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REALTORS! - List Your Short Sales Right!
Success! After months of negotiating with HSBC (one of the worst lenders in my opinion to deal with for short sales), we’ve got an approval on a St. Joe County house. Bill and Shelly were a referral from Bankruptcy Attorney Todd Redmond. How did we get the buyer to wait this long for an answer? Quite simply, they got an AWESOME deal because the house was priced right. You got last week’s newsletter on pricing it right, didn’t you?
 
Your Tip: Once you’ve got it priced right, it’s time to “list it right”. This is fairly simple, but is often missed, and if missed puts your client in a worse situation.
The listing agreement and the MLS should state “subject to lender(s) approval of short sale”. You’ll want to double check with your Broker and/or your Board of Realtors® to see if they require different language.
 
Don’t let the simplicity of this fool you – this is a critically important step. If you don’t put this wording in, and you get a full-price offer, and you don’t get the short sale approved, your client could be liable to pay a commission to they buyer’s agent (at best). At worst, ... more

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