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Short Sales: Realtors (Listing Agents)

Real Estate Agent with Keller Williams-Fox Valley Realty

Short Sales: Realtors (Listing Agents)

As a Realtor listing a seller as a Short Sale, you take on tremendous responsibility for that outcome.  Short Sales are a completely different approach when it comes to Real Estate.  I call it "Real Estate Backwards".

Here's why.  Under normal conditions when you are working with equity sellers (equity in the home and sale will exceed the debt/expenses of the sale) you are working feverishly to get the highest price, in the shortest amount of time, with the least amount of hassle for your seller client.

Not so with short sales.  You are looking for a patient buyer with an agenda that can work with the unknown timing (closing) and also the unknowns if the file will even be approved by the lender.  The price being offered is not the largest factor, rather a combination of price and also a ‘clean' contract with little or no contingencies.  These include no home sale and home close, financing (all cash deals), no survey provided by seller, as-is clauses are assumed by buyer, and no home warranties.  Deals organized with these included (or not included!) help the short sale lender to more easily navigate through the offer and corresponding HUD and keeps the deal clean.  Clean deals get approved faster and usually with less negotiation with the lender.  And less negotiation with the lender means shorter turnaround times.  Keep in mind that one offer and counter-offer can takes weeks to get approved and all the changes made (in writing) and new Huds generated.  Why not start off the deal ‘right' when you know the lender does not want to see at that stuff on the file anyhow?? 

At GPMC we work hard to get the Short Sale not only approved but also with 100% of the loss taken by the lender.  And so far we are still at a 100% file approval with no judgments filed and without promissory notes issued by those lenders.  If you are in need of a credible Short Sale negotiation TEAM to work for you, check us out our Facebook Business Page here!  Or call us at 630-513-3906. http://www.facebook.com/#!/pages/Saint-Charles-IL/Steven-Senters-Short-Sale-Senter/342628328132?ref=ts

Mark Waldhoff
Keller Williams Realty - Champaign, IL
GRI, CRS - Champaign/Urbana, IL

Steve, great points. "Real Estate Backwards" only begins to describe my personal take on short sales.

Congrats on your team's short sale success!


Aug 05, 2010 02:23 AM