What Happened to All The Short Sales?
It seems like just last year...oh, that's because it was...that we were still dealing with way too many short sales. Just a few years ago it seemed like almost everything was a short sale. Now of course it wasn't...but it sure seemed like it with all the short sales on the market.
Talk about frustration!! Frustration for all involved it seemed...buyer, seller, REALTOR, title company, buyer's lender...all of course but the lender holding the seller's mortgage. Or, if you were lucky enough, the lenders plural.
The constant delays, requests for info you already provided, requests for updating info you previously sent, ARGH! How many times did you hear a seller's lender tell you they 'didn't get the paperwork' you sent, or how about this....I always loved how it took 3 days to get something you faxed to them to their desk or into their 'system.' (Time for a new system.)
I did over 30 short sales and consider myself very fortunate to have closed every single short sale I touched. Or maybe I was just lucky. One of my last was an 18 month gem that just about did us all in.
So, the good news, as it seems, is that rising values have lifted a lot of homeowners from being underwater and that is why we are seeing so many fewer short sales. At least I'm not seeing many, and I don't miss them.
Should a client need me to handle a short sale for them, I still would, but I'm hoping the need does not arise that many more times.
Tony Morganti, CRS, ABR