Short sales are frustrating sometimes. If you miss any costs, you often end up paying for them. The most common missed costs are property taxes, Homeowner's Association Fees, and judgments or liens.
What happens when you get to closing and there is an extra 2K that has to be paid? Does the seller want to pay it? No. What about the buyer? No again. So who ends up paying for it? Their agent does. You don't want to spend another month re-negotiating the short sale.
Here are 3 things you need to do to avoid having to give up commission at your next closing.
1. Get updated payoffs on everything when you start the short sale. The title company needs to do a title search. Have them obtain payoffs on the Homeowner's Association.
2. Prorate everything 5-6 months in the future. It can take longer to get the short sale approved. You may have to negotiate 2-3 buyer's offers with the lender. Costs can go up very fast.
3. Update the new costs regularly as the short sale progresses.
I hope this helps you out. We have been stuck paying for certain items 2-3 times. After it happens once, you make sure it doesn't happen again.
Are you looking for a marketing system to list more short sales? We have developed a system to farm and convert the Pre-Foreclosure Leads and the Expired Short Sales. It enables us to list a consistent number of short sales each month. Now we are offering it to other agents. Get more info at: http://www.AgentLeadExplosion.com .
If you're running into problems with short sale files, then you probably need to look into the How to Escalate a File Course. Get more info at http://www.HowToEscalateAFile.com .
You can get a copy of all the fax numbers for congress and a fax template to send to them here: http://shortsaleagentadvocate.com .
Got questions about short sales? Just ask.
Ben Curry & Chris Curry - Keller Williams Real Estate, Gainesville Florida.
We specialize in short sales in Gainesville Florida. Gainesville Florida short sale, Gainesville fl short sale, Gainesville Florida short sales, Gainesville short sale