Short Sales, Short Sales and more Short Sales!
By now, we all have heard about Short Sales and they seem to be receiving a lot of attention from media outlets and finally the government! It was about time, we have been working with Short Sales for the last 3 years to the point of succesfully closing over 35 in 2009! that's 35 Short Sales my wife and I listed and succesfully took to a close last year only. Short Sales are not fun, not for anyone involved trust me! But they are a last resource, a good way out if everything has failed.
As a Seller you should always tried to save your home, tried a loan modification first, see if that works. If a loan modification is not available or doesn't work for you, and you know there is no other option but to sell... then a Short Sale is the next best option.
Short Sales are a complex and require a different set of skills. Now days I am seeing a lot of companies that are jumping at the Short Sale market, why now? where were they 2 years ago when a lot of people were in dire need of help Selling Short? well, since it was unknown if the Agents doing Short Sales will ever get paid, no one wanted to do them, well... we did! we did it because people needed help, and we always got compensated in the process!
Fortunately for us, we have worked with every lender out there, big and small. I am not going to tell you I am invincible, that I close every short sale i take, that everyone goes home happy, because I am not going to lie to you. These things are complex but we know how to them.
Please before you hire a Realtor to do the Short Sale of your home, think about this:
What do you know about the record of this agent regarding Short Sales?
how do you know if he or she is the right agent for you and your short sale?
Well...Ask him or her to show you the list of homes they have sell as Short Sales in the last 2-3 years, and you want to make sure that they have closed at least a dozen Short Sales . That is what i would be looking for if someone was to sell my home as a Short Sales . In fact i sold one of my homes as a Short Sale a few years ago... this is why i got so much into it, because when I needed help no one knew how to do Short Sales ! It was a trial by fire, but it worked! Now agents come to us asking for questions we faced 2 years ago. This time I know I can help!
Don't think for a moment that the Agent you are hiring to do your Short Sale is doing you any favors, he is not! you are hiring someone for the job and you should hire the best!
Ideally You want the Realtor working on your Short Sale to have worked with your bank before. heads up! the bank on your statement is perhaps no the bank you will have to deal with. For example: If working a Short with Aurora Loans you will end up working directly with a Lehman Brothers representative, remember Lehman? The point is that you need someone to have experience on these things, this is not the time for rookies, unless you want to risk the outcome of your Short Sale.
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