Short Sale Help

By
Real Estate Agent with Trilogy Real Estate

Our quickly changing economy has put many home owners across the country in a tough spot.  In our local market, we are experiencing sellers that owe more money than the market can get for them.  In order to get the house sold, I have had to work with the banks and make the short sale happen.

Short sales provide a whole new list to the emotions that go along with selling a house.  The delays and correspondence from the bank can be torturous.  I have had sellers that simply want to "give up" so that they can move on.  What I have found to be really important in the short sale process is to give them a detailed time line on how I would expect communications to transpire.  Once they see that the delay in communications is a natural part of the short sale process, it minimizes their frustration.

I also like to provide them with a brochure that explains the difference between a short sale and a foreclosure.  When the seller sees the benefit to this option, they are usually more patient.

Working a short sale can be a WIN WIN for everyone if all parties know what to expect up front.

Comments (11)

Tinker Hulsey
Century 21 Wright-Pace Real Estate - Jonesboro, AR
Century 21 Wright-Pace Real Estate

Hi,

Welcome to active rain. I am a Century 21 real estate professional too. Good luck!!

         Tinker

Dec 10, 2008 12:51 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Theresa,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Dec 10, 2008 02:07 PM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Theresa, welcome to Active Rain!  I've learned everything I know about short sales right here!

Dec 10, 2008 02:11 PM
Everard Korthals
---Preferred Lifestyle Advisors--- - Lancaster, PA
Mountain Realty

Welcome to Active Rain. This is a great place to learn and share with others. IF ever you were to have any questions then feel free to contact us and we'll try to help. Please take a look at our blog for links to valuable information in our sidebar that you can use to navigate this extensive network. Subscribing to our blog is also a great way to read our blog straight from your home pages. We also suggest taking a look at the Active Rain Wikipedia group for resources that may be valuable to you. We hope you have a great day in the Rain! All The Best-

Sincerely, Active Castellum

Dec 10, 2008 08:50 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

 

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Dec 11, 2008 12:19 AM
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Congrats on your first post - Welcome to ActiveRain!!

DM

Dec 11, 2008 12:38 AM
Anna Ryan
Keller Williams Realty - Simpsonville, SC

Hello and welcome!  I am new myself so enjoying figuring out how to get the most out of the online realtor community.  So far I like it.  Good luck on your journey.

Anna Ryan

Dec 11, 2008 08:52 AM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.

Dec 11, 2008 10:49 AM
Morris Childs
PEP source - Spartanburg, SC

Welcome to Active Rain. It just gets easier after your first blog. Just write about what interests you.

Dec 11, 2008 10:54 AM
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes

Hi and welcome to active|rain. There are thousands of tips, tools, and tricks of the trade here. Be sure to check them out. Best of luck and see you around.

Dec 11, 2008 07:31 PM