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Everyone Wants a Short Sale

Posted By Paula Henry on Tuesday, May 20, 2008 3:44:00 PM | 2 Comments

This was a statement from a negotiater for a bank I am working with in a current short sale. Her intent was to explain why she is behind with 70 files on her desk. Her actual statement was, “Have you heard the news, everyone wants a short sale?”

I beg to differ with her. The people I work with who need a short sale approval do NOT want a short sale. They wanted to live in their home or at least try to sell it before they missed payments. They didn’t expect to lose their job or have a financial turn of events in their life. It just happened!

As a matter of fact, two of my current clients never heard of a short sale until they called their bank to try to arrange some type of payment plan. The voice on the other end asked them if they wanted to do a short sale. After determining it might be an option, they contacted me and asked about the short sale process.

I’m sure there are homeowners out there who do want a short sale. Those who have lost more equity than they can ever make up. They bought with a bad loan which they planned to refinance. There are investors and homeowners who bought too high with too little money.

Yes, there are people who do want to short sale their home, however, I have not found the majority bought homes hoping to eventually do a short sale. So, a blanket statement such as this one is simply a mindset of this individual.

Unfortunately, her mindset will affect the way she handles her files, as well as her thoughts about the client who is looking for her assistance.

Discussion

#1 Posted by Paula at 5/26/2008 7:20 PM

Susan - That's the story I'm getting too. Months may be too long for some people. i am finding more homes being listed as REO.

#2 Posted by Susan Hilton - Texas Aggie Realtor in College Station Home Sales at 5/21/2008 5:48 PM

And the bank "negotiators" are so far behind it may be months before someone is even assigned to the homeowner to begin the process. We are finding some lenders are months and months behind!