Ask banks about a short sale, don’t demand it

Editor,

I would like to reply to the article: Strenuous obstacles to short sales compound headaches for Florida homeowners (http://www.floridarealtors.org/NewsAndEvents/n3-070908.cfm)
 
I live in a small town in Jackson County. Our county has approx 47,000 people, and we are one of the largest counties in the state. I have been in the real estate business for 14 years, and have had my license eight of them.
 
I just received an approval yesterday for my third short sale in six months. I sold the home of a wonderful family. Never in their wildest dreams would they have ever thought they would be losing their home. I am also helping an agent from another company to do a short sale. It is my buyer. We have already heard back from the second mortgage company agreeing to do a short sale, and are still waiting to hear from the first. The offer was submitted July 2, 2008.
 
Now don’t get me wrong, I have had two other deals dissolve and go into foreclosure, and one that will be going into foreclosure because the second mortgage company completely said “No” to a short sale.
 
I understand everyone’s frustration, but it is how you work with the mortgage companies. You need to ASK; do not DEMAND. As per your article, out of the 4.99 million homes expected to close in 2008, 400,000 will be short sales – so you are not the only one trying to ask for help for your clients.

Be patient, and remember to tell your clients that this may not go through. Do not get their hopes up.
 
Stacy Borges
Indian Springs Real Estate
Marianna
 

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