Pitfalls for the Sellers of Short Sales

MIAMI - DECEMBER 22:  Real estate agents Izzy ...
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You need to sell short sale. You are about to interview agents but how do you know who is right for the job?

I would submit the following things to look for –
1. You want a Realtor that is honest with what it takes to get through the process.
2. A Realtor that can do good pricing – pricing that will bring in the offers yet will also be in the ball park for the short sale lender. Have you ever seen an agent price a home way below the market – obscenely low? Those sales do not complete. They lose the buyer when the short sale lender objects to the offer price and counters it way higher. That agent is leading the seller toward the 78% of failed short sales in Santa Clara County.
3. Is the Realtor good with paperwork and have systems in place to get all that is needed and submit it in a good readable format to the lender?
4. Does the Realtor coach you into the best presentation of the home? Sure you don’t have extra funds to repair the property but you can make the home marketable – You still need to compete with other homes on the market and want a thoroughly committed buyer that will continue to want the home over the many months that they need to wait patiently.

You’ve gone through the grueling ordeal of getting a Realtor, getting the home prepped and on the market now the offer(s) arrive. Next to consider –
1. Who is the buyer?
2. Is he truly lender qualified?
3. Is he running all over the place writing offers on other homes?
4. Is he experienced enough to know things come up that need overcoming? Will he just bolt at the first hurdle or the 2nd or 3rd?
5. Has the buyer been counseled on the time it takes to complete a short sale? Can he be patient?

I cannot emphasize enough that you want a knowledgeable Realtor that will help guide you through this challenging process and look forward to try to avoid the pitfalls and land mines that present themselves along the ways.

Care to comment?

Pat Chadwell
Broker, Certified Distressed Property Expert

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