Jun 27, 2008
Reader response to short sales issue of Commonwealth
27 Jun 2008
Posted by VAR
REALTORS® are coming out of the woodwork in reaction to the May/June issue of Commonwealth magazine. In addition to the comments left on the three feature articles here on VARbuzz (count them #1, #2, #3), we’ve also received numerous phone calls and e-mails about the issue. Here’s what members like you are saying:
- “The non-English speaking population in Virginia was disproportionately affected by the foreclosure crisis. In my opinion, mortgage brokers took advantage of these people.”
- “Short sales are not for someone who is looking for a quick close. What is more interesting about the process is the same bank that can give you a response on a foreclosure in 48 hours takes 60 days to go through the file on a short sale. We all realize it is two different departments but if you are sitting on a file with all of the required documents and four offers why wouldn’t you respond?”
- “Short sales are a great opportunity for investors, but I still believe they should be avoided by people who are looking for a home.”
- “It was funny for me to see this [magazine cover]. I had a house listed a few years ago in Austin and advertised it with an upsidedown photo. It got a lot of attention and I got some good calls off of it.”
- “This is one of the clearest and most straightforward breakdowns of short sales that I have ever seen.”
- “One of the only correct, concise articles I have read about short sales! … Thanks for a great article!”
We’ve also gotten a couple of inbound links from these articles. One comes from the Memphis Area Association of REALTORS®. The other from Jeff Royce, a Fairfax REALTOR® who was quoted in one of the articles and explained his position more fully on his blog.
In related news, Cindy Jones says REALTORS® should factor in 25% more time to work a short sale listing, based on her personal experience (see the comments). What’s your experience?
Got feedback about this issue? Leave a comment or blog about it and link to us!
Oh, you haven’t read your May/June Commonwealth yet? Now you know what you’re missing.