My last blog about short sales covered the basics of what actually constitutes a short sale. Today we'll move on to the subject of advertising a short sale property.

First of all, you cannot keep the short sale a secret! It is considered a "material fact" (meaning it significantly, adversely affects the seller's ability to complete the transaction) under real estate law and MUST be disclosed. Because the seller can't sell the house without a reduction in debt from their mortgage holder, the seller's agent must disclose to all potential buyers that the purchase agreement is contingent on the approval of a third party. This disclosure will be among the other listing documents and state-required disclosures you sign with your agent.

Your agent will need to speak with your mortgage holder(s) as soon as you list your house to begin the negotiation process. Banks are notoriously slow so the short sale process requires tons of patience on everybody's part! The best thing you, as the seller, can do to facililtate the process is to be completely forthcoming with your agent regarding your finances. Yes, this can be a little embarassing but it's hugely important! Your agent can't adequately negotiate on your behalf if they only have part of the picture. This is why it's so important to find an agent you can trust!

Once your property is listed with your trusted agent it will be marketed as all properties are. Don't let your agent skimp on marketing just because your house is a short sale! Marketing gets your house seen by potential buyers and that is just as important in a short situation as it is in ANY real estate transaction. Expect the usual methods of advertising such as a yard sign, color flyers, internet exposure, print ads in real estate magazines, and open houses (when and where appropriate.) Ask your agent what additional marketing they do for short sales such as contacting a database of investors. Don't forget your piece of the marketing puzzle: keep the house clean and in good condition, tell your friends, family and neighbors you're selling (they might know a buyer!), and make sure potential buyers are able to view your house at convenient times. Whatever your reason is for selling, the goal is to get it SOLD! Everyone needs to do their part to make that possible!

Our next short sale blog will cover what happens when you get an offer from a buyer. If you have questions in the meantime, please give the JMC Group a call at 360-609-6775. Or go to the "Contact Us" portion of our website at www.MyRealtorIsJamie.com. We are here to help!

Lesson 1: http://activerain.com/blogsview/765054/Short-Sale-Basics-First-in-a-Series

Lesson 2: http://activerain.com/blogsview/774079/Short-Sale-Basics-Second-in-a-Series

Lesson 3: http://activerain.com/blogsview/788057/Short-Sale-Basics-Third-in-a-Series

Lesson 4: http://activerain.com/blogsview/796213/Short-Sale-Basics-Fourth-in-a-Series

Lesson 5: http://activerain.com/blogsview/827035/Short-Sale-Basics-Fifth-and-Final-in-a-Series