short sale manager: Contract Stipulations for Short Sales: Anything Special Needed? Part #1
- 03/30/09 04:15 PM
With short sales it is necessary to think even deeper into your contract stipulations for both your listings and all Purchase Agreements to protect ALL parties involved. I know that in some states in some brokerages you are provided stipulations or addendums to use. However, we process short sales in all states and find that the majority of agents that end-up with short sale listings do not know how to proceed. In our Atlanta Short Sale office we require the following: [Keep in mind that I am not a Broker and should you choose to use any of the following … (2 comments)
short sale manager: Noboby wants to show a short sale listing...Huh?
- 03/29/09 11:02 PM
I had two agents call me yesterday wanting to show a couple of my team's Atlanta area short sale listings. Both immediately had negative things to say and refused to show as soon as they found that they are short sales. I believe in full disclosure, transparency, and setting propert expectations from the start. So, we have all agents call before showing. We let them know exactly where we sit in the process, our team's short sale track record, and any lender specific time-lines we know to expect. We also share the comparables and property condition information used to establish the list price. We do all of … (11 comments)
short sale manager: Do you avoid short sales? Would you if they were easier?
- 03/24/09 01:11 AM
You do - WHY? The most common reasons I hear for avoiding short sales: They take too long, they require too much additional work, the closing percentage is too low, lenders are ridiculous, buyers never have the correct expectations, buyer performance is low, sometimes foreclosure is too close, or Sellers are sometimes not proactive.....yadda yadda yadda The thing is this - WE ARE IN A NEW MARKET- and that means working with some type of distressed property sale. Be it a short sale or a REO - you will need to go through the process to have as many closed transactions … (4 comments)
short sale manager: Short Sales: The Prelim HUD1 - an easier solution
- 03/21/09 04:52 AM
Short sales have their challenges - - - - Finding ways to systemize short sales, get them approved faster, and new ways to profit above commission are key! One of the time-wasters with short sales are getting HUD1 statements done and revised right when you need them. We just had a lender call us on Thursday and offer us a chance to complete a deal that would net our group as a whole over $20k as long as we got a revised HUD to them in 10 minutes. Well, no one was available in the office and our title attorney was swamped and … (3 comments)
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With short sales it is necessary to think even deeper into your contract stipulations for both your listings and all Purchase Agreements to protect ALL parties involved. 
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