HEY Short Sale Seller - GET OUT!!!! of our new home...
This author blogs about a very common theme for short sales. However, I believe the author's approach to the solution is off. Regardless or not if you are local or a great negotiator, the seller still has an issue that needs to be resolved. As a buyer, you can't just hope the sellers will move out. In this scenario, you need to think outside of the box. Here is my reply:
Easy issue to resolve.
Listing agent:
1. find out an exit strategy. Are the sellers going to live with family or friends? Are they going to rent a place or room?
2. Help the sellers find a place to live and lock it down once the buyer's contingencies are removed.
3. Exclude after market fixtures and personal property from the listing. This gives the seller the opportunity to sell these items to the buyer or another 3rd party.
Buyer's agent:
1. Have the buyers offer to pay for a moving truck and/or purchase after market fixtures and/or personal property. This gives the sellers incentive not to take everything and gives them money to move. The moving truck gives them a mental and physical date as to when they have to be out of the property.
Finally, when dealing with the seller, help them detach any emotional attachments by doing the following:
1. Remind them that their property is in foreclosure, not them. Be positive about the plans after the short sale. Reinforce the exit strategy.
2. Introduce them to a financial planner who can set them up with a budget if applicable, and the ability to save to buy again.
3. Use the term "property" and not "home". Associate the property with a burden they need to overcome andnot a "home" in which they have an emotional core attachment on.
Also, Elizabeth - Comment 19 - Made very good point. Another reason for the sellers not to move until contingencies are removed and the deposit to be forfeited.
Short Sales can pose some interesting questions. If all the challenges are met and the short sale gets approval from the home owners lender, the biggest challenge could be yet to come. I work with alot of Short Sales and Bank Owned homes here in the Manchester NH area so I have seen a troubling pattern. This blog is inspired by a question from a buyer looking for help. For them it was too late for my help as they made an offer on a short sale with no buyer broker and an out of town listing agent they never met. Since releasing this blog yesterday my Inbox lit up which inspired this new blog You Can't handle the Truth about SHORT SALES.
You see the biggest question is when does the seller move out. The largest problems arise when sellers are not aware of the time frames and buyers are not ready to accept the consequences of a poorly managed short sale. The buyers mortgage will mandate they move in upon closing and the seller needs time to get out. The problem is when the buyer lets the owner or a tenant stay in the property after closing with a short sale. I have both seen and heard of sellers refusing to leave after closing and tenants that were allowed to stay taking everything that was not nailed down and quite a few that were nailed down with them.
HOW CAN A BUYER PROTECT THEMSELVES WITH THE SELLER BEING ABLE TO HAVE TIME TO MOVE?
THE SELLER: The seller needs to start by choosing an agent to list with who is local, full time and well experienced with listing, negotiating and selling short sales. You see a well experienced agent will educate the seller and inform them through each step of the short sale. The final step is the most important that when approval comes, the bank will usually mandate closing in no more than 30 days from approval which means the seller should have arrangements in order where they are going to move to.
THE BUYER: When I represent a buyer I always tell them under no circumstance would I buy a home that I would owner occupy and allow anyone to reside in the house when I closed.
People will ask what if you are the listing agent, How could you go against your seller like that? It is an easy answer becuase I would not put my seller in that position. I inform them through each step of the short sale process so they know when it is time to look and when it is time to move prior to being oput in the situation of "get out now".
In conclusion Home Owners have a choice, they can list their home with just anyone and face lots of potential issues becuase they rushed. OR They can choose to sell it through an agent who will spend that extra time to get the job done right.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
We stand by you through every step in selling your home.
PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME
PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME
SUPPORT LOCAL BUSINESS!!!ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...
If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.
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