3 Tips for Your Next Short Sale Closing

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

It has probably happened to you before. In fact (unfortunately), it is all too common. The short sale negotiation process goes on too long, the short sale contract wasn’t airtight, and the short sale buyer disappears. S/he is ‘gone with the wind.’

There are many things that a short sale listing agent can do in order to promote a really solid short sale transaction. One such thing (and it is very, very easy) is to be a good communicator. On all of our short sales, for example, we send out a weekly status email. A weekly status email can go to the buyer’s agent, to the seller, and to any other designated party to the transaction. This simple 5-minute activity demonstrates that the short sale is still progressing—albeit often very slowly.

Another thing that can be done in order to insure that your short sale does not evoke memories of Scarlett and Rhett is to write an airtight counter offer. Consider all of the items in the contract that may not be approved by the short sale lender. Create a counter offer that addresses those items.

(Still stuck? Download our free short sale ebook and follow the tips for writing an airtight counter offer.)

A third way to help ensure that the buyer does not walk away in the midst of the short sale negotiations is to open escrow or put the buyer’s deposit into trust. Depending upon where you live, this may not be an option. However, in the state of California, agents using the Short Sale Addendum (SSA) can opt to open escrow upon acceptance of the contract by the seller (not the bank).

Unless a short sale buyer has unlimited funds, this action may help to avoid a cancellation at a later date. So, the next time you are negotiating a short sale contract, try these three methods. They might actually help you to close the short sale transaction with the very first short sale buyer that comes your way.   

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Groups:
Short Sales and Forclosures ONLY
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
Short Sales Pre Foreclosures Bankruptcy and More!

Spam prevention
Show All Comments
Ambassador
2,962,033
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks for the post Melissa, you offer some very good advice for a potentially  "sticky" situation.

May 07, 2015 12:11 PM #1
Rainmaker
1,672,790
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Why after nearly 7  seven years short-sales should take longer than a mortgage app. is still a mystery to me. 

May 07, 2015 12:12 PM #2
Rainmaker
3,216,826
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I find the smartest thing to do with short sales is RUN!!!!!!!!!!!!!!

May 07, 2015 12:12 PM #3
Rainmaker
1,709,706
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

It sounds like you have created a solid method in closing short sales Melissa.

May 07, 2015 12:28 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,226,540

Melissa Zavala

Broker, Escondido Real Estate, San Diego County
Ask me a question
*
*
*
*
Spam prevention

Additional Information