I was just browsing through the MLS, looking for some of the "best" deals that I could find for buyers and investors that we are working with right now when I stumbled on a great deal in a very nice neighborhood.
This home was listed as "SHORT SALE" meaning that the owners are selling for less than they owe on it. It's becoming more common in our markets as banks seek to cut losses and not compete in the foreclosure market.
So I start looking and upon researching, I find a couple of interesting things.
1. It is listed with a company that is known for being a "discount" firm with also lower service (we get calls all the time to come list after this particular company and we do well with what they were unable to move).
2. It has been on the market a LONG time.
3. This home is not being very well distributed online (exposure is VERY limited, another thing that we have come to see from lower service companies).
4. This home is in a market area that is doing well right now.
5. This home is in a price range where we are seeing the MOST buyer activity ($200,000-$300,000)!
In a SHORT SALE, time is of the essence...if something is not working, you have to do something else. Now I know that sometimes the lender can hold things up when processing an acceptable offer, but that is not the case with this property...they simply do not have an agressive enough agent or a visible enough agency to get the job done.
Anyway, since the very nature of the SHORT SALE is that the owner's are selling for less than they owe in most cases, they are not usually on the hook for the REALTOR® comission...so why would you skimp and hire a less experienced or less capable agent to work your short sale?
My dad used to always tell me "if you don't know then you don't know" and I think that's applicable now. People DO know they need the best to handle a critical situation like a short sale to avoid foreclosure! What they DON'T know is that they CAN have the best handle it...
In short sales, EXPERIENCE is the name of the game. At ANY price...
KNOWLEDGE IS POWER, ESPECIALLY WHEN TIME IS OF THE ESSENCE!