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9 Comments on REALTOR Moms - How DO You Get Your Buyer that Short Sale??
Jennifer - Sounds like 2 great seminars. Especially the short sale one as there really is so much confusion out there regarding that process. A short sale is not for every buyer but with the opportunity to get a pretty good deal it is something to think about if they are patient.
Keep providing these great resources Jennifer. I dislike short sales myself but have 2 of my own listings well on their way. One's been approved and on the way to close and the other's had 3 offers submitted. I'm thinking the bank's got to like at least one of them. =) They really can work and knowing as much about them as possible is key. Of course, if the listing agent doesn't know how to work the short sale strings, there's not much the buyer's agent can do. LOL
It is about the lister with a short sale...if they don't have experience..don't show it...if they have successful experience, know you are getting a great deal for your buyer.
Short sales certainly can be a pain from the buyer's perspective...you should try the listing side (try faxing your 30 page package to the lender twice a day, 5 days a week for a month to get a response!). However, I have a nearly spotless record on getting my short sale sellers closed too (only 1 not closed in 5 years).
I have to take exception to : 2) don't wanna wait that long for a paycheck . That excuse or reason, although probably very real, is fraught with ethical considerations that we don't even want to go down! If the buyer doesn't mind the wait, it sure isn't up to us to make that decision!
For now, I think I can make it. But I wont register just yet because if I cant make it, I dont want to take up a spot.
I've learnt alot on how to negotiate on a short sale from a Buyer's standpoint... Every deal, I learn to get better. Thanks for sharing this.
I think it is important to embrace what ever home is best for our clients, even if it is a short sale. if we can keep short sales from becoming foreclosures that can only be a good thing for a neighborhood. Imagine trying to sell a home on a block that has vacant homes with over grown lawns ... Not a good thing!
Robert - I agree 100%. But I don't think agents should be representing buyers (or sellers) in a short sale if they truly have no clue what they're doing. This is one of those times where a responsible agent gets help, even if it costs them a few dollars.
Loreena - Hope you can make it! And I'd love to hear some of your experiences and thoughts!
Ron - I hear ya on being the listing agent for a short sale. I haven't done many of them, but I'm involved right now and it's SO frustrating to be told (after your 7 day wait for your documents to be logged in) that one of them didn't come through clearly. Fax it again (and wait another 7 days)!
Sally & David - Very very true. But what do you do if the listing agent doesn't know what she's doing and your buyer wants the house? (That's a question Janie's gonna answer for me)
Maggie - Will do!
Chris & Stephanie - Always something in this business making things just a little more complicated, eh? Guess it keeps us on our toes!
There are few reasons not to embrace these transactions considering all the educational information there is on how to successfully negotiate a short sale.
You have to be willing to go for a ride but in the end it can work.
Short Sales are a challenge for sure. I work them aggresively on the listing end with my team, and dislike when one of our buyers wants to put in an offer with an outside company as we don't have control over if that agent is handling their short sale aggresively or if it is just sitting.
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