Short Sale Agent in Sacramento Speaks Out

July 13th, 2009 categories: Short Sale

Sacramento, CA

Recently, I wrote Short Sales are Slow but NOT Rocket Science. Yes, they require more work but that’s what makes a Realtor ®. We never shy away from work.

Sometimes it seem as though those that cry out the loudest about how difficult Short Sales are, seem to be outsourcing their work to companies that actually send the paperwork to the banks and call the banks until the banks or servicer responds.

There are companies who will take over the Short Sale for the agent and follow through. One such company is Short Sale Advantage, a spring board of Placer Title Company. This company knows what the lenders and servicers each require which helps the Short Sale process. Short Sale forms are on the website for all the Realtors to use helping the troubled homeowner.

This is also a good place for homeownes having trouble paying their house payments to gather information about Short Sales and other alternatives to Foreclosure.

There are Sacramento Short Sale agents who handle their own Short Sales and call the banks each week, and others who turn the Short Sale over to a company handle them for a fee. That way they can list more Short Sales and have free time to do other things.

For the Sacramento Short Sale agent who handles the Short Sale, yes many banks and servicers have their own procedure. Do you need to have an exceptional IQ in order to find out this information?

I think not, a little common sense and follow through is what is needed with a Short Sale. Is it easy, no. Does it take a lot of time, yes.

In terms of the length of time it takes a bank or servicer to respond to the Short Sale agent, varies with each short sale . Yes, it would be nice if all the banks handled Short Sales the same way but it’s part of our job to investigate and pursue with due diligence.

A troubled home seller who is having difficulty paying their house payment should consult an attorney as well as an accountant before pursuing a Short Sale.

Are Short Sales easy, no certainly not. They require work and follow-up along with a tremendous amount of patience. That’s what makes a good Realtor. And dare I say a TON of patience on behalf of the home buyer.

Many of the loans have been sold, some have equity lines, and to further complicate the problem some have mortgage insurance (PMI). All these play a part in why Short Sales take an incredible amount of time and why a few actually don’t succeed to closing and are foreclosed upon.

Soon, Obama’s plan to streamline the Short Sale process with the banks will help speed up this process and make it uniform (I hope). The plan to encourage banks to allow Short Sales and offer lenders incentives for not foreclosing is well worth the read by the Washington Post.

It is said that if all goes well, Short Sale lenders and servicers could respond to an offer in as little as 12 days…OH JOY!!! Lets hope this becomes a reality!

This will be a great day for Short Sale sellers and home buyers alike…as well as Short Sale agents.

Recently, there have been many more Saramento Short Sale homes for sale and most have multiple offers with prices exceeding the asking price. Typically, Short Sale homes for sale are in better shape than REO, bank owned homes…but not always.

Now, if we can get the Short Sale agent to actually handle Short Sales uniformly and respond to home buyers in a timely manner it will make this process even better. Acknowledgment and communication are key in the real estate business. So, keep the home buyer’s Realtor ® in the loop and that way everyone is well informed. This is not a time to be silent!

So, it’s time to do the work, and get the job done. Where one home sale is difficult there is another that runs quite smoothly. It’s our job as Realtors ® to provide the very best service to the home seller and the home buyer and to be the best Short Sale agent since the home seller and home buyers need and requires our help.

There is some talk of having home buyers placing their good faith deposit with Title in order to curtail the home buyers from placing several offers. This shouldn’t be an issue if the Short Sale process becomes more streamline and communication improves.

Home Buyers need to remember THEY are WHO drives the market…

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If you have a real estate question that you would like an answer to by Gena Riede, Sacramento Realtor ® specializing in helping home buyers be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice

Other Related Short Sale Articles:

Can’t Pay Your House Payment?

Sacramento Homeowners Need Help

Sacramento Short Sales & MORE $$$ for Home Buyers

Sacramento Short Sales Are the New REO’s

Bank of America Short Sale – Buyers Need Epidural

This entry was posted on Monday, July 13th, 2009 at 5:14 am and is filed under Short Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

prashant said at July 13th, 2009 at 11:40 am
There are many more advantage of short sell company.
Boise real estate
Gena Riede said at July 13th, 2009 at 11:57 am
Prashant,
Oh yes, there are. These companies are able to take on the Short Sale, follow-up and be the actual catalyst who gets the job done. They work very hard. I give them a lot of credit. They have become great experts with Short Sales.

Do you work for one of these companies or are you an agent that uses their services?
James E Gallagher said at July 14th, 2009 at 2:04 am
Short sales are worth a try for the seller because they have nothing to lose but for a buyer short sales can break your heart.

I tell my buyer clients that they should only write offers on short sales if they can write the offer and then forget about it. Don’t get emotionally involved in the house.

I think that for investors buying short sales are fine but traditional home buyers have a hard time having the needed emotional detachment needed to keep your sanity.
Gena Riede said at July 15th, 2009 at 8:43 am
Yes, James you are right it is a better way for the homeowner to go for the most part but they need to consult an attorney and their CPA with full understanding of the tax implications.

And for some home buyers it is not what they bargained for many times. With the house that they saw and what they end up after the stripping. Not all homeowners react in this fashion but there certainly are cases. And the WOW feeling of getting that home is somewhat fizzled when it takes so long for the end result.

What a sad state of affairs… when you have to tell a 1st time homebuyer not to get emotionally attached.

“Thanks for chirping in and giving the reader another Realtor’s take on the current real estate market.