Absotively, Posolutely!!!! If you are calling yourself a listing agent in this present day Real Estate Buyer's Market and you don't know what at short sale is, you are missing out on a Great portion of the market!! All too many sellers nowadays are upside. Upside down sellers are sellers who owe more than the current value of their home. Hence, making it impossible to sell their home and pay the bank off in full without bringing 10's or thousands of dollars to the closing table. If a seller must move with this being their case, in many cases the bank will allow the seller to sell at market value which is less than what they currently owe. This is a short sale.
There are many stipulations that surround a Short Sale, first being that the seller will have to prove hardship to the bank (a change that has occurred making it impossible or extremely difficult to make their current mortgage payment i.e. loss of a job), how the the current value of their property has changed,and they will have to get an approval from the bank to list the house with an asking price less than what they currently owe. Be mindful that the seller has to be ready to supply the bank with current documentation to prove they are in need of a Short Sale. Once you and the seller have gotten written consent from their mortgage company for a short sale be aware that all offers will be contingent upon 3rd party bank approval. Also keep in mind that all Short Sales must be divulged to the public in any advertising on the property.
So, an offer comes in, the seller signs the Agreement of Sale. The Agreement of sale is sent to the bank for approval which is most cases takes 4 to 12 weeks plus or minus (I've seen it take longer so please be sure if you are selling a short sale that your buyers are in a position to wait and understand that they can wait that long and then have their offer denied eventhough the sellers have signed and accepted their terms and conditions).
So you can see that having knowledge as a listing agent or as a buyer's agent on Short Sales is curcial to helping seller's sell and a Realtor's success in today's Real Estate Market.
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