First of all, Bryant Tutas is nothing less than brilliant! While this post may be geared more toward Real Estate Agents I felt that it’s content would also benefit buyers and sellers that are either in the middle of a short sale transaction or considering one.
I know that I, personally, am involved in one currently and have the most PATIENT Buyers one could ask for. It has been difficult, there have been no clear answers and nothing is black and white – there is a LOT of gray! I agree with Bryant that it takes patience above all and it will take a LONG time. But, if you hold on there will most likely be a light at the end of the tunnel.
Thanks, Bryant, for always being such a dedicated professional and knowledgable source – your wisdom and willingness to share is always appreciated!
Hi folks. This question has been on my mind for months now. “What percentage of Short Sales really close?” Most folks throw out numbers of 20% to 25%. But my opinion is that they are not only wrong but they are way off. I have been pulling data for several days now from my MLS trying to come up with some empirical proof. But it just ain’t happening.
The problem is I can’t tell how many withdrawn and expired listings were actually re-listed and closed. I guess I could flag the current listings and monitor them over a period of time. But hey…I have to work for a living so I’ll pass on that. Anyway here is my unscientific conclusion.
First, I think I can agree that only 20%-25% of Short Sale TRANSACTIONS close. I can base this on my own experience. I know that it normally takes multiple transactions to get any one Short Sale closed. On some I have had as many as 5 different buyers before one actually stayed in the game through closing.
However, the percentage of transactions closing is far different than the percentage of Short Sales that actually close. Short Sales, in this case, meaning the property. My percentage of PROPERTIES that are being sold as Short Sales that close is well above 90%. And I also know that MOST of the agents that list and sale Short Sales regularly close 90% or more. The reason our percentages are so high is because experienced Short Sale agents qualify their Sellers at time of listing. Our Sellers are educated and are prepared to go the distance. Educated Sellers are willing to participate in the Short Sale transaction.
Too many Buyers Agents, on the other hand, are just throwing transactions out there and hoping they stick. I know this from experience too. Even when we (listing agents) fully disclose the Short Sale process and negotiate a contract with 120 days for Short Sale Approval, Buyers and their agents, STILL get antsy after 45 days and start looking for ways to get out of the Short Sale contract.
I guess….“What percentage of Short Sales close?”…..depends on who you ask. Ask an inexperienced agent and they’ll tell you 20%-25%. Ask an experienced Short Sale agent and we’ll tell you 90%. Both are right. I can think of no better reason to hire an experienced Short Sale agent if you are needing to sell your property as a Short Sale.
So let me ask you this….“What percentage of YOUR Short Sales close?”
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
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