Short Sales Standardization…

Short Sales Standardization…

One of the frustrating parts for many sellers, buyers and agents is that the short sales process has not been standardized.  Even within a state.

For instance, the protocol of what happens in a normal real estate transaction goes right out the window.

The banks are not in the real estate business.  They are not bound by what agents would normally come to expect.  Besides, they have their own policies and procedures and agreements.

If you know what they are, it’s rather straight forward to work with them.

If you don’t, it can be time consuming, delay-filled and frustrating.

The banks ARE collectively working at streamlining the process.  I can tell you that.

My team and I talk to banks everyday, and nobody is more committed at making the process easier for everyone involved.

But I can also tell you this:

If you aren’t train in short sales, and you think it’s business as usual, you will be frustrated and you will get disappointed.  That’s why it’s even more important to get trained.  So you understand the process and know your options.  Please don’t expect the bank to train you.  It will probably label you as inexperienced.

It’s also important to set the appropriate expectations.  And if you are a buyer or an agent, don’t make any promises to the seller you can’t keep.

Please keep these ideas in mind.  I expect with the Obama initiative, there will be standard policy and procedures across the board sooner than we think.

- Jeff Kaller