Profile picture for LindaHayes4

Short Sale

Can you please explain what a Short Sale is? Also, how long does it take for an Agent to get in touch with a potential seller? I requested that someone contact me about listing my 1 acre lot in Springtown. If I need to make the initial contact, either in person or by phone, please advise.
  • March 11 2014 - Springtown
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Profile picture for Outer Banks N C
Yes, always use the phone. Emailing might never reach anyone. Any agent getting a "I want to list my anything" call will get back to you soon -- VERY SOON. Emailing on these sites sometimes never works, not sure why but it's a fact.

Google short sale, there will be 100,000 links about them and how difficult they are to deal with and how frustrating they WILL be.

  • March 11 2014
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Continuing,  If you owe $180,000 but comps are only selling at $150,000 to $160,000 then you would be in a Short Sale situation.

You would want to list the house within the range where they are selling and not higher.  You should only accept an offer that is also in the range.  You will receive "low ball" offers and these are what give Short-Sales a bad rap.

The agent you select should NOT be the negotiator with the lender.  The agent should have a skilled negotiation/legal team with a real estate attorney outside of the real estate brokerage.

Lenders will speak to an attorney's office more readily than an owner or a REALTOR.  

The attorney should be willing to be paid by the handling Title Insurance which is paid by the SELLER (this is a closing cost for the SELLER but is included in the bottom line.   The real estate commission is also paid by the SELLER but again is included in the Bottom line.

The BOTTOM LINE is  The buyer gets a decent house at market price and the SELLER gets out with ZERO DOLLARS at the closing and only a minor credit hit that clears up in a couple of years (if the SELLER had decent credit to begin with).
  • March 11 2014
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Profile picture for DustinKelly
We are short sale experts in our area of Central Indiana.  There is a great amount of useful information regarding short sales at our website - www.IndyHomeHelp.com 

But in short,  a short sale is when the lender agrees to accept a short payoff on your loan amount. 
For example say your payoff amount is $180k, but the lender agrees to accept a sales price of $160k.  

The response time of the agent just depends on who you contacted.  If you are interested in pursuing a short sale, you need to find a real "short sale expert" in the area of the property.  Many agents claim this now a day, but there are few teams and agents that have created an actual system to deal with the lenders and move the process along at a steady pace to ultimately close. 

I'd certainly be willing to talk to you about it over the phone and advice you on what course I think you should take after hearing the particulars of the situation.  I could certainly sum things up for you and get you headed the right direction!
  • March 11 2014
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