Short sales should I show them?

By
Real Estate Agent with Gold Key Real Estate

Short sales are a very interesting aspect of our business.   I would try but be prepared to wait for the bank.  It might take extra time to close the deal.  I wouldn't be afraid unless your buyers are in a tearing hurry.  Short sales are a way to get a property for a little less then market value.   I've been involved in a few.  Ask the listing agent

  1. have you started negotiation-  If it is already negotiated it will be easy.
  2. Make sure the price is realistic and not a teaser - I just showed a home that was listed at $199K but the bank wouldn't take less then $240K.  I was pretty annoyed and might have lost the customer.
  3. Pull title early and make sure there are no liens -  If they are make sure they are negotiated away
  4. Check tax liens -  Those are much harder if not impossible to negotiate.
  5. Find out if the house is in foreclosure -  You can ask the listing agent.
  6. Be prepared to wait.
  7. You will need a funding letter and/or proof of funds (for cash buyers)
  8. Do not let your client spend money until the bank approves the shortsale
  9. Make sure all dates of inspections etc are from bank approval not contract deadline

All this said it can be rewarding for both you and your client.  Don't avoid them just be careful.

 

I love the challenge of a short sale it is a way to help people avoid worse credit problems. Call or Email me with any questions.  www.debbieholmes.net.

Posted by

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

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Tags:
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Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate
Short sales are worth showing just agent beware....
February 16, 2008 09:54 AM
Rainer
143,765
Gary J. Rocks
Werner Realty

Debbie

What choice do you really have? In some area's of the country 1 out of every three homes are short sales.

February 16, 2008 10:32 AM
Anonymous #16
Anonymous
NOVA
In a market that is flooded with inventory, why not just go after REOs?  Once a bank has some real motivation the best deals can be cut.  This gets rid of the second mortgage problem as well.  Empty house, motivated sellers, no emotions or undue waiting.
February 16, 2008 10:59 AM
Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate
I have waited on REO's also.  The bank doesn't always act like they want to sell their homes.  Also they gave me a 30 page addendum written by their lawyer's that had to be read carefully and countered.  Plus they insisted on a 48 hour bump clause that kept my buyer nervous from start  to finish.
February 16, 2008 11:04 AM
Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate
I like short sales cause it is interesting and challenging work.
February 17, 2008 10:20 AM
Anonymous
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Rainmaker
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Debbie Holmes

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Additional Information

This is a blog about all things real estate (and a few extras). I blog about my buyers, sellers, listings, short sales, the real estate market. I am internet savvy and am trying to learn more skills. I like blogging because I get to share information with other real estate professionals. I can find you a great home in the Treasure Valley. I was the Democratic Nominee for CD2, Idaho for the US Congress. I have two website: http://www.debbieholmes.net and http://www.greatboisehomes.