The information below stemmed from responses to a Chicago Agent survey sent out to our readers in November 2010.
These numbers suggest that the average agent finds short sales more difficult. It also shows that many don’t understand short sales, but those that do close a much higher percentage than the average agent. The average agent closes 42 percent of short sales, but 48.5 percent of all short sales actually close, suggesting a smaller number of knowledgeable agents do a larger portion of the business.
Additional Anonymous Comments:
“I did a lot of short sales and understand them very well, but I’m going to start turning down listings that are short. The banks have made the process too time consuming and difficult. What should be an easy process, is becoming even more difficult as time goes on.”
“My opinion after a couple years of this is that unless it’s a client in your network or it’s a very good property, take a pass. The amount of time and aggravation involved in (most) of these deals more than likely is taking away your opportunity to acquire other business.”
“The hard part about getting a foreclosure deal done is being able to communicate with the listing agents. Many of these agents do not want to be contacted by other Realtors.“
“If a short sale is being handled by an experienced listing agent and seller attorney in conjunction with a patient and reasonable buyer then there is a solid shot at a successful closing.”
“Banks should be held accountable to cooperate more with getting short sales approved when it is a good offer. It only makes sense because they will be getting less for the property at the auction and as an REO.”
“Foreclosures and short sales are all that is selling in some areas and despite what we’re being told the biggest reason more of these deals aren’t closing is due to ignorance on the part of the agents in being able to effectively complete these deals. The tools and education are out there and as more agents embrace it the glut of distressed properties holding values down will finally start to thin.”
Copyright 2010 Agent Publishing LLC