If your decision is to market your property when your in foreclosure, then choosing the right Real Estate Professional to assist you is very important. The average Realtor does not have the experience in foreclosure properties and that could make matters worse. There is a lot of work involved in listing a normal property, but there is a lot more work and legal issues involved with listing a foreclosure property. The Real Estate Company and the Realtor you choose will have to be a full sercie company that has a marketing strategy to sell your property quickly in the time remaining. The Realtor will have to know which person at the Mortgage Company, their attorneys office and other lien holder's offices to contact with problems or negotiations. They will have to contact the city and county to verify and liens for taxes and assessments.
They will need to be a Foreclosure Specialist and know exactly wha tthe mortgage company will need and look at when making a decision on your property.
Most "discount brokers" will not do this. The discount brokers will only list your property in the Multiple Listing Service (MLS) and maybe run a few advertisements and put a sign in the yard. This will not sell your property in the time allotted. It needs to be marketed propertly, networked with all real estate companies in the area and most importantly priced correctly.
If you need to sell your home as a Short Sale (Less then what is owed) your Realtor will need to be on top of everything during the listing and again know what the mortage company will require from them and from you to close the sale. Only 45% of Short Sales ever make it to closing. We at The Janos Group average 75%. We just sucessfully sold and closed a property in Isanti on January 30th that we co-listed with another Realtor from a different company because they did not have experience in doing Short Sales and wanted someone to handle the bank negotiations for them.
Most Realtors will send the Mortgage Company a Short Sale Package of only 45 to 50 pages (This means they are not sending EVERYTHING the Mortgage Company needs to make the decision on your home. We at The Janos Group usually send 80 - 150+ pages depending on the property. This means we have few call backs from the Mortgage Company asking for additonal information and costing YOU valuble time.
The same goes for selling your property yourself (For Sale By Owner, FSBO). Most homeowners do not know where to begin in order to market their property quickly let alone know how to negotiate with big mortgage lenders for a short slae or even how to find out detailed information about their property in the legal system.
We know how to do all of this and can show you step by step how we will market your property.
Comments (0)Subscribe to CommentsComment