Why I don’t List Short Sale Listings
The title is off a little- if you are a past client or a friend I will consider taking your short sale listing, but you have to play by my rules- no exception. And those rules will be the topic of another post. For the most part I will turn away a listing if it needs to get short sale approval in order to close.
My reasons have nothing to do with morals or any personal feelings I may have toward someone who has to go through a short sale. I will be the last person you find who will pass judgment on your decision to short sell. I just plain HATE dealing with short sales. I’m good at it (I have listed a few- that’s how I know I hate them). I understand the process and am good at negotiating away your deficiency. I just don’t like them.
I don’t like the high failure rate. I would say at least 1/3 of short sale listings that go pending die. They may sell with the second or third buyer. They may go into foreclosure. But MY business plan doesn’t call for that high of a failure rate.
I don’t like all the hoops the lenders make us jump through. I don’t like re-sending the same paper work over and over. I don’t like the like waiting for months until I get to actually talk to a human being.
I don’t like the fact that the lenders think they have the right to interfere with my contract with the seller and dictate a change in commission. Why should a short sale seller pay a lower commission than my regular sellers?
I don’t like dealing with uneducated buyer’s agents who think their buyers can walk before the short sale has been approved or denied. They sometimes forget their buyer signed a contract and are committed to this sale like any other- read the contracts and addenda!
When I’ve listed short sales in the past I felt more like an admin person for the bank- not a real estate sales professional. The time invested in properly servicing a short sale listing is too intensive for the failure rate and pay and that is time taken away from servicing my buyers and normal listings.
If you are considering selling your North Oakland County or Lapeer County home and you won’t have to go the short sale route, please don’t hesitate to contact me.
Keller Williams Realty, Clarkston
Cell: (248) 736-6407