I've been doing a lot of Short Sales for the past couple of years. I've done short sales on and off through the years, before the term "short sale" had even been coined. We used to call it "upside down mortgage". It was an infrequent occurrence. I was good at it because I really wanted to help my clients move out of their financial quagmire, so I was very persistent with the bank. There was no "Loss Mitigation" at that time, or at least I wasn't aware of any such term.
My, how things have changed in the past few years! Out of 15 transactions waiting to close within my agency, only three are normal transactions; the rest are all short sales and REO's.
As much as I bemoan the length of time and the hoops I go through to do short sales transactions, I am taking this opportunity to say, "THANK GOODNESS FOR SHORT SALES!"
...Because it's a way to guide our sellers who have found themselves in dire situations and may not know their options.
...Because it's a way for distressed property owners to avoid foreclosure or bankruptcy, and thus salvage their credit
...Because more homes are within reach for home buyers who have little money but have a lot of time and patience to wait out the lengthy short sale process
...Because while there is a frenzy for buying foreclosure where people compete in multiple offer situations for AS IS purchases, there is less competition for short sales where there is room for negotiation
...Because short sales offer opportunities not just for the buyers looking for a good deal, or sellers hoping for debt forgiveness, but also for realtors who truly want to help their clients and who are in it for the long haul. When the going gets tough, the tough gets going. Right?
...Because we've learned how to do another type of sale. And every key learning is a new marketable skill.
What do we have to lose? It takes time, sure....but eventually, it will bear fruit. The more we sow, the more we reap.
Perhaps this is a good time to add that ALL of my current escrows are with short sale buyers and sellers!