Taking Short Sale Listings – Advice From the Bee Hive

By
Real Estate Agent with Duffy Realty of Atlanta & Rainmaker Realty
http://actvra.in/mTf

Okay, let’s face it, sellers who are doing a short sale are typically a little emotional and they can actually be a little hysterical.  But there are lessons that can be learned and learned quickly if you pay attention (or you read this article)!

1. Get everyone on the title on the same page before you spend even 10 minutes discussing his or her situation.  In other words, ASK if everyone is agreeing to do the short sale and get that in writing.  If they are not PASS.

2. Ask them to prove their hardship before you start doing the work on their listing.

3. Monitor their listing closely by calling all agents that show the property for feedback.  Often times, they will give you the best clue as to whether the seller is participating in the sale or perhaps just looking for an extension to their free rent from the lender.

4. When you sense that the person that you are talking to is blaming everyone under the sun for the predicament except themselves, RUN.

5. On the 2nd call to your office to “check-in” in 1 week, nip that in the bud by telling them that you can’t talk to them more than you are on hold for their lender.

Boundaries are the key and the stronger you make and enforce your boundaries, the less you will get stung. 

Posted by

Rhonda Duffy

Duffy Realty of Atlanta

678-366-7846

#6 Ranked Agent in U.S. for Sold Properties, #10 Ranked Agent in U.S. for Listing Portfolio, #1 Ranked Agent in Georgia, 8 years in a row for Sold Properties.

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short sale seller
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Rainmaker
821,056
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Good advice. Making sure the seller understands the process is the key to not having any problems. Just had one seller call hysterically the other day.

Nov 11, 2011 08:49 AM #1
Rainmaker
230,629
Doug Dawes
Coldwell Banker Residential Brokerage - Georgetown, MA
Your Personal Realtor

#1 is so very important

#2 I have been hearing that some banks are accepting the hardship of being upside down. Is that your experience at all?

#3 is a great idea

#4 the human condition is to blame someone else for your predicament. It all started in the Garden of Eden when Adam said "the woman you gave me..." as if it was she that caused him to eat the apple.

#5 this holds true for all clients

Nov 11, 2011 08:52 AM #2
Rainer
47,544
Monika Phillips
Keller Williams Realty Palm Beaches - Palm Beach Gardens, FL
PA

Explain the process, what time frames they have, ask them to coordinate with you and explain what is the worst that can happen .. like sign a promissory note and etc. 

Be there for them . Answer their calls and questions even if they sound stupid.

Nov 11, 2011 08:59 AM #3
Rainmaker
204,504
Peggy Wester
Think Young Team--Realty Executives Integrity - Grafton, WI
Real Estate Agent Ozaukee & Washington County Real

I've done all these things and still got stung on FOUR listings in the past 18 months or so. I've been running into sellers who are "committed" to doing a short sale when we first meet, but then after a few months decide to just stop making payments and go into foreclosure. "I can live here for free!" And more times than not, that is the advice they get from an attorney. Ugh...

Nov 11, 2011 08:59 AM #4
Rainmaker
133,637
Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

Clearly you've been thru this a number of times - I remember my first short sale - Maybe 6 years ago now - If I only had your list then!!!!

Nov 11, 2011 09:21 AM #5
Rainer
173,694
Dave Sullivan
www.TheCreditGuy.TV - Birmingham, MI
The Real Story on Your Credit Score - TheCreditGuy

Excellent information I will forward it if that is ok? thank you!!!

Nov 02, 2012 05:24 AM #6
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Rainmaker
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Rhonda Duffy

#6 Ranked Agent in the U.S. for SOLD Properties
GOAL: Get the RIGHT Home at the RIGHT PRICE! Let's Go!
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