BrokerageIndustry News

Inside the short-sale machine

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Working full time on a 100 percent commission basis is not for wimps. The cost of health insurance alone is enough to send most sane people screaming into the night. I can do it, and have survived the crash of the housing market, yet there are still times when some of the big banks make me want to cry. Selling foreclosures really isn't a big deal and in most cases it goes smoothly. I occasionally run into trouble getting utilities turned on for inspections, but I can usually get it worked out with a few phone calls and some deep cleansing breaths, as needed. It is the short sales that are the killer. Right now there are about 2,000 homes on the market in the Twin Cities area, and there are offers on some of them that are waiting for third-party approval -- bank approval. Many of those sales will fall through because the buyer will give up, move on or die of old age waiting for an answer. In some cases, the home will go into foreclosure before an offer is approved. Agents do ...