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#337570 - 05/11/10 09:13 AM Expired Short Sales
ExpiredKing Offline
Junior Member

Registered: 04/21/10
Posts: 4
Loc: Orlando, Florida
Expired listings are apart of my daily prospecting and I am wondering if anyone can help me with a few questions. A good number of the expireds I am encountering were listed as short sales.

My first question is does a short sale approval expire along with the listing?

Next, when I get an expired short sale listing seller to list with me, do I start the short sale process all over again? Then, do i stay with the same loss mitigation company and everthing the seller had set up from the previous listing?

I am all ears as to anything advise you may have on anything I need to know or look out for when choosing to work with these expired short sale listings. Thanks

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#337572 - 05/11/10 10:29 AM Re: Expired Short Sales [Re: ExpiredKing]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 6264
Loc: Vermont's North-East Kingdom
Originally Posted By: ExpiredKing
Next, when I get an expired short sale listing seller to list with me, do I start the short sale process all over again?

You don't start or stop anything. That property is called a "Short" because it's already on the Conveyor Belt of Foreclosure.

Originally Posted By: ExpiredKing
Then, do i stay with the same loss mitigation company and everthing (sic) the seller had set up from the previous listing?

The Lender decides who is handling the Loan Modification or Disposition of the Asset. That's outside your control, and isn't going to change just because some little "Listing Agreement" expired.

Originally Posted By: ExpiredKing
I am all ears as to anything advise (sic) you may have on anything I need to know or look out for when choosing to work with these expired short sale listings.

It's really they, the Lender and current Owner of Record (Seller) who do the choosing. You have to question at what stage along the Foreclosure Conveyor Belt is this Loan located?

Occasionally, it might be an oversight; but if a tremendous amount of work has been invested by the prior Listing Agency, and they still didn't bother to get it re-newed, that has to tell you something . . . . that Puppy's about Good as Gone. That Train may have already left the Station and you might just be stuck running behind trying to catch up with the Caboose.

You can spend an awful lot of your time chasing such quixotic commissions . . . . But Good Luck anyway !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#337574 - 05/11/10 11:32 AM Re: Expired Short Sales [Re: Vermont]
ExpiredKing Offline
Junior Member

Registered: 04/21/10
Posts: 4
Loc: Orlando, Florida
Thanks for the info Vermont.

Are you referring to the commissions from expired listings as quixotic or the commissions from expired short sale listings?

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#337577 - 05/11/10 12:25 PM Re: Expired Short Sales [Re: ExpiredKing]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2271
Loc: Margaritaville
Originally Posted By: ExpiredKing
Thanks for the info Vermont.

Are you referring to the commissions from expired listings as quixotic or the commissions from expired short sale listings?


Not speaking for Vermont but I read it as "commissions on expired short sale listings being Quixotic"

Since I also do REO I can not tell you how many times we get an REO listing where I have to call the agent who had it as a pending short sale and advise them that the property foreclosed. The first thing I would do if I were looking to get an expired short sale. Since we in FL are a judicial state, if the lis pendens has not yet been filed you have a chance. If it has been filed I would not invest time and effort into it. If you have a lis pendens that has been filed over 3-6 months ago you probably do not stand a chance. All just IMHO.

Good luck to you as well. I would be interested in hearing how it works out for you.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
Dr. Seuss

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#337578 - 05/11/10 12:26 PM Re: Expired Short Sales [Re: ExpiredKing]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 6264
Loc: Vermont's North-East Kingdom
Originally Posted By: ExpiredKing
Are you referring to the commissions from expired listings as quixotic or the commissions from expired short sale listings?

Some might argue that ALL Real Estate Commissions are quixotic (like Don Quixote's Windmill/Dragon; but Commissions from Short Sales are particularly elusive.

Retail Sales and REOs tend to remain Retail Sales and REOs until they sell . . . . but Shorts can change with a moment's notice, and then they're out of your control.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#337628 - 05/11/10 08:12 PM Re: Expired Short Sales [Re: ExpiredKing]
ExpiredKing Offline
Junior Member

Registered: 04/21/10
Posts: 4
Loc: Orlando, Florida
Thank you both for all the helpful info. I am now better educated on dealing with this!

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#337647 - 05/11/10 11:00 PM Re: Expired Short Sales [Re: ExpiredKing]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 6264
Loc: Vermont's North-East Kingdom
You're quite welcome; but my thoughts are primarily meant to be cautionary.

In our MLSs, Shorts are not specifically coded as a separate category. You have to read between the lines. There's usually some tell-tale Comment about all offers requiring a 3rd Party's Approval; or the history of the Listing's Behavior is indicative of a Listing associated with a Loan that has gone Sour.

We always question the degree to which the troubled circumstances of the Seller's situation can be revealed and not cause further deterioration in his/her bargaining position. We continue to bear the burden of protecting the interests of these Sellers.

When we knowingly take a "Short", I'm very careful to make sure that the Client is aware (and often the Mortgagee, as well) of what detailed information "may" be discussed with prospective Buyers and their Agents. I'm always hesitant to broadcast that information through the MLS. And I do believe others in our MLSs feel similarly.

I say "knowingly" because sometimes I find myself involved in a short situation by accident and only learn that it's as bad as it is AFTER becoming intimately acquainted with the Owners of Record and having these matters slowly and voluntarily revealed to me OR doing my own due diligence and researching the Land Records on our Listed Properties. Many people simply will not volunteer how bad their circumstances are until long after you've begun to invest your resources. I don't blame them. They need to protect their dignity. Some are in denial. It's embarrassing and always uncomfortable. I find that once they find solace with one Agent, they do not initiate a change.

Others here can comment on how this matter is handled elsewhere; but I believe it is happenstance or lacking in uniformity. With the exponential growth in this category of Sellers, it may be that some MLSs have adopted special coding for them. We don't have it here.

I think you'll have much greater success pursuing regular Retail Clients . . . . but that's your choice. Do so with your eyes wide open !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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