Comments on: The Cost of Being A Short Sale Specialist

By: Susan

Susan — Fri, 11 Jul 2008 06:01:25 +0000

You definitely need one dedicated agent!

By: cindyjones

cindyjones — Sat, 05 Jul 2008 11:36:39 +0000

Riley,
I’m not sure how many we have but just like you the number is growing. I won’t accept everyone that comes along and I have one now that is bogged down for reasons that are beyond me.

By: cindyjones

cindyjones — Sat, 05 Jul 2008 11:35:35 +0000

Michael,
If you are lucky it can happen. I had one that went from listing to closing in 38 days. So just push and see if you can make it happen.

By: Riley Smith | Coconut Grove Realtor

Riley Smith | Coconut Grove Realtor — Thu, 03 Jul 2008 20:29:43 +0000

Down here in South Florida, we are seeing more and more short sale homes. I try to only handle them for my very good clients. Otherwise, I would get bogged down with them and not be able to take care of the rest of my clients and business.

By: Michael Bergin

Michael Bergin — Tue, 01 Jul 2008 20:24:42 +0000

Experiance is a painful teacher. I am working on my first with a buyer. It is going to be a nightmare, he didn’t tell me until after we submitted the offer that the sale has to close in 30 days or he loses $25K in relocation help from his new employer.

By: Carnival of Real Estate - Trulia 4th of July Stars and Stripes Edition

Carnival of Real Estate - Trulia 4th of July Stars and Stripes Edition — Mon, 30 Jun 2008 17:05:32 +0000

[...] of becoming a short sale specialist? Before you do, please read this blog post by Cindy Jones, The cost of being a Short Sale Specialist. It’s not as glamorous as you may [...]

By: Reader response to short sales issue of Commonwealth | VARbuzz

Reader response to short sales issue of Commonwealth | VARbuzz — Fri, 27 Jun 2008 12:56:14 +0000

[...] related news, Cindy Jones says REALTORS® should factor in 25% more time to work a short sale listing, based on her personal experience (see the comments). What’s your [...]

By: cindyjones

cindyjones — Fri, 27 Jun 2008 01:01:44 +0000

Jill,

I have encountered some folks who I believe truely qualify as short sale specialists. It takes time and I don’t think I would recommend it for a new agent. Everyone that I see who I would consider successful has systems and assistants to handle all of the extra work.

Don’t shy away from it if you think you have everything in place to make it work for you.

By: cindyjones

cindyjones — Fri, 27 Jun 2008 00:54:24 +0000

Ben,

My experience says that you need to add at least 25% to your average listing for a short sale. Whether it is the listing agent or an assistant waiting onhold or processing extra paperwork either way it is costing you money.

So far I have not had been asked to reduce my commission. Perhaps it is an urban legand?

By: Ben Martin, Va Assn of REALTORS

Ben Martin, Va Assn of REALTORS — Thu, 26 Jun 2008 17:04:42 +0000

Very interesting. So in your experience, how much more time does it take to successfully list and close a short sale listing? Could you estimate it in terms of additional hours or in terms of X percent more time?

The lender may ask you to reduce your commission on a short sale, but a REALTOR isn’t under any obligation to do so. But I’m curious: Are you finding that this doesn’t play out in reality?