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What real estate brokers think about Short Sales

January 12th, 2009 | Written by | Sellers

Ever wonder what real estate brokers think about short sales?

This is (Part 2) – Real Estate Brokers Opinion: I’m not alone in this opinion either!

Also read:

(Part 1) Sellers and Short Sale Real Estate

(Part 3) How to prepare for a short sale”Foreclosed

The banks in my opinion have little or no idea what is going on with their assets and how to manage selling them prior to foreclosure. If they could setup even a reasonable process to facilitate short sales many families would be able to fore go the foreclosure process. In EVERY short sale I have been involved with that went to foreclosure (either the buyer or seller side) the bank would have made more money for the property selling it in short sale than letting it go to foreclosure. EVERY ONE OF THE TRANSACTIONS they would have made more. Yes this makes me angry. It pisses me off to see families try in vain to help themselves out of a tough situation only to be stonewalled by BANKS that are under staffed and in some cases incompetent.

Many families could have been saved from the financial disaster, emotional devastation and embarrassment of foreclosure. If only the banks could actually make a decision and tell all of us within a reasonable amount of time whether they would seriously consider an offer on the property and approve it.  I have had banks tell me upfront they will not do a short sale on a property. I always respond with a big THANK YOU since they have just saved us all a lot of time and headaches.  I think buyers that offer on short sales are crazy unless you can handle and know up front that you will probably have a minimum 4 months to wait.

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Steven Beam, Realtor, CRS
18551 E. Mainstreet Suite 2-A
Parker, CO 80134
Parker Colorado Real Estate

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