Tip for Short Sale Realtors: Set Realistic Expectations

Being in the short sale business, Realtors often find themselves getting excited about every prospective sale. Most get frustrated halfway through the process and start unraveling at the seams. Perhaps, it is because of unrealistic expectations. After all, a short sale can be one of the most sophisticated real estate transactions you will ever encounter and it will surely pay off if you give it the respect it deserves.

To help you avoid falling into a hopeless pit midway through the short sale process, consider these three tips:

1.       Accept short sales for what they are — complicated transactions. If you underestimate short sales and make the mistake of not really getting to know each nook and cranny of the process, you will find yourself way in over your head. For this reason, a new breed of Realtors has to be born to handle them. You just cannot rely on basic knowledge; you have to master everything related to this transaction from signing on a client to closing.

2.       Practice patience and humility all the time – in many cases, you will find yourself swimming in documents related to a short sale transaction. There are also the calls from the seller and/or the buyer you need to attend to especially if the lender approval is taking too long. Of course, you will be dealing with the lender as well. With all this on your plate, you can really feel overwhelmed. If everything becomes too much, take a deep breath and walk around. You will not gain anything by succumbing to the pressures of the business.

3.       Do everything with care – there are so many things which could go wrong with a short sale transaction such as the buyer walking away, the lender rejecting the proposal for not complying with their requirements and even the seller changing their minds at the last minute. This is why it is important for short sale Realtors like us to take each step cautiously and make sure all “i”s are dotted and “t”s crossed. It pays to be meticulous when it comes to short sales.