5 Reasons Your Short Sales Will NEVER Close

Some today experts are saying that only 1 out of 10 short sales reach successful conclusion. Yet others say that 1 out of every 4 close escrow. Regardless a 10% to 25% success ratio is pathetic no matter what your business is!

4) Inexperienced Real Estate Agents

The truth is, all agents aren’t created equal and given that the vast majority of Raleigh Area Realtors closed fewer than four (4) transactions last year, most have never even closed a short sale. Therefore, before engaging in a short sale, especially as a buyer you should ask the question of your realtor “How many short sales have you successfully closed?’. If they give you a deer in the headlights look, you may want to seek a referral from a trusted source.

Comments

  1. […] They do work out, at least some of them. Nationally, I’ve heard that the success rate of short sales is between 10% and 30%. That’s a big spread, but any way that you cut it, many short sales are doomed from the start. There are many, many reasons why short sales never get approved – with one of the top reasons being inexperienced real estate agents. […]

  2. There is a right way and a wrong way to handle a short sale as a real estate broker. The right way leads to success but requires a significant amount of work which involves among many other things, educating the home sellers, staying in constant contact with the right people at the bank…and never giving up. Only the true professionals will embrace the “do what it takes” attitude to stay focused on helping the home seller and ensure this type of transaction closes. I certainly agree that personal experience is the best teacher!

    Marc Iafrate, MBA
    Capital City Real Estate Group – Keller Williams Realty
    (919) 886-7355