Short Sale Tips, Newport Beach, California

By
Services for Real Estate Pros with Short Sale Resolution Network

Newport Beach, California.  Beaches and Blue Skys, no sight of financial difficulties? Back in May, I asked several Top Producing Real Estate Agents what they thought about Short Sales, you will be amazed at what I heard. One agent said, " I will never do a listing where the seller can not pay off the total amount due on their home!" another said, Short pay off, what is that". Being a Short Sale Processor and expert in working with mortgage lien holders I have seen it all, one thing is for sure.....there are much more Short Sales to come and in some of the more exclusive areas there is a huge wave about to hit!

As a real estate professional you need to have all the answers for your sellers and if you do not know enough about the subject bring in a professional who does. A few days ago in a high end area of Newport Beach I was asked to go on a listing appointment with an agent who wanted to secure a 4 million dollar Short Sale.  I met the agent in front of the home and without even going in I knew the owner had spent a ton of cash remodeling their home with the plan of living there forever.  Their closests looked like a high class Beverly Hill store, their theater better than and screening room in Hollywood and LEATHER, yes Leather floors. 

Here is todays tip.  Pricing your listing. Let's go back to the good old basics, the house will sell for what the house is worth! If you have not heard that last line you must be new to sales.  You can only sell the house for what it is worth. The standard rule for securing the "Fair Market Value" is 3 comparable properties. A comparable property is a property that has sold within 3 months, is within 300 square feet and is less than 1 mile away from your subject property.  Ok, so your sellers says, " well that house was a foreclosure".  or "I have many more upgrades!"  Here is your answer, "If there is a foreclosure in the area the value is counted because it is, Typical" for the area and the upgrades, " those are what you prefer. The upgrades you put in your home were your choice to enjoy while you live there."  The issue is the appraiser can not go into the comparable properties. As I sat and spoke with the husband I could see a light, light up when I explained the basics on how a short sale works and what his options were. Mr. Seller could see that what he was thinking vs how we could sell his house fast were two different stories. 

YES, our Short Sale processors go out with you on your appointment and work with you as a TEAM to secure your listing.  Top producers use us, click here to ensure the listing and ease the seller.  With the buyers, we have a team of mortgage professionals who are there to secure the proper qualification forms when the buyer is ready to place an offer. Like our real estate agents the mortgage professionals are from all areas and work for all different companies.  The network refers listings and loan leads to professionals who take the time to learn our process and work for both the seller and buyer for a win, win situations and Short Sale closings are usually in 45 to 60 days. Contact us by e-mail at sharon@ssresnetwork.com or by phone at 866-844-6873. The Short Sale Resolution Network is here to help you, agent, buyer, or seller we are here for you!

 

 

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California Orange County
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Rainer
125,171
Sandra White
John L Scott Real Estate - Port Townsend, WA
Experienced Residential Resale Broker

It is difficult to make some sellers understand what is reality.  I have heard many times of the new wave of foreclosures and short sales about to come.  Not a pretty picture. 

Sep 18, 2009 02:45 AM #1
Rainer
7,531
Sharon Butler
Short Sale Resolution Network - Brea, CA

Sandra, the words in the mortgage industry are " Shadow Inventory!" I would love to start writing about Shadow Inventory, but it will probably spin everyone for a loop!!!! Should I jump in.... or are there any others willing to bring the news really out to the Media.  We are not even close to bottom yet.  Homeowners who are thinking of seller should have done so back in April or May.  With the amount of properties the banks already have plus the Shadow Inventory, you can only guess what the OVER supply will do to the future housing market!

Sharon Butler

Short Sale Resolution Network

Sep 20, 2009 08:15 AM #2
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Rainer
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Sharon Butler

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