I went to a meeting about SHORT SALES this morning.  It was very interesting. 

We now have a SHORT SALE Supplement to Listing Contract and a SHORT SALE Rider to the Sale Contract.  The St. Louis Association of Realtors has also provided us with an Authorization to Release Information form to go along with these.

These forms were just approved in February 2008.  We already know that some modifications are in the works.  Many have done SHORT SALES without them.

I have to admit, I've never sold a SHORT SALE - or listed one for that matter.  So, this information was very helpful to me. I'm seeing more and more SHORT SALES out there, so I know I'm bound to come across one sooner or later.

I'm just thankful that the forms will be waiting for me when I do...  :)

 
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11 Comments on New Short Sale forms for Realtors!

They're never short on forms.

04/28/2008 08:48 PM by Heath Coker, Broker Owner (Cape Group Real Estate & REindex.com)

It's always helpful to have short sale forms.  To us, they can be quite easy to understand...but not so to our clients.

04/28/2008 08:49 PM by Tony Fantis, Realtor , ABR, Associate Broker - Salt Lake City (RE/MAX Associates - Fantis Group)

We have both a short sale form for sellers to sign when we take the listing and a short sale form for buyers when they right an offer.  A good case for making sure that everyone understands what they are doing.

04/28/2008 08:51 PM by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World)

The short sale arena is the next big niche. I don't think you can do too much to educate yourself in this area. There is no telling how many homes will be sold at short sales in the next five years.

04/28/2008 08:52 PM by Chris Compton (RE/MAX Greater Atlanta)

Heath - Isn't that the truth!   :)

Tony - Yes, clients can get overwhelmed with all of the forms...

Cindy - Yes, I think they're a  great idea!

04/28/2008 08:54 PM by Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)

Chris -  I agree.  I think we'll be surprised how many short sales there will be.

04/28/2008 08:56 PM by Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)

We have had forms put out by FAR for a while here in Florida on both the listing and buying side of short sales.  Basically covers the but of the banks and maybe the agents.  Some bobo REALTORs in my area do not even know they exist or do not have thier customers sign them...eeeks!!!  Playing with fire.  Disclose, Disclose, Disclose on these things.

04/28/2008 09:03 PM by Kristi Ross Palm Coast/Flagler County REALTOR (Hawk Beach Realty)

Kristi - Exactly.  That's why I'm so glad we have them...  :)

04/28/2008 09:07 PM by Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)

We just had the same thing happen here as of February we have to fill out a form for buyers, sellers and just a general one that we have to bring up at a listing appointment. Very frustrating!

04/29/2008 01:41 PM by Todd Clark (Realtor), GRI (Washington Co, Beaverton Oregon) (Kastings & Associates, Beaverton Oregon Real Estate)

Todd - It does give us more work to do, that's for sure.  But, I'm glad we have the forms, instead of having to write it all in...  :)

04/30/2008 10:49 AM by Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)

There are also short sale forms found - Includes a letter to Prospect for Leads and get short sale listings - 11 total forms all together.  http://www.REOAgentSource.com

I got my from there for our team in Arizona and have been using them to market for Short Sales and also use the Entire Checklist and Packet to submit a full file to the banks.  They really seem to help out a lot more when you submit a full packet in the order they want with everything needed the first time!

06/09/2008 10:31 PM by Tim Grossglauser (Geneva Real Estate & Investments, LLC)

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Real Estate Agent: Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)
Debi Ernst, Real Estate Broker/Agent
O Fallon, MO
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