“Sorry, I Don’t Do Short Sales…”
Recently, one of my newer clients asked me, “Do you work with short sales?” Her reason for asking was that one of the other agents she interviewed told her that he did not work with short sales. I was somewhat surprised that there are still agents out there who will not work with a short sale.
Of course, if you asked me a couple years ago before “short sale” became a common household word, I would have said that I’d stay away from them if I could help it. But as an agent, I have a responsibility to my clients to work in their best interests. Sometimes, this might mean helping them to buy or sell in a short sale situation. Can it be more complicated than a “regular” sale? Of course! But if I got into real estate simply to make an easy buck, then I would have left a long time ago. Call it naïveté on my part, but it’s actually important to me (and I’m sure this is true for many of my colleagues) that I help my clients find a home that they’ll be happy with or if necessary, sell a home that is causing undue stress so that they can move ahead with their lives even if that means dealing with the added complications of a short sale.
A few stats as of the writing of this blog – these are active listings of houses and condos:
| City | Price | Total | Regular | Short | Bank-owned |
| Daly City | <$500K | 48 | 17 (35%) | 21 (44%) | 10 (21%) |
| San Bruno | <$500K | 37 | 13 (35%) | 18 (49%) | 6 (16%) |
| Pacifica | <$500K | 23 | 9 (39%) | 11 (48%) | 3 (13%) |
So, as a buyer’s agent, would it make sense to stay away from short sales if it means ruling out 44-48% of the options upfront? And many experts are predicting that the number of short sales will increase in the coming year.
Caveat – short sales are not for everyone (for example, those who need to buy in a limited timeframe). Like the disclaimers for any medications would say, please consult your local real estate professional to make sure a short sale is okay for you. Common side effects may include nausea, dizziness, fatigue, shortness of breath, sleeplessness, irritability, depression and anxiety…Sorry, I just had to throw that in there…
Jean Joh – visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.
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2 Responses to ““Sorry, I Don’t Do Short Sales…””
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Jean,
How true your statements are. You sure limit yourself if you are only a “buyers agent only” or “listing agent only”, or as in your example limiting yourself to certain types of transaction.
If you are a true Real Estate Consultant you do anything that you have expertise in that would benefit your customer.
If you do not have expertise lets say in business sales, office leases and other specialized transactions, you should not do those.
Thanks Again, Jean.
Brian
I understand your point about how important it is to help people but I sure hope it passes so people won’t have to feel that desperation anymore!