I would love to come to Denver.

But I can't.

Jennifer,

I am coming to Colorado this fall, knock on wood, but instead of flying to Denver and hooking up with my buddy, then driving to Durango with him, I am thinking I will just drive to Durango.

It has to do with getting hundreds of pounds of venison back to Oregon <g>. The airlines are charging a mint for extra baggage, and next-day shipping is insanely expensive.

Plus... what the H E Double Toothpicks... ROAD TRIP!! Gotta love the road trip feeling.

Way to go. I would do this sort of thing easily. Like someone said earlier. Get that home sold, or maybe even if you don't, you'll have practiced what you preach by selling with some soul...and making a friend/referral portal for life.

I think your doing what you have to do as a good friend,what goes around comes around and thats a fact! If you have a name rider on the sign, who knows you may pick up a few buyers and as someone said before, its a great referral!

I'd do it. Im not sure my Broker would be happy with me, but I'd be able to get it through. If nothing else the referral benifits could be huge.

Updates?

Excellent timing for your question! I went to dinner last night with my friend and she was advised by a BK attorney that should not try to sell the house and simply let "nature takes its course" so to speak. In other words, stop paying the mortgage and let the lender foreclose whenever they get around to it. Since she's decided to declare bankruptcy, I guess she figures adding a foreclosure to the mix isn't a big deal.

So, I won't be listing the house and that's fine.

Even if you don't list the property, I think you will get the same karma for being willing to assist.

I would do it, but my principal broker would not allow it.

The thing with these short sales, though, is that they are not benefiting anyone but the Realtor. The seller stops making payments, doesn't get any proceeds from their equity and messes up their credit rating big time.

The lender gets shorted on their loan.

So in the end, you have to ask yourself - if I help the seller with short sale negotiations, who am I benefiting - and the only true answer is yourself.

I beg to disagree. I've worked many a short sale, and been paid for a few, but the amount I've received in compensation is so little in comparison to the amount of effort expended, it probably wasn't profitable. You can do them and feel like you're helping the homeowner from having a f/c on their credit, or you can do them to help the lender lose a smaller amount than they otherwise would. But as for doing them in order to pad your bank account....there are much better ways.

if you really believe that then i would say you are not informed. the reality is that you are also preserving prices in the community because the chances of selling for a higher price than when the home goes to forclosure is great. you will also preserve the banks money. you will also keep the seller from having a forclosure on their record.

fact is that i can make easier money elsewhere and AVOID a shortsale because the fact that htere is not a high enough chance of me getting a paycheck. look at the stats taht countrywide published about 6 months ago! only 1 in 5 or 20% of homes that tried to sell short actually sold. low roi and more work than a traditional sale.

why wont your broker let you sell them? they are a legit legal way to make a sale and everyone benefits. is your broker uninformed on the process?


on what premise does he base his decision? i am quorious.

"I went to dinner last night with my friend and she was advised by a BK attorney that should not try to sell the house and simply let "nature takes its course" so to speak."

Well good luck with that.Bk attornies are the biggest crooks of them all.

The BK attorney is coming form a position of sure file BK because he or she get's money that way.They never mention if it's a chapter 13 that your credit will be in the toilet during the 3 to 5 year repayment plan.Only about 18 percent of filers finish there plans and get discharged the rest miss payments sometime during the plan and get dismissed.

I always counseled people against BK unless they want to use it as a last resort.In a ch13 BK plan miss payemnt to your mortgage creditor files a motion for relief of stay,make the mortgage but not the bk payments the trustee will file a motion to dismiss the whole case.

Unless your friend can pass a strict means test she will not be able to be discharged under a chapter 7.Instead of a 13 you can get your creditors to settle for pennies on the dollar and have rebuilt your credit by the time someone is still making the payments on a 13 plan.A great website about credit is www.lexingtonlaw.com

Just be glad you are out of the loop on this one because once the attorney has the money good luck getting ahold of them for questions.

Oh well, I'm sure the generous offer will repay itself as Alabama said!

I never said my broker wouldn't let me sell them. was responding to the original poster, where he or she said they were taking the listing side for free. My broker would not allow me as an agent to take the listing side for 0 commission. That said,

I have been in this business for over 20 years. I had been listing and sellng REO and short sale properties long before any of you probably had your real estate license. I was doing driveby and interior BPOs long before anyone knew to call them that.

I am not saying that short sale listings are easy money. Far from it. What I am saying is that they take an awful long time to process, even though many years ago I closed one in a week! That sale did not help the homeowner, she still has the foreclosure on her credit report. She cannot buy another property for 10 years. And even if it didn't show up as a foreclosure she still has all the late payments on her credit report. Its not helping the bank because the bank is getting less on their payoff and accruing attorney's fees to boot. So the only one left to benefit in some small way is the Realtor. You put your sign up in the yard, you advertise, you get buyers off that sign do you not? You get additinal business from that listing and if you don't then you're not doing your job. If you succeed in getting the short sale closed then you you get paid. No one else gets paid except you and your brokerage.

It also does not benenfit the market because distressed properties in the neighborhood will bring down the value of someone else's property that is not in foreclosure.

S
www.susanbarlow.com

Susan - actually I pretty much agree with you. I have a short sale listing right now for a friend who "let me have" the listing for the experience and the possibility of a paycheck. She doesn't care at all what happens to the house - if I don't sell it, it's going to Foreclosure, and she's declaring bankruptcy. The 2nd lender won't get a dime and the first will take a $20k hit, more or less.

So, at the end of the day, IF it sells (it's under contract, but I only have about 5 weeks before the Foreclosure sale date), I'll be the only one walking away with a profit.