Short sellers don’t get it in San Jose

Short sellers in San Jose are somehow missing the boat. 

My client wanted to see 16 short sales properties.  As someone that knows the pitfalls of short sales, I took to doing some research.

I began by emailing the listing agents on all my usual short sale questions – It has gotten to be quite a list – Checking out the seller’s hardship, the lenders involved, the deficiency involve, experience of the agent and motivation of the seller beyond the hardship, etc.

After I weeded out the improbable ones to close, most were shown “By Appointment Only”.  First a comment about the weeding out the improbably ones, in Santa Clara County right now only 22-25% of the short sales complete with a successful sale.  That means 75%+ don’t complete.  Why waste a buyer’s time when most short sales have a 3 out of 4 chance of FAILING! 

So now back to the “appointment only” comment.  ARE YOU KIDDING ME?  Do these sellers really want to sell?  Someone (the listing agent) needs to advise their clients that short sale homes need to be shown in the best light and make the showings as easy as possible.  They are competing against regular sales, bank owned properties and other short sales.

Out of the 16 total properties we whittled it down to 7.  We got a call back from one of sellers stating our time would not work could we come another day.  Four of them were not in showing condition – clothes and bedding on couches, big dog left in the home to greet us, smelly, dishes in the sink, etc.  Two were in decent shape.  Guess which got looked at with a more interesting eye?  Yep, those two.

What about some of the other properties that did not get looked at?  One was on the market for almost 2 years, another was on for 7 months without a price change, some only has 1 picture, another did not even have any remarks on the listing (shame on that agent).  On one the agent tried to sugar coat the process.  It was apparent he did not know what he was talking about.  I asked about his experience. He did not answer the question but just said he was certified.  You can get certified in a day.

So moral of this story – planning to sell short sale? Get your home in marketable condition!

What do you think?