after having gone through the necessary steps to be filed correctly yet at the same time, we will likely find that Lenders realize the Short Sale is a much better option for all parties concerned. It certainly costs Lenders a lot less to Approve a Short Sale instead of all the filing costs associated with a Foreclosure; any business should strive to lessen their losses, you’d think.
The unemployment rate is still high particularly here in South Florida along with rising gas prices that have a tumbleweed affect that can only hit homeowners in the pocket, making it much harder to get the mortgage paid each month. More homeowners will continue to be late on their mortgage payments resulting in the continued need of the now distressed homeowner looking for options to avoid foreclosure.
So Why Short Sales? Because there’s a real need for the distressed Seller and because the signs are not pointing to a lessening for the need.