I think I've unlocked the secret to actually making money with short sales! I've worked hard all year on a variety of "Short Sales" with a variety of circumstances and a huge variety of lenders.
After 6 full months of diligently pursuing the listings, contacting the lenders, presenting the offers, thousands and thousands of pages of faxed and re-faxed contracts, and following through with the escrows: these are the final results ... ( Drum Roll Please!!!)
7 Short Sale Listings.
11 Offers to Purchase.
8 Accepted Offers that were submitted to Lenders.
10 Different ‘Negotiators" or "Loss Mitigators" or what ever else they call themselves.
5 Frustrated Buyers who walked after the time for Lender approval had come and gone, usually weeks and weeks after the approval time had expired..
2 Contracts still pending that we are trying to obtain "Lender Approval" on and close.
1 (count it ... ONE) Closed Escrow!
So ... after considerable reflection on the matter ... I have come to the conclusion that the only agents making any money on "Short Sales", are the agents who are teaching and selling the "How To Make Money with Short Sales" Classes.