Admin

Don't Venture into short sale waters without an Expert

By
Real Estate Agent with Realty Executives

Short Sales are complicated transactions.

You should work with an experienced short sale listing agent who has been successful with working with banks and asset managers.

A short sale expert can help prepare a detailed short sale approval package that would include

  • personal financial information requirements
  • BPO (broker price opinion)
  • Comparative Market Analysis (CMA),
  • work hand in hand with a savvy title company to prepare a net proceeds sheet after cost of sale,
  • can inform the seller that there are other possible options prior to a short sale including, loan workout, deed in lieu of foreclosure or foreclosure
  • Understand what types of offers the bank is most likely to accept

Please note, there are other options to explore first. If a short sale is your last resort, make sure you seek legal advice first.

Comments(1)

Show All Comments Sort:
Anna Boyd
Re/Max Gold - El Dorado Hills, CA
CDPE, El Dorado Sacramento

And I will go further and advise that a buyer be sure they are working with an agent familiar in the ways of the short sale.  Advising them on the "short" odds, not falling in love with a short sale listing because of the "short" odds - 7-10% liklihood of a short sale vs foreclosure?

I have short sale listings and a short sale negotiator that has both real estate and mortgage side experience - and it still can be a trial.  I shudder when I see the amount of short sale listings in this area with agents I've never heard of in my 10 years.  That doesn't mean they won't do a good job - BUT, who are these people?  I see these short sale listings languish -with an offer - way beyond the 60-90 days max it should take to wrap this up.  I feel sorry for the buyers - and hope their agent advised them on the pros and cons - and the liklihood that if a specific home doesn't get foreclosed on because of the languishing, that the buyer who does end up with the home is usually the 2nd or 3rd buyer in because the others have died on the vine waiting and waiting for an answer.

Dec 28, 2008 02:11 AM