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What is a short sale? Short video post on the general outline of the process.

By
Real Estate Agent with Real Estate Places CA BRE #01802964

What is a short sale?

I hear this question almost daily, so let me explain:

Essentially, a short sale (or Short Pay), is when a seller sells a property for less than what is owed, the lender accepts a "Short Payoff" on the loan, under the right circumstances that is.

The basic elements are; A hardship, this could be loss of income, health, etc, in the end, the result is that there is an inability to pay the current payment; Proof of that financial situation, usually through a financial statement, pay stubs, bank account statements, and or tax returns; finally, the lenders approval of the sale at the lower value, also known as a letter of approval, which will allow the seller to close escrow on the deal.

If you have questions about this, please feel free to call me at (951) 805-0773.

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Terkel - I see you have many videos on YouTube.  In my opinion video is definitely one of the best ways to get Google juice.  How has this been paying off for you?

Jul 24, 2010 02:19 AM
Terkel Sørensen
Real Estate Places - Temecula, CA
Realtor, 951.805.0773 , Bank owned and Short Sales

Tony and Suzanne,

That is a very good question, I was just up on a listing against the absolute neighborhood expert - kinda one of those where the seller told me when I walked in that they had already decided... But wanted to hear what I had to say. 

I asked them why they callled me - and they said that I had more information online in an easy to digest format than anyone else... Specifically - youtube... Now, I lost the listing, because I am not the neighborhood expert (seriously, they are the experts, so I don't feel bad about it). 

I also took the opportunity to interview the seller afterwards and ask what set me apart, the other agent team had shown virtual tours... Something I do for every listing, but didn't bother to talk about... 
It should be said that I am used to being the only agent, not to compete - this is the first listing I have not taken this year... 

So now - I am working that listing presentation over... :-) Any ideas?

Jul 24, 2010 11:48 AM
Pat Yoest
Century 21 Aadvantage Gold, 702-719-2100 - Las Vegas, NV
702-521-1442

Thats okay, keep on going and you will soon be the expert.  Be the information highway for the net.

Jul 25, 2010 09:51 AM
Terkel Sørensen
Real Estate Places - Temecula, CA
Realtor, 951.805.0773 , Bank owned and Short Sales

Hi Pat,

Well, if I had any interest in that - I would - but this is not an area I pursue - so why bother? I get my leads online, and not through a substantial farming program... This is not about being the local expert, it is about making my listing presentation better, so I can beat them at their own game. As log as I am taking people off the net, I am tapped into what I think is going to be the more long term producer for me.

How about you - are you a local expert somewhere, and how is that working? What do you do to maintain that status?

Jul 26, 2010 04:20 AM