Real Estate Short Sale Information
What should you know? How do you pick a short sale real estate agent to sell your home? Should you even consider purchasing a real estate short sale?
Everything about a short sale can seem difficult and it is!
How does a short sale affect my credit vs. a foreclosure?
Nothing about a short sale is easy! It can be the most frustrating real estate experience you will ever encounter. It might make you want to get out of the real estate business or avoid buying or selling another home.
For buyers thinking about purchasing real estate in this market, a short sale is a great way to do it. On the other side, for homeowners, a short sale may help you avoid foreclosure with minimal damage to their credit.
For Sellers - What factors will make a short sale possible???
The first one is “COMMUNICATION”. This will only be possible if you find an agent that will answer your phone calls, return your calls and keep you in the loop with daily updates.
The second one is “AGENTS PERSEVERANCE”. Your agent should be in contact with the bank on a daily basis to ensure your short sale package is moving forward with the right negotiator.
The third one “BE INVOLVED” Don’t let your agent forget about you, don’t drive him crazy! :) Insist that you are updated and informed regarding the process of the short sale. You don’t want to loose your home to foreclosure because of a break down in communication with your lender. .
For Buyers – What factors will allow you to purchase a Short Sale???
First, find an agent that has a proven track record of selling short sales. If he knows how to sell them it will be easier for you to purchase a short sale. Also, consider all of the other factors explained for sellers above.
In conclusion: You hear so much negativity about short sales. The reality is that loss mitigation departments are increasing their staff and making efforts to accommodate short sales. Short sales will be a large part of this real estate market for the next few years. They are an excellent option depending on your situation. Make sure you are dealing with an agent that will make every effort to look out for your best interest. Real Estate Short Sales are not for everyone and may not be the best option for you!
July 24th, 2008 at 7:40 am
Short sales can prove to be difficult - agent perseverance & patience do make a huge difference!
July 24th, 2008 at 7:43 am
I had to try out the keyword luv plug-in on your blog, I had never seen that before.
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July 24th, 2008 at 3:39 pm
Good intro. However, I was hoping there would be more information presented about short sales for the newbie.
July 25th, 2008 at 1:05 am
PERSEVERANCE You couldn’t be more right on that. Experience with short sales is a must also, especially in this market. I have tried to inform people also about short sales in my state at my blog. It’s an interesting topic these days.
August 1st, 2008 at 2:39 am
really great article, i need to read it again and again to digest all the information.
August 17th, 2008 at 12:46 pm
nice post……keep it up dude.
August 18th, 2008 at 7:32 pm
why is that short sales have such a hard time going through? There is a home that i am really interested in and the agent said it wont be that much of a hassle but what i have read so far online that the process can be a nightmare and most wont go through.
August 30th, 2008 at 6:41 pm
This is one aspect of the current real estate market situation that a bad agent can really screw up. If you or someone you know is considering a short sale, be SURE you get an experienced, trusted agent.
September 3rd, 2008 at 4:59 pm
Having an agent that is experienced, professional and competent makes a world of difference during a short sale. My neighbor ended up getting burned because he didn’t do his research.
September 8th, 2008 at 4:52 pm
Short sales take a lot of time and devotion - precisely why my partner does nothing but work with the short sale seller and the banks. It’s daily communication with the banks and IMO, using a one agent show that is also doing everything else is really going to hinder chances (or significantly increase the time) of getting that short sale through.
Short sales require experience in this specialty — not just a real estate license.
September 10th, 2008 at 10:53 am
TIME! TIME! TIME! No matter how many times you say it, Short Sales take more time.
September 17th, 2008 at 4:23 am
We tell our clients that short sales are sometimes cheaper but you put for it in time and frustration. Also you put in an offer and hope you will get it in two months. But you could wait for a month for bank to dork around and then say no. On a house you close in a month and its rare something happens that prevents you from getting the house.
September 22nd, 2008 at 10:15 am
Short sales are not for every buyer. I just helped some clients get an excellent deal on a rural property in Florence, Texas. Short sales can be hard for the Buyer’s agent & buyer. Agents representing the seller & lender need keep in contact & share any information on how the sale is proceeding with the buyer’s agent.
September 22nd, 2008 at 4:18 pm
I think if you know what you are doing and have the intelligence and knowledge then you can invest in a short sale. Investing in real estate is always about having the knowledge and doing things smart.