Is it different than a 'regular' offer?

By
Real Estate Agent with Prado Real Estate South UT DRE# 6541633-SA00

Is it different than a 'regular' offer?

 

An agent, new to the industry asked the following question on a social media site: "Am new to real estate, going to be writing a short sale offer and never done this." "Is it different than a regular offer?"

 

This question needs to be dealt with swiftly by the agent's broker before the buyer client's trust is breached or worse, a harmful environment is created due to lack of experience and knowledge of short sale properties.

 

The following are some things to do to prior to writing a legal and binding offer on a short sale.

 

  • Team up with a seasoned agent. One that has past experience with short sales and can help guide you write and submit the paperwork.

 

  • Consult with the broker for advice and required documents. Go over the paperwork multiple times, ask questions, get very familiar with it.

 

  • Get educated. Take a Certified Distressed Property Expert or Short Sales and Foreclosure Resource certification class.

 

  • Contact a local title company who can send over pertinent information to help get more aquainted with property details.

 

  • Hire a Short Sale Specialist who will charge fees to do the paperwork, including submitting and communicating with listing agent.

 

New real estate agents taking on responsibilities well outside the scope of knowledge when representing clients will be held accountable if damage occurs! The old 'I didn't know' defense holds zero merit.

 

.......................................................

 

If you have questions about any Washington County, Utah homes for sale, give me a ring at 435.632.9374 or wanda@buynsellutah.com. Always glad to help with your real estate needs because Wanda Can!

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Looking for an experienced real estate professional in southern Utah? Click here.

 

To discover sunny southern Utah for yourself, go to: www.buynsellutah.com

 

Wanda Kubat-Nerdin REALTOR Southern Utah www.buynsellutah.com

 

 

Member of the St. George Area Chamber of Commerce

I, Wanda Kubat-Nerdin at PK Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property,  Copyright ©

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Rainmaker
884,714
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Wanda, 

Great advice for an agent who has not written a short sale contract.  The thing I might add is that the home seller and the invester (usually the bank) both have to agree and the bank has the final word.  Let your client know that short sales can take a lot longer than a conventional sale. 

Jan 11, 2018 08:02 AM #1
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You bet they are different, reams of paperwork is generally required to be submitted with short sale offers...at least in our experience. Good advice Wanda. We rarely see short sales in our market these days...

Jan 11, 2018 08:33 AM #2
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have guided so many through the process and tell them patience is needed and yes they are different. With perserverance they can work out, too.

Jan 11, 2018 07:21 PM #3
Rainmaker
2,464,299
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Wanda.

I remember my one and only short sale.  Thankfully, it all went well.  Won't go through it again

Jan 12, 2018 01:36 AM #4
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Short sales are often long, drawn out transaction due to the bank's inability to make a decision. These are great when the client is not in a hurry and can get a better price Sheri Sperry - MCNE®!

Jan 17, 2018 03:05 PM #5
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Not many short sales in our market these days either, thankfully Debb Janes EcoBroker and Bernie Stea JD!

Jan 17, 2018 03:06 PM #6
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

If everything comes together with all parties, it can work to the advantage of the buyers where sellers can also move on with their lives Debbie Reynolds

Jan 17, 2018 03:08 PM #7
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

In the past, I done a great number of them James Dray. There is much involved and emotions can run high!

Jan 17, 2018 03:08 PM #8
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