I was interviewed by the San Jose Mercury News the other day. I had a couple of great in depth conversations with Sue McAllister, the real estate reporter for the paper.

You can read the entire article HERE, I cut the portion that directly involved S-R below.

Part of the problem is that lenders are overwhelmed by managing so many short sales nationwide, said Mike Mueller, co-founder of Suburban Renewal, a Concord short-sale negotiator. Another problem is that many agents handling such sales lack experience at it.

"Most don’t know how to put together a compelling package and push the lenders’ buttons," to get a swift sale, Mueller said.

Despite recent changes in federal laws, some sellers owe tax on the portion of their debt "forgiven" by the lender. But whether or not the lender reports the forgiven debt is negotiable, Mueller said.

One Bay Area homeowner in the midst of short-selling her home said so far, she’s in favor of working with an intermediary company. The woman, an information technology consultant with three young children, said she needed to sell her Contra Costa County townhome following her recent divorce. She owes more for the home than it’s worth, and her real estate agent suggested working with Mueller.

"He’s given some amazing tricks and tips on what you need to do to make a short sale work," said the homeowner, who did not want her name published.

The townhouse was listed in February and got four offers, which her lender received about a month ago, she said. She hopes the lender will make a decision in the next week or so. "It’s a stressful situation. It’s nice to have someone else dealing with the ugliness of it."

Thanks Sue.

We’re all doing our best, trying to make the best of the situation.

BTW: Sue writes a pretty mean blog: Square Feet Check it out!

Labels: Loss Mitigation, Short Sale Negotiation, Short Sale Success