So It Was This Really Busy Day . . . .
July 17th, 2009 . by Jon Modene
And you know how it is.
You have a really busy day. Interruptions. Urgent new tasks. Explosions that you HAVE to deal with . . . RIGHT NOW.
Like my day yesterday. My organized and prioritized task list? Shredded. Out the window. Forgotten.
4 offers to handle. A couple of new listings. Urgent phone calls.
A good day – but a really busy one.
And I have about 100 clients/listings at any given time. And a fantastic staff/team of experts to help me.
And that was MY day.
Which helps me put in perspective the absolute Keystone Cops Festival that is the short sale market.
Short sales? Those are sellers trying to sell and NOT be foreclosed. They are actually doing the bank a huge favour since being foreclosed ALWAYS costs the bank a lot more money.
I have been doing short sales for many years. I teach others how to do them. I am on the board of directors of the Certified Distressed Property Institute – THE best place for real estate agents to learn how to do short sales correctly.
And here, with the names removed to protect the innocent, is the status of a few of my 10+ short sale deals in the pending hopper:
1. Waiting on the bank.
2. Negotiator says this bank has over 300,000 open files. Running behind. No completion date in sight.
3. No completion date – told to wait.
4. Waiting on new offer. Previous buyers got impatient.
That’s just 4 deals that are stress producing.
I could tell you about the ones that I have closed or that are pending – they are always a great relief to the beleagured owners.
But EVERY short sale manager, team member, and processor is right now buried in applications.
Snowed in.
Shut in.
Steamrolled.
Some of these processors or negotiators have 500 open files on their desk.
My busy day?
It was nothing compared to what is happening in the short sale space.
