Short Sales: When To Run For Your Life

We were at an agent mastermind this week of top producing short sale agents to exchange ideas on one of our favorite topics: PHOENIX SHORT SALES!

(Cue loud, scary music!)

We got asked a question we're often asked, but with a twist....

What questions are you asking in this market to qualify whether or not someone is a good short sale candidate?

The short answer is that we have a modified short sale packet that is Certified Distressed Property Expert Based. What the question asker was really getting at however was this....

The tide has shifted in Phoenix yet again and while there are still those with true hardships, there are MANY highly educated and in some cases highly compensated people who are seeking to unload their toxic asset(s) via a strategic short sale.

Translation: What they really wanted to know was how do you figure out which strategic short sales to take and which one's to run from so you don't pour your blood, sweat, tears, time and money into them for no pay.? After all, nobody wants to ride that roller coaster for a year, disappoint clients AND not get paid! Sellers don't want it, banks don't want and real estate agents sure don't want it.

Here's a key question we like to ask if it's a strategic short sale. This is after they've seen an attorney(s) byt the way. (It doesn't matter whether there's a first or a second....)

ARE YOU WILLING TO PARTICIPATE FINANCIALLY IF THE BANKS REQUIRES YOU TO MAKE AN ADDITIONAL $ CONTRIBUTION FOR THE SHORT SALE??? Chances are on a strategic short sale that a bank is going to want some additional participation from the seller. If the seller says NO, it may be time to walk away.

Here's one where the running shoes may need to get put on:

If the short sale seller asks how to or tells you they're hiding money from the bank who holds their mortgage.

(Cue loud, scary music again!)

Just in case you weren't sure -- this is mortgage fraud in most places on the planet, including Arizona.

You wouldn't believe the things short sale agents hear sometimes, or maybe you would!

There's no 100% sure way to vet out up front that you can get a strategic short sale through. There are too many variables and each situation is different. As an agent, if you stay within the law, go with your gut, treat people with respect, and call upon your experience wisely, we think you'll usually make good choices!

#1 Team - 200 homes sold in 24 months

Carver Home Team Founders

Million Dollar Guild Member

Certified Luxury Home Marketing Specialist

Certified Distressed Property Experts -- 95% short sale success rate.

Bank of America Preferred REO Broker

Email: sonia@carverht.com www.carverht.com

O: 480.710.4608 M: 480.612.1048

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