What is KILLING All the SHORT SALES!!!

Reblogger Michael J. Perry
Real Estate Agent with RE/MAX Associates of Lancaster, PA.

I was going to BOOKMARK this but decided I wanted it in my blog ! Scott is spot on with his list of ill-fated practices that are killing Short Sales ! This list would be great for conducting a in-house training session on Short Sales ! Enjoy reading through this post and look for ways to tweak your own service practices.

Original content by Scott Godzyk

The one thing most people agree on is that Short Sales will continue to be a large part of our market for at least the next year. I work on a lot of Short Sales both as a Listing Agent and a Buyer Broker here in the Manchester NH area. The short sale process is not regulated, therefore the way agents handle it varies widely. There are some outlandish trends happening that are making the process frustrating that just do NOT have to be. There is no easy way to say it and this is no time to be polically correct when the result of a poorly handled short sale can lead to foreclosure.

What is KILLING All the SHORT SALES!!!

1. INEXPERIENCED AGENTS Listing them

2. PRICING THE HOME BELOW MARKET VALUE

3. OUT OF TOWN AGENTS taking listings

4. DISCOUNT BROKERS not providing full service

5.  INEXPERIENCED NEGOTIATORS

6. SUBMIITING MULTIPLE OFFERS FOR APPROVAL

7. INCOMPLETE SHORT SALE PACKAGES

8. NO COMMUNICATION OR FOLLOW-UP BY AGENTS

9. UNREALISTIC TIME FRAMES

10. BUYERS WHO ARE NOT EDUCATED WHAT A SHORT SALE IS AND HOW THE PROCESS WORKS.

THE TOP THINGS YOU CAN DO ABOUT IT:

1. CHOOSING A LISTING AGENT: When choosing a listing agnet to conduct a short sales the seller should note that all agents are not created equal. They should also know they have a choice.

a. EXPERIENCE: Choose an agent who is experienced in Listing, Negotiating and Selling Short Sales. This is not the time for "on the job training". Do not settle.

b. CHOOSE ONLY LOCAL AGENTS: Too many home owners see flashy TV commercials and think that is their only choice. It is NOT. Interview and choose a local agent who will be there through each step of the short sale selling process.  

c. FULL TIME AGENTS: Whether Buying or Selling you want and need a FULL TIME agent whose sole job is to assist buyers and sellers with Real Estate.

d. FULL SERVICE: Using a discount Broker could lead to discount services. In a short sale you need every advantage you can. This is not the time tio skimp. For sellers commission is deducted from the proceeds teh bank is willing to accept. Choosing a full service broker does not cost more but could mean the difference between an approval or losing the home.

2. PRICING THE HOME: When listing short sales the practice of listing the home "way under market value" to attract more offers is leading to an increase in short sale rejections. This practice should be avoided as it is not helping out sellers who are losing their homes to foreclosure becuase of it.

3. Some of the trends and practices you should avoid are:

a. Paying up front to List your house as a short sale

b. Paying up front for a negotiator

c. Paying for an appraisal to submit an offer.

d. The bank is not the seller in a short sale - the home owner is the seller.

CONCLUSION FOR BUYERS: If you are considering buying a Short Sale, whether you are in the Manchester NH area, Southern New Hampshire or located aywhere else thoughout this great country of ours, the short sale process is the same. As a buyer there are some things you need to do in order to have an advantage and opportunity to have your short sale approved. The short sale process can be long, it can be frustrating but it does NOT have to be.

 CONCLUSION FOR SELLERS: If you owe more than your house is worth, if you are behind in your payments or if you have to move. A Short Sale could be for you. The most important tips is to list with an agent who is well experienced in listing, negotiating and selling Short Sales. If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.

 

It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
If you need to sell a home in New Hampshire I can be that agent for you. I strive to provide the best personal and professional service through each step of the selling process.

We stand by you through every step in selling your home.

PLEASE SEE SOME OF MY MOST POPULAR BLOGS

 

 
 
 
 
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Rainmaker
468,836
Janice Roosevelt
Rory Burkhart Team, Keller Williams - West Chester, PA
OICP ABR, ePRO,Ecobroker

Michael, great choice for a re-blog - all true!

Feb 17, 2012 10:18 AM #1
Rainmaker
344,804
John Juarez
Prudential California Realty - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

Scott’s list is terrific.

My top deal killers are:

Inexperienced listing agents (inexperienced buyer’s agents are also deal killers for short sales).

Prices listed ridiculously low.

Lack of education for both short sale sellers and short sale buyers. This is the job of their agent.

Feb 17, 2012 10:20 AM #2
Rainmaker
810,915
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Great re-blog Michael, the short sale process is full of pitfalls for those without experience.

Feb 17, 2012 10:39 AM #3
Rainmaker
956,750
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Well Well what a list, we can all argue as to what constitues full time vs part time, I have seen as many part timers do as good or better than full times. As far as discounters I would love for someone to challenge us as to who does more or better for less. We were doing short sales when they were called pre foreclosures back in 96 and 97. Agents have put a new twist on an old niche and want to call themselves an expert, funny and amazing. We get 97% of price to list price ratio with a DOM of 77 days, we don't claim to be experts but we do claim to be just as professional as any agent in the market and probably more so. We deal in volume there fore we don't have to charge one person a years income.

Feb 17, 2012 11:18 AM #4
Rainmaker
1,159,850
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Good Evening Michael, After a long day on listing and showing appointments it was great to see my blog features, Thank you for the re-blog

Feb 17, 2012 03:01 PM #5
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Rainmaker
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Michael J. Perry

Lancaster Relo Specialist
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