IN MY OPINION (April 22, 2011)
As licensed real estate practitioners, we provide employment and income opportunity every time a real estate deal is closed. To name a few entities who benefit from a transaction closed: escrow, title , termite , home warranty, insurance, inspection, NHD (natural hazards disclosure), lender, transaction coordinator, listing agent, buyer’s agent, the brokers, negotiators, assistants. The sellers of course if they have equity. Did I miss anyone? Let me know and I will add it to our list here.
This is still true in this era of Short Sales. We are causing our non-equity sellers to end their suffering , cut the bleeding, by asking their lenders to accept a short pay off and forgive the shortage, or ask their 2nd liens released or paid as full depending on the negotiation. I am realizing that the lienholders have become more available and workable. So I’d say, don’t be afraid anymore. It is a team effort. We are teaming up with the government to prevent too much foreclosures, because we won’t look good if there are so many REOs. If you are willing to accept that there is a chance your short sale request may not be granted or your commission may be cut, which may be one out of ten chances, short sale listing is the opportunity right now. Play by the rules. It would be easy sailing.
However, if fear of the unknown besets you, which occurs to me quite a lot, always check with your CAR legal department, or check on the websites of the appropriate agencies. As your coleague, I am providing these direct links in case you have any questions. Share with me what you learn. You and I are in this real estate community together. More power to all of us.