What's the first question a potential short sale seller should answer?

By
Real Estate Broker/Owner with Richard Weisser Realty

What is the first question a potential short sale client should answer?What is the first question a potential short sale client should answer? It is probably the most important question of all.

Most of the problems involving short sales arise from the fact the seller really doesn’t want to lose their house. As a result the seller isn’t motivated to perform.

And without the complete cooperation of the seller/borrower the odds of achieving a successful short sale are severely hampered.

The short sale process is invasive and tedious. It involves a lot of people doing a lot of work. Listing agents, buyer’s agent’s and their buyers, negotiators and investors can all expend a lot of time and effort trying to make the short sale happen.

So the first question a potential short sale client should answer is this:

“Do you want sell your house or try to keep it?”

Comments (10)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Richard,

I would feel the answer most would give would be "yes!!"

Apr 01, 2013 10:07 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Richard. What a smart and intuitive post. I think you have really identified the biggest and most important factor in the process. Suggested.

Apr 01, 2013 10:13 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County
That is certainly key. Deciding the best route depends on the goal.
Apr 01, 2013 10:16 PM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

There are so many issues with short sales. I have done a number of them on the buyers end and seen divorces where one wanted to sell it and the other former spouse wanted to just cause problems and hang it up as long as possible. There are so many possibilities

Your post is very good and I think that many people now are understanding that if they lost their job, spouse, health issues then a short sale is better then a foreclosure and they make that tough decision.

Apr 01, 2013 10:29 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Very important question that needs to be asked, but I wonder how many times it actually is asked.  

Apr 01, 2013 11:22 PM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Second question: Why?  I guess it's probably part of the first question.

Apr 01, 2013 11:31 PM
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

You are right Richard. .some sellers have taken notice that the banks reluctance for a quick approval is a blessing in disguise for them . .to live in a house . .not pay .. .month after month. 

Apr 02, 2013 12:03 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

That is the one thing that I push hard on is that they have to cooperate with all the BS all the way through.

Apr 02, 2013 05:09 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I suspect that I'd want to see feasibility before I'd ask that question.  Suppose they say "keep it" and there is absolutely no feasibility??

Apr 02, 2013 07:32 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Richard, If the seller is not onboard 110% then the chances of it working out are nil. It takes total commitment.

Apr 02, 2013 12:10 PM

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