Short Sales Can Make You Lose Your Mind

Surely, you don’t want to lose your mind. I know I don’t. But unfortunately, short sales are a big part of today’s real estate landscape. All you can do is be prepared and then hope for the best!

Just picture yourself in a small boat, out in the ocean, miles from land and no real means of communication. Then add an agitated partner in the boat with you. Also, that partner is looking to you to save them.

That’s what it’s like to be a Louisville Realtor® with a first-time home buyer in a short sale purchase situation. Our contract was accepted back in August. We’re scheduled to close Thursday.

Yes, that’s right… we’re talking 150+ days of waiting, changing, hoping, fixing, waiting some more, one closing rescheduled and here we are.

Will my client get a great deal? Yes.
Did I do everything humanly possible to help him? Yes.
Was it still an ordeal? Oh yeah.

Just so you know, it’s a wild ride. If you’re not an easy-going, go-with-the-flow kind of person, I’d say “steer clear of short sales.” There are better ways to lose your mind, trust me.

Short Sales, Contract for Deed, Lease Options and the Exciting Life of a Real Estate Lawyer

Bold title there, huh? You might be wondering the reason. Well, I’ll tell you! I attended some Continuing Education today as a part of my real estate license requirements.

I wasn’t too excited about the prospect when I woke up this morning, but Harry Borders did a great job with the 3 hours he was given and I feel wiser for having attended.

The topics are extremely complicated but important as he said experts predict 50% of all real estate transactions 18-months from now will be short sales or similar “distressed” situations. Wow. That’s a huge number!

I’m far from a Short Sale expert but Harry’s class was good for me. I feel somehow healthier and better informed to help my clients and that’s what it’s all about.