I just read a featured post about an attorney who is not going to be negotiating any more short sales in his office. There were many supportive comments but there were many that were quite disturbing. The post was a ‘members only’ post so I can not refer to it however I will go over what is most alarming to me. 

More than one commenter stated that they don’t like to do short sales because they rarely close. Some even said they don’t want to take short sale listings because they don’t close. I don’t know the ratio of who’s comments were those who list short sales compared to those who had buyers for short sales. 

My big question is: WHY are your short sales NOT closing? What is your closing ratio for your short sales closing? If it is not over 90% than you are right – you should not be listing short sales not because they are not closing but rather you are not closing them for some reason. 

What is the reason you are NOT closing your short sales? 

  • IF you are doing an intake evaluation with each seller before you list their house for sale as a short sale you should know right up front whether the short sale is going to close or not. 

We should not be gambling with people’s homes. 

  • IF you look over the short sale package the seller turns into you– which should be done BEFORE you list their property for sale as a short sale- you should be able to tell whether there are going to be any issues and if there are you can address them before you list the property for sale. 
  • IF you made sure your seller understands the process of a short sale and he or she has committed to participate in the short sale- there should be no reason for this short sale not to close. 
  • IF you DON’T give up with the lender, if you DON’T behave like a debt collector, if you DON’T give up on your seller, there is no reason for you not to get the short sale closed. That means if you have to climb to the top of the food chain, that is what you do. 

IF the seller is going to get foreclosed on next week- you don’t LIST the short sale! 

The odds are in your favor if you know how to negotiate a short sale that you will get your short sales closed. If you are not getting your short sales closed then you need to take a good negotiating course. We list and negotiate and sell our short sale listings. In over 20 years of negotiating short sales we have over a 90% approved short sale ratio. That is after dozens and dozens of short sales. The same goes for Broker Bryant and many others that do short sales. 

Yes, they can be tough.

But don’t take listings if you run out of breathe before you get to the finish line. That is not fair to your sellers, the homeowners and it is also not fair to the buyers waiting for the approval and it is not fair to yourself. 


One Response to Your Short Sales Are NOT Closing????

  1. Short sales take a experienced agent on both the buyer’s and seller side. Great informative post and so very true. Thanks! I’m sure your clients benefit from your knowledge.

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