Its Us Against the Banks when it comes to a Short Sale!!!

By
Real Estate Agent with Dyer-Walker Real Estate 01273104

It's us against the Banks when it comes to Short Sales!!!

I always tell my clients "It's us against the banks!" I'm on your side! I take your story, your hardship, your situation and present it to your bank. This is the beginning of a short sale!

 Short sales can take 3-6 months, sometimes nine months! Ideally we want this to be shorter, but we're at the mercy of the banks! And they're understaffed and overworked!!!!

 Keeping you updated with the truth, while you wait! That's what I do!

 For Banks, it's all about their bottom line. They make the decision on what price their willing to accept, if they're going to pay your taxes, your HOA's, any liens or whether or not they're going to pay the buyer's closing cost, termite report, minus any repairs! It's our job to price it accordingly.

 After you receive an offer, some buyers ask for closing cost.Seller's always say;

 "Who pays for that?", "I have no money to pay the buyer's closing cost", "I have no money for termite" And by the way; Who pays you?

Again the Bank decides everything!

 The bank will also send out an appraiser to check the value of the home, the bank pays for this. In order to eliminate surprise, I meet the appraiser to support the value. From there, the bank may counter or accept the current offer. They also decide how much to give your second, if you have one. They too must agree on all the terms including, price, buyer's closing cost, taxes, liens, etc.

 There are many steps to a short sale transaction; these are just a few of them. What's important is you're kept in the loop. It's my job to facilitate it all the way to the end, even if it takes 9 months. But none of us want it to take that long!

 So, when you hire an agent to do a short sale, are the agents sincere? Are they able to answer your questions and give you some "what if" situations? Can they break it down, so you understand it?

Do you understand the words that are coming out of their mouths?! 

If not, call me!

 Remember the bank just wants their money, when they want it. Even though they take 3-6-9 months to make a decision, they want to rush to the closing table in 30 days or less. My team is excellent in communication. We are all in this together. Our goal is get the short sale done for our sellers, the house for the buyers, meet the requirements of the lender, paper trail and explain everything! Again, we are in this together!

  But... it's us against the Banks!  

Comments (6)

Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

Great post that gets the message across very succinctly.  Sure would be nice if weren't the truth, but it is.

Oct 25, 2010 09:08 PM
Erika Walker
Dyer-Walker Real Estate - San Marcos, CA
"Selling Real Estate with a Touch of Class"

Thank you Kate! I had a conference call this am, and we discussed how we counsel our clients through short sales. How we avoid surprises, prepare them, deliver solutions... So, I thought I'd write about it... I always tell my clients, "Its us against the Banks!"

Oct 25, 2010 09:20 PM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Erika

Thanks for the post and information on short sales. Have a great day.

Oct 25, 2010 10:09 PM
Scott Hayes
(512) 786-8300 - Austin, TX
Realty Austin, Broker Associate

Erika,

 

Good point about the bank drawing things out, then wanting their money immediately. They are like children- they want it when they want it, and immediately.

Oct 28, 2010 04:37 PM
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