This is a real estate story about how to sell a short sale FAST! First, let me start at the beginning. Imagine it is 2008 and you are a home seller in Santa Fe, New Mexico attempting to sell your home before the housing market collapsed (that was in 2009). Your lender tells you that your home is underwater and you have no clue what that means since Santa Fe is not known for flooding. What do you do?
You ask some friends and they tell you to call Emily Medvec. My phone rings and you tell me you have to sell your home before the bank forecloses on you. I learn you got so scared you moved, the home was empty and a friend could give me the key. The bottom line was there was no time.
First, I did all the normal things: market analysis, listing agreement, obtained a release to “talk” to the bank, requested a title binder, put a sign up and then went for the gold. The good news was the home location was in an established neighborhood close to the Plaza. The bad news was no one really knew how or what a short sale was in early 2008 in Santa Fe, New Mexico or in the large investment bank holding the mortgage.
It was truly an opportunity to think big, be fearless and improvise. In those days, it was still possible to speak to the bank. In other words, they were talking. They were scared of losing money. There was no short sale department or hundreds of pages of rules and regulations. I simply asked the bank what price would they accept for the home? They did not act stupid and actually gave me a number they would accept if I could sell the home in 60 days. I said “yes” of course. What I learned from studying improvisation was to always let go of the outcome and say yes. I immediately went to plan B for Buzz
Even though the home was priced at market, it was still a seller’s market and buyers and their agents still had no clue about a short sale. My only option was to create buzz! There was no time for normal real estate advertising. Back then print still ruled. I had to go out of the box. Why not turn the house into a set for a movie? Many of my peers just shook their heads and rolled their eyes when I told them my idea. I knew then I was on the right track.
Given how long it takes Hollywood to make a movie, I went to plan C for College of Santa Fe. I raced to film department asking every student I could find if they needed a home to shoot a student project. Of course, they did! Within two weeks, a team of future directors previewed the home, wrote a script, staged the home with furniture, found talent and shot their student project movie. Because it was not a “love” story, I canned the promotion of their short film. The seller decided the short sale process was scary enough and had no desire to know more. In fact, I never saw the raw film or movie. The images above are my outtakes. The students moved on after graduation right into the recession. And the bank, well you can just imagine their initial response.
Given news travels fast in Santa Fe, the buzz after 4 long nights of shooting was a success. By the time all the cast, equipment and crew were gone, several agents were calling me about what was going on in this house. They heard something about a movie. I told them the home was the set for a student movie project. In under four weeks, the home went under contract and was sold in the nick of time. This is how to sell a short sale fast!
My advice to any agent selling a short sale is still the same. Focus on thinking big, being fearless and improvise. The issue I see today is all about how to get the banks to listen and do the same. What is your take? Are you able to sell short sales fast today?
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