Posted by: Catherine | March 6, 2010

Does your brokerage refuse to show you Short Sale listings?

I was surprised when on one of my google alerts I saw one of my own listings – no , not surprised at seeing the listing as we (brokerages) share information all the time.  I was surprised at the notation on the listing:

Short Sale

This home is flagged as a short sale. We’re sorry, we don’t tour or write offers on short sales because of the slim chance that you’ll get the home.

It really is a shame if you’re working an agent or brokerage who refuses to show you short sales.  I suppose if their business model does not support the possible long waits for a short sale, that is one thing, but it simply is not true in my experience that it is a “slim chance” you’ll get it.  Almost all of my short sales close.  Most experienced short sale agents have high success rates.  It takes education though.  Buyers need to have proper expectations of timing and requirements of the contract and terms of the lender approval.  Buyers also need to be cognizent of the nuances of a short sale (as-is) and the emotional toll a short sale can sometimes take on a seller.  It is true it is anything but typical.  Though it’s not hopeless. An experienced listing agent with short sales can certainly educated both a buyer’s agent and the buyer to the process. 

Also, when I work with a buyer, I take my fiduciary duty to a buyer seriously and part of that would be to show you ALL homes you want to see.  If you instructed me not to show you any short sales , that is one thing. But if not, I want to show you everything that fits your requirements.   Many short sales sell for 90-93% of their list price, so there can be good deals to be had.  Many banks WILL allow closing cost credits.  So what’s not to love (other than the long wait and some of the terms 🙂

My next blog post will be more about what buyer’s should look for and know when considering a short sale, but don’t dismiss all short sales.  The chances are very good you’ll get the house , if … you have the right mix of patience and persistence.  It’s true.

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