Reader response to short sales issue of Commonwealth

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.

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3 Responses to Reader response to short sales issue of Commonwealth

  1. This was an exceptional Issue. This issue of the Commonwealth should give managing broker materials for staff meetings for months to come.

  2. jp moses says:

    My opinion is that if a Realtor with no short sale experience attempts such a transaction, you can count on a LOT more than just 25% extra time involved. There’s a HUGE opportunity in short sales right now – for both agents and investors. People need help that only we can give them. But like anything, a proper education is essential.

    I think some of the best short sale related education I’ve ever seen, hands down, is from St. Louis agent Shaun McCloskey. His “Short Sale Wealth Academy” is at http://ShortSaleSherpa.com

    Thanks for an interesting article!

    …jp

  3. OK, I have to admit it, I flipped the magazine over twice trying to open in!…. duhhhh…

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