I have seen many agents lately starting to give up. Between all the legal and tax issues along with haggling with the banks, it often is just not worth it.

This is really great you have thrown good light on short sale offer. It is different from other posts where common man can never under the complexities of short sales, but these are explained here in a simple manner.

Thanks for sharing and putting some light on this topic "Short Sale". People know about it but they don't know the basics which according to me are explained here.

We have a short sale mitigation company and are working with realtors that are currently listing short sale properties. We will handle all the time consuming telephone calls and help find an end buyer. We do all this for FREE for the realtor and homeowners because we get paid by the bank.I don't understand why all short sale listing aren't getting outsourced more, do realtors just not know about this kind of resource? BTW, we even have investors that buy the property so we have the offer for the bank on day one. It is a win-win for everyone.

In case of short sales you need an expert short sales professionals. If you hire his services you will get of this tough time.

**Area Codes´s last blog post..Andaman & Nicobar STD Area Telephone Dialling Codes List</abbr></abbr>

I am part of a company that does only short sales of homes $500K and up. Have been doing this 13 years and know that if you're heading for forclosure, we can help.

Bob

Can anyone tell me if the owner of a property has to pay any money when they have to: a] forclosure b] short sale or c] deed en liu and if so, what amount?

Also why do we nned to get in to late or no payments on our mortgage so Chase mortgage can start considering re-negotiaring our loan? thanks to all who comment to the above matters

Monica - Thanks for sharing your story. I hear things like this frequently, and it is very sad. (I hope your husband is doing OK now).

Countrywide seems to come up frequently in conversations like this, but there are many other lenders who take similar actions. Hang in there!

I found myself in the unfortunate position of having my house listed for sale for over two years, with NO OFFERS. Then my hubby was in a bad car accident and we could not continue making the mortgage payments because of the loss of his income. I am collecting a pension from a previous job, and I am working a full time job, and three part time jobs, but still can't pay the mortgage and pay our other bills too. We asked the CountryWide mortgage company for a special hardship forbearance because of the accident, and they refused. We offered to let them put a lien on the settlement of the accident, and they refused. After a couple of months, we got three short sale offers, and CountryWide refused them. CountryWide has agreed to a deed in lieu. We don't have much of a choice at this point, so that is what we are doing.

I've tried to keep a positive attitude about short sales but I must admit it tires me out; and I use a short sale mitigation company that takes only 1% . (if the commission is 7% they keep 1% and the listing company gets 6%; how they split it with the selling agency is between the two.

I use ShortSalesExpress.com (By THE Roger Butcher). I gave him 3 short sales. One is closing next week, another I don't know because the lender wants the seller to sign a promissory note for between $24,000 to $60,000 depending on how much cash the seller can bring to the closing table (duh? Most sellers are penniless, duh?) and I still don't know on the third (Since April)...

I can't imagine dealing with these banks. Most of them are jerks, and some of them simply cash in on the mortgage insurance so they don't care. I don't know if the lenders go after the owners for the balance not collected after a foreclosure and an eventual sale but I can tell you even though I tried very very hard to be positive and upbeat but the short sales are taking their toll on me. To add to this, in my area I see a LOT and I mean A LOT of listings are all short sales. It's unbelievable. My MLS is now requiring they be identified as lender owned (bank owned) or as lender approval required (Short Sale). Although I disagree with this (this is to me a form of "segregation) I go along with it. I did short sales before but this is ridiculous. I don't charge anything upfront but maybe I should. Problem is there's too many that will take a short sale listing and NOT know what to do with it. That is the kind of "real estate Malpractice" that hurts sellers and gives real estate agents a bad name.

Jay,

I have to say. Fabulous approach. I just saw your comments in response to other people's comments, and I completely agree. Let me give you a different perspective as well. We have been on the other side of the coin as buyers' agents for short sales. I cannot state how much I agree with your statement that brutal honesty is best. There are agents out there who are listing short sales and do not have the knowledge or expertise to do so. There have been situations where an agent has listed the property at a price that the bank is not willing to even consider. This is just a waste of everyone's time. I think it's great that you charge the $250 fee in certain situations. We, in real estate, spend a lot of money at times and there is no one that is going to bail us out, so you're right, you have to profit to stay in business.

"I think one of the hardest parts of short sales is telling people you can’t help them."

I agree Joseph, it pains me every day. There are some very sad stories out there. Yes, some "got what they were asking for" but many are just in the wrong place at the wrong time. I hate not being able to help. On the other hand, there seems no point in "blowing smoke" and telling people what they want to hear. Brutal honesty, even if it's the last thing someone wants to hear, is always the best policy.

Yalda - I've had virtually no luck when dealing with listers using short sale negotiation services. I deal directly with loss mitigation when we list a short sale and almost want to run away when we have a buyer interested in a short sale being handled by a service. Carolyn seems to have had good luck. I suspect as is with anything, it depends on the company...

I have done a few short sales with other negotiators until it go to be too much to manage the negotiators. So I got my short sale negotiation certification and now I handle all of my own short sales. I don't charge anything upfront. If financially I can't help them, then I won't waste their time or money nor mine.

I have a team of short sale negotiators ready to assist at a moments notice and we have had a lot of success with assisting other agents in closing their short sale deals.

This is my first go around as an agent in a down cycle so I do not have previous experience working with short sales. There are negotiators who for a fee specialize in speaking directly with the banks. They charge a hefty fee but I and other agents in my office have had success getting these done with a negotiators help.

I think one of the hardest parts of short sales is telling people you can't help them. I also charge up front fees on short sales and the environment is completely changing. Banks continue to change their process and they are extremely time consuming. I frequently tell sellers to try everything in their power with the bank on their own before they consider listing it with me and to make sure they view me and short sales as a last resort.

I have found the most difficult part of short sales is dealing with banks. They don't call back and can take forever to just assign someone to the case. In the long run they are hurting themselves. More and more realtors are now avoiding short sales which in the end will hurt banks as it will cause the number of short sales to down and the number of foreclosures to go up.

Monica-

A deed-in-lieu will tag your credit for 4 years (per current Fannie Mae underwriting guidelines). Sure that's better than 5 years from a foreclosure, but not nearly as good as 2 years from a short sale. A short sale should always be pursued if it's viable to be successful. If it can't be successful, then a deed-in-lieu is the next best answer.

Thank you for the direct communication about the short sale process. It's refreshing to read about what some would assume to be "last chance" options - note to self....what NOT to do.

There are real estate companies that will perform "fee for service work" and will list a house for sale for a flat fee instead of the more widely known contract where the realtor gets a percentage of the sale price. You pay the realtor up front for the service.

You might want to contact the mortgage company and inquire about doing a "deed in lieu of foreclosure" if you feel foreclosure is unavoidable.

I totally agree with what you have to say here. I have been very selective with just regular listings. If they don't want to list within 5% of what I think it will sell for, I tell them exactly that, and that I cannot in good conscious take a listing that will not sell.

I have seen many agents lately starting to give up. Between all the legal and tax issues along with haggling with the banks, it often is just not worth it.

This is a good way to explain short sale; i like this article. You have explained everything about short sale and its pros and cons.

There may be may be many reasons behind this you must check it out yourself else you can take professional help in this regard.

I think short sale is best to avoid foreclosure. You must hire a short sale professional to get your work done smoothly.

There may be may be many reasons behind this you must check it out yourself else you can take professional help in this regard.

I think short sale is best to avoid foreclosure. You must hire a short sale professional to get your work done smoothly.

This is really great you have thrown good light on short sale offer. It is different from other posts where common man can never under the complexities of short sales, but these are explained here in a simple manner.

Thanks for sharing and putting some light on this topic "Short Sale". People know about it but they don't know the basics which according to me are explained here.

We have a short sale mitigation company and are working with realtors that are currently listing short sale properties. We will handle all the time consuming telephone calls and help find an end buyer. We do all this for FREE for the realtor and homeowners because we get paid by the bank.I don't understand why all short sale listing aren't getting outsourced more, do realtors just not know about this kind of resource? BTW, we even have investors that buy the property so we have the offer for the bank on day one. It is a win-win for everyone.

In case of short sales you need an expert short sales professionals. If you hire his services you will get of this tough time.

**Area Codesu00c2u00b4s last blog post..Andaman & Nicobar STD Area Telephone Dialling Codes List</abbr></abbr>

I am part of a company that does only short sales of homes $500K and up. Have been doing this 13 years and know that if you're heading for forclosure, we can help.

Bob

Can anyone tell me if the owner of a property has to pay any money when they have to: a] forclosure b] short sale or c] deed en liu and if so, what amount?

Also why do we nned to get in to late or no payments on our mortgage so Chase mortgage can start considering re-negotiaring our loan? thanks to all who comment to the above matters

Monica - Thanks for sharing your story. I hear things like this frequently, and it is very sad. (I hope your husband is doing OK now).

Countrywide seems to come up frequently in conversations like this, but there are many other lenders who take similar actions. Hang in there!

I found myself in the unfortunate position of having my house listed for sale for over two years, with NO OFFERS. Then my hubby was in a bad car accident and we could not continue making the mortgage payments because of the loss of his income. I am collecting a pension from a previous job, and I am working a full time job, and three part time jobs, but still can't pay the mortgage and pay our other bills too. We asked the CountryWide mortgage company for a special hardship forbearance because of the accident, and they refused. We offered to let them put a lien on the settlement of the accident, and they refused. After a couple of months, we got three short sale offers, and CountryWide refused them. CountryWide has agreed to a deed in lieu. We don't have much of a choice at this point, so that is what we are doing.

I've tried to keep a positive attitude about short sales but I must admit it tires me out; and I use a short sale mitigation company that takes only 1% . (if the commission is 7% they keep 1% and the listing company gets 6%; how they split it with the selling agency is between the two.

I use ShortSalesExpress.com (By THE Roger Butcher). I gave him 3 short sales. One is closing next week, another I don't know because the lender wants the seller to sign a promissory note for between $24,000 to $60,000 depending on how much cash the seller can bring to the closing table (duh? Most sellers are penniless, duh?) and I still don't know on the third (Since April)...

I can't imagine dealing with these banks. Most of them are jerks, and some of them simply cash in on the mortgage insurance so they don't care. I don't know if the lenders go after the owners for the balance not collected after a foreclosure and an eventual sale but I can tell you even though I tried very very hard to be positive and upbeat but the short sales are taking their toll on me. To add to this, in my area I see a LOT and I mean A LOT of listings are all short sales. It's unbelievable. My MLS is now requiring they be identified as lender owned (bank owned) or as lender approval required (Short Sale). Although I disagree with this (this is to me a form of "segregation) I go along with it. I did short sales before but this is ridiculous. I don't charge anything upfront but maybe I should. Problem is there's too many that will take a short sale listing and NOT know what to do with it. That is the kind of "real estate Malpractice" that hurts sellers and gives real estate agents a bad name.

Jay,

I have to say. Fabulous approach. I just saw your comments in response to other people's comments, and I completely agree. Let me give you a different perspective as well. We have been on the other side of the coin as buyers' agents for short sales. I cannot state how much I agree with your statement that brutal honesty is best. There are agents out there who are listing short sales and do not have the knowledge or expertise to do so. There have been situations where an agent has listed the property at a price that the bank is not willing to even consider. This is just a waste of everyone's time. I think it's great that you charge the $250 fee in certain situations. We, in real estate, spend a lot of money at times and there is no one that is going to bail us out, so you're right, you have to profit to stay in business.

"I think one of the hardest parts of short sales is telling people you canu00e2u0080u0099t help them."

I agree Joseph, it pains me every day. There are some very sad stories out there. Yes, some "got what they were asking for" but many are just in the wrong place at the wrong time. I hate not being able to help. On the other hand, there seems no point in "blowing smoke" and telling people what they want to hear. Brutal honesty, even if it's the last thing someone wants to hear, is always the best policy.

Yalda - I've had virtually no luck when dealing with listers using short sale negotiation services. I deal directly with loss mitigation when we list a short sale and almost want to run away when we have a buyer interested in a short sale being handled by a service. Carolyn seems to have had good luck. I suspect as is with anything, it depends on the company...

I have done a few short sales with other negotiators until it go to be too much to manage the negotiators. So I got my short sale negotiation certification and now I handle all of my own short sales. I don't charge anything upfront. If financially I can't help them, then I won't waste their time or money nor mine.

I have a team of short sale negotiators ready to assist at a moments notice and we have had a lot of success with assisting other agents in closing their short sale deals.

This is my first go around as an agent in a down cycle so I do not have previous experience working with short sales. There are negotiators who for a fee specialize in speaking directly with the banks. They charge a hefty fee but I and other agents in my office have had success getting these done with a negotiators help.

I think one of the hardest parts of short sales is telling people you can't help them. I also charge up front fees on short sales and the environment is completely changing. Banks continue to change their process and they are extremely time consuming. I frequently tell sellers to try everything in their power with the bank on their own before they consider listing it with me and to make sure they view me and short sales as a last resort.

I believe FHA guidelines count a Deed-In-Lieu the same as a foreclosure. 3 years for FHA before you can purchase again.

I have found the most difficult part of short sales is dealing with banks. They don't call back and can take forever to just assign someone to the case. In the long run they are hurting themselves. More and more realtors are now avoiding short sales which in the end will hurt banks as it will cause the number of short sales to down and the number of foreclosures to go up.

Monica-

A deed-in-lieu will tag your credit for 4 years (per current Fannie Mae underwriting guidelines). Sure that's better than 5 years from a foreclosure, but not nearly as good as 2 years from a short sale. A short sale should always be pursued if it's viable to be successful. If it can't be successful, then a deed-in-lieu is the next best answer.

Thank you for the direct communication about the short sale process. It's refreshing to read about what some would assume to be "last chance" options - note to self....what NOT to do.

There are real estate companies that will perform "fee for service work" and will list a house for sale for a flat fee instead of the more widely known contract where the realtor gets a percentage of the sale price. You pay the realtor up front for the service.

You might want to contact the mortgage company and inquire about doing a "deed in lieu of foreclosure" if you feel foreclosure is unavoidable.

I totally agree with what you have to say here. I have been very selective with just regular listings. If they don't want to list within 5% of what I think it will sell for, I tell them exactly that, and that I cannot in good conscious take a listing that will not sell.

I have noticed agents that are good at listing short sales get burned out. the whole process requires a great deal from all directions