Hot Short Sale Tip – Set Expectations Accordingly

By
Real Estate Broker Owner with Broadpoint Properties Cal BRE #01324959

4th of JulyWhile you may be going out to watch the fireworks tonight, you do not need any explosive fireworks when you are listing or selling a short sale.

One way to avoid the fireworks (what I sometimes call ‘drama’) is to set buyer and seller expectations accordingly.

Short Sale Sellers

If you are taking a short sale listing, you will want to make sure that the short sale seller is motivated. Is the seller willing to supply all of the short sale documentation to the lender? Is the seller willing to accommodate property showings? Advising the seller that these two things are part and parcel of a short sale will smooth things along during the process.

It also helps to provide the seller with information about their mortgage lenders. Some lenders have quicker processing times than others, and it helps when you educate sellers about short sale timeframes.

Does your seller have an exit plan? Sellers need to know that when they short sale approval arrives, they need to have an exit plan and be ready to move.

Short Sale Buyers

It is important for short sale buyers to understand that the process may be lengthy. Buyers of short sales should be very serious about their intent to purchase the property listed for short sale before entering into the contract.

One way to keep buyers involved during the lengthy process is to request weekly updates from the short sale listing agent. As a buyer’s agent, you can forward these updates to the buyer and the buyer will see weekly progress. While the progress some weeks may be small, something is better than nothing.

Good communication and appropriate expectations will make your next short sale transaction as smooth as humanly possible. And, since you have enough fireworks tonight, who needs more?

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Comments 5 New Comment

Rainmaker
295,807
Terry McCarley
REALTOR, CDPE, SRES - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Good post Melissa!  Setting expectations and communication is key to a successful short sale.  Have a wonderful 4th of July!

July 04, 2012 08:59 AM
Rainmaker
862,908
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

I think the one word I associate with short sales is "communication" or lack of it.  If communication is good then no matter the ups and downs buyers and sellers are engaged during the process.  Well put, as always, Melissa.

July 05, 2012 02:20 AM
Rainmaker
378,034
Regina P. Brown
e-Pro Realtor
California Coast & Country Homes, Inc.

Melissa, very well said!  Set expectations upfront for both parties so there are no surprises.  Communication is the key!

July 05, 2012 06:43 AM
Rainmaker
885,494
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Melissa -- motivation is key and as Jane Peters added communication(or the lack thereof)is so important in any real estate transaction.

July 05, 2012 10:35 AM
Rainmaker
1,145,623
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

One of the biggest problems I face in my short sales is getting documentation from the sellers in a timely manner when special requests are made by the lender. A seller might feel that she has already supplied this information when it is in fact a new form because one word was changed and the lender needs it filled out again. Trying to explain this to sellers, that we are not out to torture them with paperwork demands, is sometimes a bit difficult.

July 07, 2012 07:59 AM
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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Broadpoint Properties