My most popular, recently asked question:
ARE SHORT SALES REALLY THIS HARD.??? "My Real Estate Agent has submitted numerous offers for my wife and myself, even 1 over the 'asking price'. Yet, we have never heard anything back."
Answer:
The reason why you may not have heard an answer although you submitted multiple offers, and even offered 'above' the asking price....was possibly due to the listing agent.
A Short Sale isn't approved just because someone wants to get out of a bad investment. This person must have recently suffered a financial hardship, must be late or not paying on their mortgage (typically in Foreclosure), and must not have the 'perceived' ability to repay that debt.
It is the Real Estate Agents job to 'pre-qualify' the seller. After qualifying the seller, the Agent would then do an 'internal BPO' (Broker's Price Opinion), and try to list the house appropriately, taking into consideration that the bank is also going to do their own BPO...and determine their own value. If the agent doesn't know how to do a BPO correctly, the house will be listed WRONG and not get approved. The bank typically would 'counter' with a higher figure. The Agent would need to be able to show the bank 'evidence' supporting the lower value. This would begin the 'negotiation process'. This is where most agents lose the battle.
In addition, there is a certain way to deal with the lender (seller's finance company). Lenders typically have multiple layers of 'screening' before you get to the 'decision maker'. If you don't know how to get to that person, you basically just spin your wheels submitting the documentation to people who say that they never received it...and make you re-send it 5-6 times. Ultimately, the file gets lost and just becomes one of the files in the HUGE stack of files sitting on the floor.
You basically got 1 shot to get the deal done. It's up to the listing agent to 'know' how to do this. This is the problem with listing your home with 'experienced' realtors. What does 'experienced' mean.?? Does it mean that you sold ALOT of homes during the last 5 years. So what.??? Houses were appreciating at a rate of 15-20% per year in the last 5 yrs, in OC. If you couldn't sell a house during those times, you must not have been picking up the phone and taking the order. These same agents are NOW the ones who try calling themselves Short Sale Specialists. Come on. When was the last time that THEY picked up the phone and EVER talked to the lender, in the last 5 yrs. Probably never. That's what they had mortgage guys do, right?
If priced correctly, the house will sell itself. You really need a mortgage negotiator on your side, one who is also a Realtor...who can list your home AND negotiate the deal. This is what a Short Sale Specialist is. An Agent who could represent YOU as the buyer, to help YOU complete your purchase. Or represent the 'seller', and negotiate with the lender to complete their Short Sale.
I recently opened a company here in Orange County, just for people like you. I AM a Short Sale Specialist and Master Negotiator of mortgage loans. I am also a Realtor, member of CAR, NAR, and OCAR.
Visit my website and check it out. Shoot me an email....I will help you. Don't get bummed out on the process. It may take some time, but it will definately be well worth your wait.
Kindly,
Ezra Sturgis
President
OC ShortSale Arena
ezra@ocshortsalearena.com
www.ocshortsalearena.com
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