From this week’s economic catastrophe news headlines: Lehman Brothers files bankruptcy, the US taxpayers bailout AIG, and Bank of America buys Merrill Lynch. And of course that’s just on the heels of the government’s takeover of Fannie and Freddie. What does all the chaos mean for your Short Sales?
First, in the big picture – all the bad news is good news for the few people in this country who understand Short Sales and how they facilitate the market correction. The worse it is in the news, the better it is for those facilitating the market correction appropriately one mortgage, one house, and one family at a time.
As I have said many times before, when the stock market moves, numbers on a computer screen change in a day – as it did this week revealing the largest losses on the stock market since 9/11. However, when the housing market corrects, it does so slowly, one mortgage, one house, and one family at a time.
In addition, each data point (a house) does not change in the market without the skill and work of people – someone has to get the house ready to sell, clean it up, move people out, sell the house, buy it, and undertake the technical and legal requirements of transferring title. When the debt on a property exceeds its value, the Short Sale is the gate that is required to be opened in order to allow the market correcting transaction data-points to move.
So, with horrible economic news there is the opportunity for those professionals who understand the appropriate use of Short Sale to make a tremendous amount of money because there are a tremendous amount to “data-points” that require adjustment in this market. Quite simply, there is just an astounding amount of work that must be done to dig the country out of the this mess and those that do it will be paid.
However, with real estate, these “data-points” are people and their homes and therefore, movement of a correcting market is a delicate, time intensive and often emotionally intensive undertaking. This is why success with Short Sales eludes many. The successful short sale real estate professional must have not only the technical “how-to” knowledge of Short Sales, but also the sensitivity, tact, and finesse necessary to add value to the lives of real people who are anything but mere “data-points”.
If you are new to Short Sales, then get started the right way by listening to my FREE Short Sale Basics CD . It’s a free gift, just ask for and then maybe you see the news a little differently.
