Short sales, however, are not for the faint-hearted. While there is a possibility for a good price, there is also a good chance that the deal will not go through. Many cooks are involved in this stew. The buyer must negotiate the price with both the seller and the seller’s lender. At the same time, the seller must negotiate with the lender on the terms for forgiving the amount still owed on the mortgage. Meanwhile the bank is negotiating fees for lawyers and brokers. The process can take six to nine months.

For Sharay Hayes, who owns a four-story town house on Strivers Row in Harlem, a short sale may be the only way to avoid bankruptcy. Mr. Hayes inherited a share of the house, where he has lived since he was 3, from his grandfather in 2001. Over the years, he took out several mortgages to buy out six relatives and to restore the house’s 19th-century grandeur while renovating it with 21st-century finishes and luxuries like a steam room and a whirlpool tub.

Until late last year, he kept up with payments on the $1.8 million he owes on the house. But his “entire portfolio of income earning was in real estate,” he said, namely rental properties in Ohio. Those investments went south when the auto plant that employed most of his tenants was shuttered about a year ago; he also is on the verge of losing these properties.

Even Green Bay Short Sales can be roller coaster ride

This article from the New York Times really sheds some clear light on the subject of Short Sales in the Real Estate marketplace as a whole. Clearly throughout this article they do a good job of painting reality in my opinion. Throughout the last five years of my Green Bay Real Estate career I’ve handled numerous Green Bay Short Sales. Over the course of time I’ve realized that if you are sincerely wanting to get a Green Bay Short Sales approved you better have an extremely aggressive and knowledgeable agent on the listing side. The Green Bay Real Estate agent you hire to handle your Green Bay Short Sale needs to be a true pit bull and relentless on follow up. The major problems that occur with short sales in our neck of the woods is the communication problems over time. Just like the New York Times referenced this process can take 6 to 9 months and I’ve personally seen it longer.

Green Bay Short Sale might be a better alternative then Foreclosure

Considering how much of a control freak I am the short sale process sometimes drives me crazy. No matter sometimes how hard you diligently and aggressively pursue something it never happens at the pace you would like. Welcome to the world of dealing with banks that have long lists of properties that are already distressed and new ones hitting the market almost daily.

More Green Bay Short Sales are making it to the closing table

The good news is over the course of the past couple of months I’ve sold two Green Bay Short Sales and they actually closed. Theres been multiple situations that i’ve seen that have gone a long time to go absolutely no where. It’s devasting for the clients and also can turn off a lot of Green Bay Real Estate Agents to the process. Don’t be surprised if you find an agent that wants nothing to do with a short sale.

GreenBay Greg will represent someone for a Green Bay Short Sale with realistic expecations

If the client I represent will listen to my realistic up front expectations of how the short sale process works and how grueling it can be I will take on the job of helping either a buyer or seller on doing a Green Bay Short Sale. If your a first time home buyer I would strongly advise not going through that process for your first Green Bay Real Estate experience it is not for the faint of heart. There is enough emotions that come just with buying your first home and to have a home that you absolutely love fall apart after 3-9 months of hard work is devastating.