I think the banks have to start thinking about their Short Sale Departmets.

In the real estate market ther is a rule that says " the first offer, allways is the best one" They take long time to process the short sale aplication packages and the clients get tires waiting to their answer and sometimes they walk away and when the bank come back wiht their counter offer and we don't have the client anymore.

 

Then we have to start showing the property and when we have another client, they take the same time to give us an answer.

Sometimes the houses are vacant, vandalizes or destroys by the water or something else, then the house goes to sheriff sale and it is sale for a peny or the sellers file bankrupcy and the banks have to continue to pay  taxes and insurance on the property for 2,3 and more years.

 

Is not more simple to work more quicly and fast given an answer and there they will save more and more money in every deal?

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"I think the banks have to start thinking about their Short Sale Departmets.

In the real estate market ther is a rule that says " the first offer, allways is the best one" They take long time to process the short sale aplication packages and the clients get tires waiting to their answer and sometimes they walk away and when the bank come back wiht their counter offer and we don't have the client anymore."

This happens when you take inadequate contracts, have no control over the buyers, and don't understand the short sale process. It's NOT the banks.
No I don't think so, when you take the right buyer and he is waiting for long time, allways the bank take long time to give an answer, this thing happened when you take an offer from someone else or other office and you don't have the control of it but when you have a buyer in your office or by your self the bank doesn't want that and take the same long time and reduce the commission as well.

The banks are not easy and as my thinking and understanding they don't care and they don't respect our time and effort.

That is my thinking
No Gloria, you are missing the point. Yes, the banks take a long time. This is a fact and you have no control over this. What you do have control over, is setting the expectations of your buyers. For example, I demand that all contracts be in force for a minimum of 90 days, earnest money up front, inspection and attorney review period is the standard 5-10 days...in other words, I BIND MY BUYERS TO THE CONTRACT, and it gives me the time to work the deal, and it sends a message to the buyer that this is a long process.
It is more complicated working with the banks, but unfortunately, it is a fact of life that we have to deal with for years to come.

I like Joseph, negotiate short sales for other agents as well as myself, so at any given time we have 20 or more files we are working on.

I agree with Joseph, that setting the buyer's expectations, is key to closing the transaction. We also require them to put earnest money down and 90 days minimum commitment.

We communicate weekly with all parties in the transaction, so that everyone knows what is going on at all times.

We have about a 95% success rate over a 3 year period of time. I don't profess to know everything, but I learn from my mistakes and continue to educate myself every chance I get.

Although the short sale process is tedious it is doable. We as real estate agents just have to decide if we want to play the game or get out...
Thanks for chiming in Julie! You are one of the few who tackle the real problem with short sales: Buyers. Lazy agents love to blame the banks but never want to look in the mirror. When you have 300 short sales in process, you just do not have time to waste on contracts that will never close.
Thank you Joseph. Although I am nowhere near the volume of business that you do... I find that I have to continuously educate myself on how best to deal with the issues.

I can honestly say, that I learn a lot from you.

Thanks for all your posts, I read almost all of them.
Julie
My experience this year is another agent represents the buyers, I tell them to expect it to take 90-120 days, and these lenders, for me anyway, have been countering back at more than these houses are worth, and THAT is what causes the buyers to walk. and by then the house has so many days on the market, it's a stale listing. This market is not what it was before the tax credit expired, inventory has shot up, closed sales have come way down.

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