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Top 5 Secrets to closing Short Sales

By Jaret Ghent

Real Estate Broker/Owner with Vision Real Estate

June 28, 2008 10:27 AM

We are going to reveal what our experience tells us are the Top 5 Secrets to closing Short Sales. Before providing these secrets I want the readers to understand that this will help you... but in no way is the solution to your Short Sale "whoos".

The real solution to "Getting Paid in a Short Sale" which is an upcoming post on why you should refer your Short Sales to a Short Sale Pro.

TOP 5 SECRETS TO CLOSING SHORT SALES:

SUBMIT A COMPLETE PACKAGE, INCLUDING THE BUYERS APPROVAL AND THE EXECUTED PURCHASE AGREEMENT
DO NOT ACCEPT OFFERS YOU KNOW WILL NOT BE ACCEPTED BY THE BANK
UPON ACCEPTING AN OFFER, MARKET THE PROPERTY FOR BACK-UP OFFERS ONLY
COMMUNICATE TO THE BUYERS AND/OR THEIR AGENT AT LEAST ONCE A WEEK
ACCOMPANY THE BUYERS AND/OR THEIR AGENT ON ALL PREVIEWS AND INSPECTIONS TO GAUGE THE BUYERS COMMITMENT

These are the secrets we have learned that are most important... although we know there are many others. We would like to see if you have other we need to add to our top 5 and which one should then be removed... or maybe we should build a TOP 10 LIST?

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Tom Davis

Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE

FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

Kristi and Jaret,

Currently we are not experiencing many short sales in the area so it is still a new thing for me and many others,

Thanks,

World Class Delaware Realtor

Jun 28, 2008 12:47 PM

Dawn Uselding

A New Dawn Real Estate Services, LLC - Manitowoc, WI

Short Sale Assistant

I know my comments are late in the game. I just joined active rain.

But I have found that preparing the homeowner for the BPO or appraisal is also very important. The homeowners perception is that they want the best and highest appraisal. But we all know that we want that appraisal to come in as low as possible. I have found that it helps to have the seller keep a running list of problems with the property. That way when the appraisal is done we may be able to have some impact on the outcome by making the appraiser aware of defects or other conditions that may effect the value of the home. In other words if the house reeks, don't do anything to cover it up.

I have also been surprised that many of the Realtors I have worked with thought that the negotiations used the current payoff amount as the number negotiated against.

I am very much enjoying your blog. Thank you.

Jul 09, 2008 05:40 PM

Top 5 Secrets to closing Short Sales

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Jaret Ghent

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