Sellers and Short sale real estate. (Part 1)
Also Read:
Read Part 2: "What real estate brokers think about Short Sales."
Read Part 3: "How to prepare for a short sale."
If you are considering making an offer on or selling your home as a short sale you better think again and at the very least know what you are about to get yourself into. Your real chances of getting to closing and completing a successful closing are very slim. In my opinion and from my experience the real chance of getting to closing on a short sale real estate deal is less than 10%. I've worked short sales from start to finish many times on both sides of the transaction as a buyer's agent and a seller's agent and both STINK.
SELLERS:
- The FIRST thing to do if you think you might be in a short sale situation is get a real "CMA" (Competitive Market Analysis) from a reliable no "BS" real estate broker that is not afraid to tell you the truth. You are not in a position to have a broker waste your time you need action and real numbers of what the house should sell for.
- Selling short sale real estate and homes from the listing side or seller's agent side is probably the most difficult. This is a dirty game and there are basically NO rules. The Colorado real estate contract and dates on those contracts mean nothing to the banks and their loss mitigation department. Just because you get a contract that says the buyer wants to close in 45 days don't automatically assume the bank cares a hoot about their wants and your needs.
Quick Example of Banks not working Short Sales properly:
- I had a home listed for sale in Saddle Rock Golf Club this year for $315,000. We received an offer for $295,000 which the bank told us was too low. They would not accept the offer so they decided to not allow the short sale. The property sold two days later in foreclosure for $250,000. Their stubbornness cost them $45,000 and a family their dignity.
Comments(0)