Short sale, pre-foreclosure, and foreclosure, are all too common phrases/words in the real estate market today. More and more people, and families are finding their homes they once thought to be affordable, very unaffordable. There are a myriad of reasons for homes going into default, and every situation is inherently unique. While it is very unfortunate that this many homes are going into default, there is something we as Realtors, potential buyers or sellers can do to stop homes from going into foreclosure. That is right, go back and read that line, there is something (not always but sometimes) that we as Realtors, potential buyers, or sellers can do to help. Imagine people helping people stop the devastating process of foreclosure? Sounds like a pretty simple idea…people helping people. A short sale not only does less damage to your credit, but also stops the process from being dragged out any longer. So, as you sit on the edge of your seat you are probably wondering, what is the answer?!? The answer is simple, educate yourself. Educating ourselves can help move along these short sales quicker, preventing homes from foreclosure, and get buyers a great deal on a home, while helping the seller sell their distressed property! The short sale process for a seller and Realtor can mean an abundance of paperwork, deadlines, and more paperwork. Also, many buyers are put off from buying a short sale home, fearing that it will take too long, need too much work, or never go to settlement. We in the real estate industry need to keep up on all the latest short sale trends, understand the short sale process, know the Equator system inside and out, be diligent about getting paperwork in on time to the bank, and to not let ourselves be bullied by banks. Dealing with a short sale home is by no means easy, but it does not have to be impossible. I am not a short sale expert, but with every short sale deal I complete I learn something, and it makes that next deal so much easier. I have taken the time to learn the process, and in turn educate my buyers, sellers, and other Realtors so they too understand the process. While a seller coming up short on their mortgage is devastating, it can become a great bargain for the right buyer. So, buyers please do not shy away from short sales. Below I will highlight what I believe to be the most important aspects for buyers, sellers, and Realtors when it comes to the short sale process. What are your thoughts/experience when it comes to the short sale process? Please share any insight, as it can only help! Enjoy each day!
Realtors
*Keep in constant contact with the bank when negotiating.
*Learn something from every short sale deal.
*Learn the Equator system.
*Be diligent about meeting all deadlines from the bank.
*Educate yourself in the form of classes, webinars, and articles or books.
Sellers/Buyers
*Interview the agent before you choose. Pick a Realtor who is well versed in the short sale process…it will only make life easier for everyone!
*Educate yourself about the process by asking your Realtor questions.
*Sign and complete all paperwork ASAP when requested by the bank, or your Realtor.
*Be patient…if you choose the right Realtor, and are on top of your paperwork the deal SHOULD go through.
