Morris Massre's Blog

Thoughts on South Florida Realty and the Planet in General

Short Sale Madness

I think so. These days just about everyone is processing a short sale for little to no money at all. But, like my Grandpa always said, cheap is expensive. And that applies in this case too. Even if you have to shell out a few dollars to get a short sale started, is it not worth the peace of mind knowing that you are protected by an informed and licensed individual, rather than someone simply setting up shop? I only say this because I recently lost a listing when my competition offered the attorney side for free through their title company. It just seems to me that when you jump in this pile with the others you eventually end up at the bottom of the short sale stack, which eventually leads to no closing at all. When it comes to protecting the integrity of your credit and property I always recommend hiring a qualified real estate attorney. He/she will take all the harassing calls, slow down the foreclosure process, negotiate the best deal for you, and work in all of the closing costs so that you have no out of pocket expenses. My competition also stated that she knew someone at the bank whom she had an “in” with. That was probably going way too far because I don’t believe anyone has an “in.” What makes you so special that the bank is going to give you priority over the millions of others who are in mortgage trouble? Nothing. As I always say in situations like this, take a ticket and stand in line. The moral of this story? Be careful who you hire to list and represent you in a short sale transaction. Not everyone is built for doing it and there are a lot of agents and processors who will simply tell you everything you want to hear. Check them out thorougly and even go so far as to check references from prior or current customers. If an agent or lawyer is not willing to give these to you they probably are not for real. In this case in particular, I would have asked to speak to the “friend” at the bank personally.

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