Is a Short Sale in your future?
Having the” Right Strategy” starts with the “Right” Realtor.
Time is the Enemy.
When you are a buyer or seller of a short sale home, choosing the right agent is very important; a professional licensed and certified agent who can set the right expectation for the buyer or seller right up front.
Beware of the agent who does not “deal in Short Sales.”
Most ‘Short Sales’ fail because the listing or buying agent’s inexperience in understanding and properly handling the Short Sale process.
For more information about the ‘Short Sale’ process, visit this link: http://realestate.aol.com/blog/guides/short-sale/
Whether you are planning to purchase a ‘Short Sale’ home or sell your own home, the strategy for a successful result begins with the interview. Ask the agent during your interview about their experience representing either buyers or sellers in the Short Sale process.
Refer to the Helpful information provided in this link as a guide when interviewing a Realtor to represent you in your buying or selling process:
http://homebuying.about.com/od/realestateagents/tp/Agentinterview.htm
The Listing Agent needs to have already been doing the research and preparing the paperwork for their client at the time they take the listing. This might be several weeks of gathering the right information from the client the bank requires to determine if they qualify for a short sale.
The bank will also need to perform a BPO to support the price of the short sale. Call or e-mail me and I can explain what a BPO is less than 90 seconds.
This pre-work will help prevent the short sale from dragging on or going to foreclosure.
Time is the Enemy.
Is there a negotiator involved?
There should be, as a successful Short Sale Specialist, I realized that as laws and regulations change (almost daily) that as a Realtor, I need to recruit the best negotiator to represent the seller and ability to work with the bank and facilitate the progress of the transaction.
Time is the Enemy.
The owner or seller who is ‘under-water’ with his home faces unique challenges and can experience many emotional highs and lows with issues including, but not limited to the credit impact of a Short-Sale and creating an ‘Exit Strategy’ that will enable him to plan a move to another home.
As a listing agent I prepare a plan for my client, a calendar of what will be happening, a plan that outlines what all parties must be doing, including the home owner. Then a follow up weekly to assess how things are progressing, where we are, and what we need to do to catch up if needed.
Time is the Enemy.
The process can be complex; Short Sales are different because it requires constant communication and coordination between the agents for both the buyer and the seller while negotiating with the bank.
If that’s not happening, then the agent may be dropping the ball. Many times it is helping the seller to understand what and why the banks require so much documentation and signatures on every piece of paper.
Time is the Enemy.
Many Short Sales have more than one loan. A plan has to be formulated involving seller and negotiating with the second mortgage lender as well.
The issue is that some listings are destined to foreclosure because of inexperience, fear, timing, but most because of bad planning and no strategy and execution of the plan.
Plan ahead. If you know you are in over your head with your mortgage, talk to specialist who can help you; your CPA, an attorney or a Certified Realtor. A good professional will take the time to listen (NOT TALK) and give you some guidance, some ideas to help you move forward.
If you are considering a ‘Short Sale’ or need to just explore the options, give me a call. I’ll be happy to help you understand the process and if plan your most effective strategy.
Time is the Enemy.
John Hacker
Real Estate Sales Manager – DRE Lic. #01313169
Unity West Realty Inc.
HAFA Certified
(949) 275-3247
jhackerleads@cox.net www.letsgobuyahome.com
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