Short Sale Issues?

By
Real Estate Agent with Prime Real Estate

     So yesterday as we were sitting at a company meeting another agent brought up a huge problem that he was having with his short sales.  The home owners who at first were trying to keep their home out of foreclosure are no longer motivated to get their home sold short.

     Why would they be?  The bank is not throwing them out on the street. The are getting free rent and they know that if the house sells they will have to start paying monthly rent.  So how does agent get those sellers to do the price changes necessary to hit the sweet spot?  One client actually told him that he didn't want all the foot traffic that a price reduction would cause.

     While it is too late with these and he should probably just walk no run away from them and let some other poor agent deal with these instead of beating his head against the wall. I gave him the suggestion that when getting the listing I do four price changes and get them signed at the same time as I get the listing. Why? Because we need to find the right price and if we don't have to do all four price changes great if we do I have them in hand ready to make the move when needed. 

    

Posted by

Valarie Kubacki

Prime Real Estate

(219)405-0577

www.nwihomes4sale.com

Serving all of Northwest Indiana

Porter County, Lake County, Jasper County, La Porte County, Newton County

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foreclosure
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valparaiso real estate
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valarie kubacki
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Rainer
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Shannon Coe
Keller Williams - Rocklin, CA
916-597-3818, Lincoln, Rocklin, Loomis, Roseville

Thanks for the post. I try to set the expectation that their credit gets "hit" every month that they do not make a payment and the "recovery" of credit will be harder the longer it takes.

Jan 19, 2011 01:38 AM #1
Rainer
68,972
Nancy Fraser
Exit Realty Premier - Massapequa Park, NY
Realtor, Massapequa Homes for Sale 516-729-0278

Valerie

I also think it is very important to educate the sellers on the benefit they are receiving from selling short. They also need to be in total agreement to do what is necessary to get the sale done.

We make them see that the longer they take the greater chance of foreclosure and the bank coming after them for the balance of what is owed.

Jan 19, 2011 01:43 AM #2
Rainer
35,189
Valarie Kubacki
Prime Real Estate - Valparaiso, IN
Broker Associate, CDPE - 5Star

@Nancy & Shannon this agent stated that these customers were all for whatever it takes in the beginning but now are enjoying the free rent.

Jan 19, 2011 02:06 AM #3
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Rainer
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Valarie Kubacki

Broker Associate, CDPE - 5Star
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