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Replies (11)
- John Valdez, "John Valdez"
- Contributions:419
Most Realtors have the training and knowledge to do Short Sales. There are several "Short Sale" Certifications that are available for Realtors.
- Pacita Dimacali
- Contributions:1254
Some agents don't know how to do a short sale, are afraid to do a short sale, or have done short sales and don't think it's worth the time and the energy.
That's okay....more short sales for us agents to do. We expect a tsunami of these, so those of us who are prepared will float and survive, the others will be wiped out.
That's okay....more short sales for us agents to do. We expect a tsunami of these, so those of us who are prepared will float and survive, the others will be wiped out.
- Diane Thurber-Wamsley, "thurberwamsley"
- Contributions:45
Short Sales are a misnomer...they are anything but short. If you need assistance on reviewing your options and you are in Bergen County, call me. The negotiations in NJ are usually handled by the agent or an attorney, so make sure you start with the right team of professionals to assist you. www.ConcordRealtyGroup.com
- Cyndi Seefeldt, "Cyndi Seefeldt"
- Contributions:13
There are many reasons why a home sells as a short sale, and each one is involves its own unique hurdles to overcome to get both the buyer and seller to the table. When they succeed, it is a win for the buyer, a win for seller, and a win for the bank to avoid a foreclosure on the books. It is also a great win for the neighborhood, and community! There are many reasons agents may avoid dealing with short sales, from the unknown to perhaps a bad experience with a transaction in the past. If an agent is not comfortable with the process, they are right to pass them along to an agent who is. There are so many opportunities now to get educated about distressed sales, and stay on top of the changing trends, and laws! Short sales, require a lot of persistance and perseverance, but the ultimate result, closing of a short sale is a fantastic alternative to a more damaging foreclosed mortgage!
- Jeff Grenz, "Jeff Grenz"
- Contributions:245
Welcome to 2010! Whatever you heard about short sales in 2009, may not apply today.
Short sale transactions are the most dominate type in the Sacramento region, accounting for 46% of single family homes going into contract in June, with the balance split between bank-owned and non-distressed sales.
Condos, both attached and detached in planned unit developments, were over 52% short sales, 41% bank-owned and only 6% non-distressed sales.
Effective agents must be able to perform and negotiate these transactions or you are shut out from the majority of the market and often the best deals.
Lenders are refining their systems and becoming more effective in completing the transactions, as it is more cost effective for them to do instead of foreclose.
Some transactions are obtaining bank approvals in 45-60 days. It is important to have a complete submission, a reasonable offer that can be supported by comps, and a prequalified buyer. We use licensed negotiators who are highly experienced in the short sale process.
There are seas of homes, that were someone's dream, that were financed to values that are no longer supportable. The short sale process allows previously trapped homeowners to remove that burden and begin anew.
Short sale transactions are the most dominate type in the Sacramento region, accounting for 46% of single family homes going into contract in June, with the balance split between bank-owned and non-distressed sales.
Condos, both attached and detached in planned unit developments, were over 52% short sales, 41% bank-owned and only 6% non-distressed sales.
Effective agents must be able to perform and negotiate these transactions or you are shut out from the majority of the market and often the best deals.
Lenders are refining their systems and becoming more effective in completing the transactions, as it is more cost effective for them to do instead of foreclose.
Some transactions are obtaining bank approvals in 45-60 days. It is important to have a complete submission, a reasonable offer that can be supported by comps, and a prequalified buyer. We use licensed negotiators who are highly experienced in the short sale process.
There are seas of homes, that were someone's dream, that were financed to values that are no longer supportable. The short sale process allows previously trapped homeowners to remove that burden and begin anew.
- Skip Young
- Contributions:86
Visit my website at selling your short sale
I enjoy dealing with negotiators and have a great success rate of closure. I have only lost a couple in the beginning. Here in MD they have passed a law that says they can not foreclose for 135 days from the day of default. So I have 135 days to take the foreclosures agents paycheck. Banks are working with us agents and its been a big success. It been a success rate of 100 percent non deficiency judgments and that not to say it wont happen, But so far so good. Good luck to everyone out there doing them and to everyone needing to sell you upside down house.
Skip Young
Realty World Preferred Properties.
I enjoy dealing with negotiators and have a great success rate of closure. I have only lost a couple in the beginning. Here in MD they have passed a law that says they can not foreclose for 135 days from the day of default. So I have 135 days to take the foreclosures agents paycheck. Banks are working with us agents and its been a big success. It been a success rate of 100 percent non deficiency judgments and that not to say it wont happen, But so far so good. Good luck to everyone out there doing them and to everyone needing to sell you upside down house.
Skip Young
Realty World Preferred Properties.
I enjoy helping homeowners who are underwater get out of this tough situation and move on with their lives. Specialized training is absolutely necessary but actual negotiation experience is even more important. Each short sale case is different and each case has its own challenges, from working out negotiation with 2nd lenders, preventing first lender from asking for promissory notes, and closing files in shorter period of time.
I am very satisfied to help all of my clients and I'm proud to say I did not have a short sale case that did not close in the end.
My site has comprehensive information on short sales.
[link removed by moderator]
Joe Chen, CDPE
Broker Associate
RE/MAX Execs
I am very satisfied to help all of my clients and I'm proud to say I did not have a short sale case that did not close in the end.
My site has comprehensive information on short sales.
[link removed by moderator]
Joe Chen, CDPE
Broker Associate
RE/MAX Execs
- Skip Young
- Contributions:86
It all depends on whether you are willing to take on the work. If you have great systems its easy...
Skip Young
Skip Young
- Dick Kaiser, "Short Sale Live Chat"
- Contributions:6
In reference to "short sale experts" and/or agents that are not embracing short sale (and/or REO), there are multiple answers to your question question. The most accurate answer relates to the extremely high percentage of distressed homes that have been (and continue to be) listed & sold nationwide. Agents have gravitated to Short Sale and REO (Real Estate Owned) out of necessity to survive in this industry.
For many agents, the transition goes against the grain of how they were trained to sell and/or represent real estate.
Best advice for homeowners seeking professional (Short Sale) assistance:
1. Ignore broker/agent self proclamations. It makes no difference if they tell you they enjoy negotiating with the banks/lenders or not... the underlying question is are they capable of succeeding on your behalf? I'm of the opinion that my real estate agent should be focused on the marketing & selling of the property; and that they should rely on a 3rd party negotiation team to cause the best possible results.
2. Ignore how many properties the agent/broker claim to have listed, sold and/or negotiated... unless they are willing to provide documented proof that they are truly the listing and/or negotiating party. There are a number of real estate websites that want you to believe that they are something more than what they really are.
[link removed by moderator] provides a considerable amount of information that is 100% to the benefit of the homeowner.
For many agents, the transition goes against the grain of how they were trained to sell and/or represent real estate.
Best advice for homeowners seeking professional (Short Sale) assistance:
1. Ignore broker/agent self proclamations. It makes no difference if they tell you they enjoy negotiating with the banks/lenders or not... the underlying question is are they capable of succeeding on your behalf? I'm of the opinion that my real estate agent should be focused on the marketing & selling of the property; and that they should rely on a 3rd party negotiation team to cause the best possible results.
2. Ignore how many properties the agent/broker claim to have listed, sold and/or negotiated... unless they are willing to provide documented proof that they are truly the listing and/or negotiating party. There are a number of real estate websites that want you to believe that they are something more than what they really are.
[link removed by moderator] provides a considerable amount of information that is 100% to the benefit of the homeowner.
- Trinidad Gaeta, "Trinidad.Gaeta"
- Contributions:240
This is an easy one....A real estate agent can be successful in this business finding and focusing on one or several niche markets area.
You can thrive working with first time buyers,Bank Owned Properties, Short-Sales, High End Properties and so on.
Distress properties such as short-sales can be very challenging and it takes a great negotiator to thrive and be successful in getting the job done, so it takes great agents like myself ;) to dive in and enjoy the ride!
Like they say.... "Different Strokes for Different Folks"
You can thrive working with first time buyers,Bank Owned Properties, Short-Sales, High End Properties and so on.
Distress properties such as short-sales can be very challenging and it takes a great negotiator to thrive and be successful in getting the job done, so it takes great agents like myself ;) to dive in and enjoy the ride!
Like they say.... "Different Strokes for Different Folks"
Short Sale Facts...Do you have them?
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- 5.0/5.0
- (6 reviews)
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