Just 23% of short-sale offers that homeowners receive from potential buyers actually close, according to a February study of 1,300 real estate agents by Campbell Communications. More than 90% of agents cited a slow response from the lender as the reason short sales were lost.
In a rousing chorus of “Duh!” the assembled real estate agents and their clients express their mock shock at timely reporting.
Short sales have been a fact of life here in Michigan for some time. And while the rest of the nation is “catching” on, it has not made the process any easier.
Last year, I took part in two short sale transactions as the listing agent. My advice to any agent taking a short sale listing: Get a short sale specialist or a real estate attorney to do the negotiating.
My short sale specialist has a success rate of 80%. 8 of 10 of his short sales actually close. He deals with the long hold times, the paperwork and communication issues…and I get to show homes, take more listings, negotiate purchase agreements and market my listings