Short sale myth-busting

Something I hear out there from a lot of agents, most of them not doing short sales from the listing side is Chandler short sales are getting easier to get through than they used to be. Well maybe if you are comparing them to 2007, but short sales are not any easier to get closed today than they were 6, 8, 12 months ago. In fact they may be harder.

Short sales often have the MI company, or investor or servicer pushing back wanting more money, cash contributions, promissory notes or relying on bad valuations and sticking firm. I am not sure why banks are putting their foot down more than they used to, it may be because the cost difference now between a short sale and foreclosure may not be as great because of all the extra staff that has been needed to be hired to process them. But whatever the reason is, one thing is certain if you are looking to get into short sales because they are getting easier, be prepared to be stunned.

Kristin and I probably talk to a few agents each a month that start doing short sales then come asking for help. They conversation is usually concluded with them making a statement such as “I am not doing another one of these short sales again.”

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