Recently I had a Seller in my office wanted me to Short Sale his home. The Seller had already stopped making payments, not because he could make them, but because he was advise by "A Short Sale Specialist" that for some reason is now out of the picture.
Seller is now months behind. He has a new business that was doing very well, but not on paper. He currently shows financial hardship, but that hardship would end in the 2nd and 3rd quarter, his company profits are going to be too great (nice problem to have). The seller did say he could have his partner hold the profits until the short sale was done.
QUESTIONS TO ASK YOURSELF:
- Do I think I could have Short Sold his home? Yes.
- Did he have enough fact to create some good fiction? Yes.
- Would I be trading my principals for pay check? Yes.
- Are their other home owners that needed my services with real hardship? Yes.
- Would I rather help those who need me then those who want me? Yes.
- Is a Short Sale for everyone? NO!!!!!
Below is the email I sent the prospect. Feel free to copy it and use it the next time you need to say NO.
I will still call you today as well. But in the meantime, I wanted to let you know that I will not be taking your listing on for a Short Sale. As told in our one-on-one meeting, a Short Sale is based on Hardship; and, though I am sure you have experienced hardship, I feel that under the guidelines that I must work under established by the investors who approve and deny Short Sales, your hardship might not qualify for a Short Sale. As I told you, I have a very high success rate, and that is because I only take on Short Sales that I know I can get through. I am not confident enough with your set of circumstances that we will be successful. I would rather be honest and upfront about this than to put you through all the hoops and costs to find out that it was in vain.
I am sure that another agent will take on your listing for the chance to increase their listing inventory. They would pick up a few buyers out of it, but I do not think they will get the Short Sale through unless they provide documentation of hardship that does not seem to be evident to me. I, for one, will not take chances with someone's future credit worthiness or future foreclosure to make a buck or get a buyer. I also do feel responsible to be honest to the investor and feel that the only way I could be successful is to fabricate or embellish a hardship which is not in my comfort level. Sorry, and I wish you the best of luck.
Mike Sher,
Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
CDPE (Certified Distress Property Expert)
MCAR, Short Sale Trainer
Max Brook and Real Estate One Short Sale Specialist.
The Mike Realtor Team Blog - Metro Detroit/Oakland County
Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City
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