Realtors can help you sell a home before a foreclosure. But, you need to assist with the process:
After this last week of trying to help short sale sellers unload their upside-down properties, I’ve experienced a whole range of assistance. Or not.
1. Seller will not return four phone calls and two emails asking if they can do a $1000 cash contribution to dispose of a $150,000 mortgage. Not even an acknowledgment.
2. Seller will not upload info into Equator, after being under contract for four weeks
3. Seller finally faxes listing agreement and short sale documents to us sent to him six weeks ago.
4. Seller has not sent us the last two paystubs, after being under contract a month
5. Seller contacts us with a foreclosure sale date in five weeks, has never even listed the house
6. Seller, who is an attorney, finally faxes us listing paperwork one week before foreclosure. Too late.
And it goes on. In return, these sellers expect from their short sale listing agent:
1. Sell their house—quick!
2. Take care of all their lender requests
3. Call their lender and stay on hold for hours a day, every day
4. Repeatedly fax hundreds of documents on their behalf
5. Keep the buyers waiting for six months
6. Negotiate the best terms for a short sale approval
7. Call and email them to continually ask for cooperation
Sellers – if you are serious about doing a short sale instead of a foreclosure, be prepared to do some work on your own behalf. Your work will include gathering all requested financial documents in a timely manner. (Timely manner means with a few days, not weeks. ) This will include gathering bank statements, pay stubs, profit and loss statements, tax returns and more. This may also include filling out your specific bank’s forms. You may have to do this multiple times.
Consider paying $1000 or more on your own behalf to dispose of $100,000 or more debt. Consider paying a promissory note of $5000 over several years at no interest, to do the same. Be honest. Roll up your sleeves. Return your real estate agent’s phone calls. Participate. Avoid foreclosure. Get your short sale approved.
It may not be convenient, but it’s your credit, and your financial future. Take responsibility for it.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: firstname.lastname@example.org
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.