How To Make Your Short Sale Shorter

By
Real Estate Broker Owner with Mint Properties, Tni LeBlanc (805) 878-9879 CalBRE #01871795
http://actvra.in/D5R

How To Make Your Short Sale Shorter

There are many aspects of the short sale process that are out of a short sale seller’s and short sale agent’s control. How long the short sale lender will take to process the file, whether there is more than one servicer on your loan, and whether there is mortgage insurance certainly impact timelines on short sale approval, and they cannot control be controlled. However, there are several factors that a short sale seller CAN control that will help a short sale stay short:

  • Have your financial documents ready. That means no “running start” to your listing. Have all the documents needed for your short sale in your short sale agent’s hands at the beginning of the process. If your short sale lender throws a loop and asks for an additional document, turn it around as quickly as possible.
  • Make the property easy to show. Tuesdays between 2pm – 4pm may be the most convenient time for you, but it may not be convenient for potential buyers. Most buyers want to see your home weekday evenings after work or during the day on the weekend. Make sure your home is available for them to see during those times with only a reasonable amount of notice.
  • Price the property to sell. Selling a short sale is not like selling a regular listing. A short sale is meant to be a quick sale. It should be priced so that an almost immediate reaction is received from the market. The fact that you paid twice the list price for the home should not factor into the list price. It should be priced according to the market, comps, buyer demand and should reflect that it is a short sale which requires the buyer to wait for lender approval.
  • Find the right buyer. Many short sale delays are caused by buyers walking away from the deal and the process. Make sure the buyer’s situation works for a short sale, if they need to move in 30 days, this may not be the right property for them. Get some commitment from them — require them to put their deposit in escrow and do their physical inspection and appraisal up front. Then, if the buyer’s inspections and appraisal are complete and their loan is fully approved, once short sale approval is obtained, a quick closing is a certainty.
  • Hire an experienced short sale agent. An experienced short sale agent can help you avoid common short sale pitfalls and errors. Having an experienced short sale agent handling your short sale negotiations can make all the difference in how smooth and quickly the process will go and I highly recommend it.

Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2012 Tni LeBlanc *How To Make Your Short Sale Shorter*

Posted by

Tni LeBlanc, Broker
(805) 878-9879 mobile/text

tni@mintprop.com
www.MintProp.com
CalBRE #01871795

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Re-Bloggged 6 times:

Re-Blogged By Re-Blogged At
  1. Terry McCarley 06/27/2012 08:19 AM
  2. Lisa Orme 06/27/2012 09:33 AM
  3. Rosemary Brooks 06/27/2012 05:34 PM
  4. Petra Norris 06/29/2012 04:22 AM
  5. Gene Riemenschneider 07/03/2012 09:25 AM
  6. Gabe Sanders 07/09/2012 03:37 AM
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Topic:
Real Estate Best Practices
Location:
California
Groups:
BananaTude
Bartender, Make it a Double
Short Sales Specialists
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Short Sale REALTORS®
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how to make your short sale shorter

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Rainmaker
121,665
Candy Miles-Crocker
Realtor - Real-Life Real Estate Training
Online Real Estate Agent Training

Thanks for these great tips Tni!  I used to hate doing short sales, but now I find that they aren't too bad if everyone involved knows what they are doing.

June 28, 2012 01:22 PM
Rainmaker
385,262
Tni LeBlanc
JD, MA, REALTOR, CalBRE # 01871795
Mint Properties, Tni LeBlanc (805) 878-9879

Eileen - LOL.  They are getting better out here.

Candy - Very true.  The key is working with experienced folks.  It makes it much easier.

June 29, 2012 07:13 AM
Ambassador
1,063,400
Melissa Zavala
Broker, Escondido Real Estate, San Diego County
Broadpoint Properties

Your list is great. Of course, the key (and you allude to it here) is the cooperative seller. 

July 01, 2012 07:01 AM
Rainmaker
529,170
Gary Frimann
California Broker and REALTOR
Eagle Ridge Realty / Signature Homes & Estates

Hi Tni, As always, a great post.  Did you ever think that maybe (just maybe) the lsting agent restricting the showing time (ex. Tuesday 2-4) was so that they might have a better chance of double ending the sale.  I firmly believe that to be the case from what I have seen.  Personally, I think lenders need to disallow double ending shortsales... Soon to be one of my topics.

July 02, 2012 12:37 AM
Rainmaker
580,874
Petra Norris
Realtor, Lakeland FL Homes for Sale
CDV TransAtlantic, Inc.

Another excellent post here ,Tni.Thanks for sharing this with us.Continue being the best Santa Maria Short Sale Agents.

 

November 07, 2012 03:34 AM
Anonymous
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Rainmaker
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Tni LeBlanc

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