• Fewer than 60% of the listed short sales resulted in a sale
• 70% of realtors ranked short sales as difficult, or extremely difficult (10% ranked them as easy)
• 14% of realtors received a reply from a lender within 1 business day after inquiring about a short sale status
In most circumstances, a short sale is a win-win for the borrower and for the lender. The borrower is able to avoid a foreclosure on their credit report, and can actively manage their legal and tax consequences. The lender also wants to avoid foreclosure, because most short sales will result in a superior net return to a bank, when compared with a foreclosure sale.
If a short sale is a win-win scenario, why are less than 60% of these are getting completed. There are two reasons – 1) Lenders have a reputation having the following obstacles: “unresponsiveness, onerous procedures, and long processing delays”, 2) Realtors lack the knowledge, strategies, and best practices to close more of these transactions.
As a community of Real Estate professionals, we have the responsibility to improve our own effectiveness by sharing our best practices, solutions, and strategies with one another. There are many short sale transactions that get completed, but the industry lacks an effort to share the “keys to success” for the benefit of the entire profession. Our news sources are happy to report on failures and damaging consequences to homeowners, but rarely report on successful short sale transactions.
MyLocalTribe.com is a website designed to collect and publish the short sale success stories and best practices. This website will arm Real Estate agents with answers, strategies, and solutions and and raise the rate of success of short sale transactions to well over the 60% that is being experienced today. If you have a short sale success story to share, please email them to us at info@MyLocalTribe.com.
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MyLocalTribe.com is a collection of success stories and best practices around the topic of Short Sale Transactions. Homeowners can find potential answers and local experts. Real Estate Agents can find strategies and solutions for the clients they serve. Local Experts contribute their success stories and articles to serve their colleagues and their communities.