It has been four years since I worked with my first short sale. I listed a townhouse for a friend and while it was on the market she stopped making payments and I ended up with my first short sale. The process was stressful for all parties. It worked out, and we are still friends -- which will always be more important to me than a commission. We got bank approval on an offer after only three months, but the "file" was sold to another institution two days before the anticipated closing, which caused more delays. But it did eventually close. Personally, I would have come out much better if I charged an hourly rate instead of a sales commission. Short sales are more common than ever, and I think that is a shame. Many short-sale attempts end in foreclosure. And even if s...
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