Sharing Our Short Sale Procedure...Right Side Up

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

It seems like a lifetime ago  when the market started to tumble...home values decreased....people were losing their jobs...our divorce niche was houses tumbleoperating on steroids with economic stress  resulting in domestic stress..many agents left real estate...and indeed we did short sale some of their homes. There was no price range untouched...we shorted both residential and commercial properties for over a million dollars and barely a hundred thousand...people needed help and we were committed to give it to them...not without th education and systems that would benefit the homeowners in the very best way possible.  

     We flew to Florida and were part of one of the first CDPE (Certified Distressed Property Experts) classes...and two of only four agents in thecdpe state of Wisconsin with any advanced training in short sales.  We went to two other states for additional training and then met with a Wisconsin real estate attorney to combine what we had learned from different methodology and put our own touch  to the process...safely, legally and with care to protect the rights of the distressed and distraught Sellers who came to us in need of assisance in avoiding foreclosure . 

 upside down house   We wanted the process to work....and we have done that over 300 times.  Short sales are not for every agent....and if you know a Seller who for reasons of hardship is unable to pay their mortgage or has not been paying their mortgage...refer them to a short sale agent if this is not your area of expertise.  You do not want  to be the agent responsible for a homeowner's foreclosure because you lacked the education and experience to close the transaction successfully.

     We invested in a website and still have it today...you will find it by clicking here...now mobile and secure.

       We require all Buyers to ...of course give us a pre approval or proof of funds for cash transactions with the offer.  Beyond that...we also have our attorney written and approved:  Addendum PRN. This document first As ISof all reiterates that the Seller is not responsible for any repairs,replacements etc. and the Buyer is purchasing the property in "as is" condition. While we encourage an inspection...there will not be a "repair/replace" amendment in this kind of transaction.

  We do not submit the offer to the bank until after the inspection is completed since it is Buyer's choice after the report to remain in the transaction or terminate it as the result of the findings. The Buyer is required, per Addendum PRN to deposit the earnest money (typically in our market, 3 days from Seller's approval) and do the inspection (typically 5 to 15 days from Seller's approval). Many agents do not require either of these things until there is BANK approval.  The reason we do is because....the Seller believes he has sold the property and the Buyer believes he has bought one...a great deal of time has passed bank approvedand waiting for an inspection that can end the transaction is detrimental to parties on both sides of the transaction.  Sellers need to beat the foreclosure clock...and we know the perameters for pricing that will be acceptable....so these two important steps move the process along or end it and wait for the next Buyer.

  Whether you are a Seller...a Buyer or a Buyer's agent and are considering a short sale...be sure the listing agent has successful experience with not only LISTING  short sales but CLOSING them as well.  

      This has been an educational post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty honored to be serving southeastern Wisconsin for all things real estate...upside down AND right side up.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
1,827,588
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

That's very good information!  I have to tell you, I have met a lot of "short sale agents" who did not know what they were doing and everything collapsed.

Mar 31, 2019 03:54 AM #1
Rainer
496,228
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Short sales still around, not for the same reasons they were 10 years ago.  The process and delays are still the same.  I wrote an offer for one of my clients and was accepted by seller in Sep 2018 and we are yet to get an approval from the bank.  I don't think the listing agent knows how to escalate the transaction.

Mar 31, 2019 04:17 AM #2
Rainmaker
3,109,292
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Sally/David, You two are the EXPERTS on short sales in Wisconsin. And, Smart consumers already know this!

Mar 31, 2019 05:02 AM #3
Rainmaker
3,162,635
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Wow Sham Reddy we never had one take that long even when there were  bunches of them..!

Mar 31, 2019 05:05 AM #4
Rainmaker
3,133,329
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. Sage advice for agents and sellers as well. Enjoy your day!

Mar 31, 2019 05:37 AM #5
Rainmaker
5,221,203
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing some of your successful short sale experience and practices.

Mar 31, 2019 05:43 AM #6
Ambassador
3,150,064
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

You are definitely the team to use if a seller needs to short sale their homes, Hansons both. Thankfully, we have not seen many here in Charlotte of late but, with the crazy sales prices we've been seeing the past few years, I wouldn't doubt we begin to see a few when the market correction is in full-swing.

Mar 31, 2019 07:16 AM #7
Rainmaker
3,162,635
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

While there are not tons of them Debe Maxwell, CRS ...thankfully...they will always be a part of the real estate landscape now and then and we are happy to help people in that situation.

Mar 31, 2019 07:28 AM #8
Rainmaker
1,137,358
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Sally K. & David L. Hanson - You are the experts and Wisconsin residents in your area are very fortunate to have you so close. I don't think many realize that it takes a special agent or team to manage short-sales. You are a blessing to your clients. 

Sedona just is not an area that have many short sales or foreclosures. But I have helped with a couple of reverse mortgages and one listing that the owner kept from me that he was behind in paying the mortgage. Because of the deception, I terminated the listing. 

Mar 31, 2019 07:48 AM #9
Ambassador
3,025,810
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I too am certified however it has been a long time, maybe 5 years, since the last short sale crawled across my desk. I also followed your route and joined up with a lawyer and made us a pretty strong team Sally K. & David L. Hanson 

Mar 31, 2019 07:54 AM #10
Ambassador
3,725,026
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David the Short Sales have finally slowed down around here, but even though there is less of them, they are not any easier or faster to do.

Mar 31, 2019 11:46 AM #11
Ambassador
3,748,278
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- it's not about getting a listing, it's about being able to really help someone who could lose what they have.

Mar 31, 2019 02:28 PM #12
Rainmaker
2,803,325
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I've only had one short sale, thankfully it all went well.  Will I take on another one, not a chance in you know where.

Apr 01, 2019 12:48 AM #13
Rainmaker
1,507,346
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally and David, you are a blessing to your clients. Handling short sales is not something I ever got into because I felt I didn't have the training to be of value. Have always referred them to someone here that like you knows exactly how to navigate the waters. You have helped so many people and that's priceless.

Apr 01, 2019 05:02 AM #14
Rainmaker
1,826,644
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - there were so many people out there trying to be experts in shorts.  It is good to know who to call when you need it.

Apr 01, 2019 05:22 AM #15
Rainmaker
4,001,944
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, kuddos to you both for doing so many short sales.  I did two - one closed, the other did not and felt I was at 50% and stopped.

Apr 02, 2019 02:30 PM #16
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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