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Anyone had any success on predicting the outcome of a short sale prior to its
undertaking ?
Especially when out of pocket money will be needed to cover all expenses
for the marketing of the property, not excluding administrative, personal gas
and time used for running around for the showing.
Sad reality is that there is an EXCESS of non-rational behavior on the part of lenders. I do not think this going to get better any time soon. News reports are that the large lenders are not currying favor with the administration with the small number of loan modifications completed. The lenders claim that they are going to shift into high gear to reach some high number of mods before end of year. Hold on to your hat!
I will never deal with a bank owned property again!!! They do not negotiate, chomp at the bit to take you to court over errors (even their own errors), and later come up with bogus fees that they forgot to bill you for at closing.
The short sales, in my area, rarely start out this way. They were likely originally listed at substantially higher prices with the fantasy of netting a profit for the seller.
Over time, it becomes apparent that what a seller paid/needs/wants/asks has no bearing on what the market will pay. Over time, the listing agent may become aware that the seller is behind on their payments. Over time, it may become apparent that there is no way that the listing/selling brokers will get paid.
It seems to me that those agents who take seriously overpriced listings, some of which eventually become short sale listings, are the least likely to invest their own out of pocket money in the sale.
Short sales listed by the big box national franchises tend to be marketed by the franchise, not the agent.
It's far more likely that buyers' agents are showing the property than the listing agent.
People coming to grips with the reality of their situation are on emotional overdrive. What's not accounted for is the listing agent's time/energy to counsel the seller and herd them through the process of a short sale.
In my area, most short sales do not close as such. The lender is often the servicing agent, not the owner of the underlying mortgage. There are often multiple mortgages. There may be PMI. Lot's of independent intersts have to agree to the short sale before it can proceed.
And in the meantime, the seller may file for bankruptcy protection or time runs out and it moves to foreclosure.
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