5 Reasons Your Short Sales Will NEVER Close
3)Unrealistic Time Frame Expectations
– This one can go hand-in-hand with the first two, but it is a crime committed by both Buyer and Seller. Short sales are anything but short. In fact, they should be called Long Sales. The typical short sale can take 2-6 months to complete. Sellers need to know that they are in for the long haul, and Buyers need to understand that they may not know if the ‘won’ the bid for a couple of months. Many times, Buyers have the best of intentions when they make a bid on a property, but after only 30 days, I have seen many Buyers get antsy, thus marking an end to their contract.
There is a right way and a wrong way to handle a short sale as a real estate broker. The right way leads to success but requires a significant amount of work which involves among many other things, educating the home sellers, staying in constant contact with the right people at the bank…and never giving up. Only the true professionals will embrace the “do what it takes” attitude to stay focused on helping the home seller and ensure this type of transaction closes. I certainly agree that personal experience is the best teacher!
Marc Iafrate, MBA
Capital City Real Estate Group – Keller Williams Realty
(919) 886-7355