Coaching
We Pre-Qualify Our Buyers, Let’s Pre-Qualify Our Short Sales
Coaching
Disputing a property’s value in a short sale: turn a no into a go
During a short sale, there may be various obstacles, with misaligned property values ranking near the top, but it doesn’t have to be a dealbreaker!
Coaching
Short sale standoffs: how to avoid getting hit
The short sale process can feel a lot like a wild west standoff, but there are ways to come out victorious, so let’s talk about those methods:
Coaching
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CJ Brasiel Broker Associate
January 26, 2010 at 1:21 pm
Great post. I would add that back HOA fees must be dealt with up front. Short sale lenders will not normally pay for HOA liens. Encourage your seller to keep up on these payments. If not a short sale may not be possible.
Mike
January 26, 2010 at 1:32 pm
Great Post. This is a major problem with many of the SS in my area. It should be so obvious, that you need to qualify the property, (liens) and the seller themselves. Why do these SS agents list it if they don’t know that it has a chance to sell? You are one of the most valuable posters Melissa, here and at AR!
Melissa Zavala
January 26, 2010 at 7:17 pm
Mike: Thanks for the kind words. Many folks believe that selling real estate is “easy.” But, as you well know, there are so many things that agents need to take into consideration when preparing for a listing. My post only reviewed a few of those things.
Justin Boland
January 26, 2010 at 3:17 pm
Wow, this was excellent stuff. I’ve been reading/researching all day and it’s a welcome relief to find so much concise information in one post. As someone who approaches this from an economics/macro perspective I really appreciate the hands-on detail here.
Have you done “comparison shopping” on the various software products that automate the short sale process and gather this kind of information for you?
Melissa Zavala
January 26, 2010 at 7:19 pm
Justin: I have cruised the Internet over looking for the perfect software. I think the short sale process is only as good as the folks on your team: the listing agent, the buyer’s agent, the title officer, a cooperative buyer and seller, etc. While some awesome software could help, you are only as strong as your weakest link.
Eric Hempler
January 26, 2010 at 8:10 pm
I 100% agree
Bob Gibbs
January 27, 2010 at 11:47 am
We spend a lot of time with perspective short sale sellers making sure that they have exhausted all of their option prior to listing and that their home is actually a candidate for a short sale. There are some certification programs that we as agents can take which are intended to prepare you for listing short sales. I would recommend that prior to becoming a “Short Sale” listing agent that some education would be of great help.
ColoradoHomeFinder
January 27, 2010 at 4:25 pm
Every real estate board in my market should make this mandatory reading for it’s members. I hate showing short sale properties, and worse yet I hate writing offers on short sales because my experience has been that the listing brokers haven’t got a clue as to what they should be doing. I’m convinced that most brokers take a short sale listing for one reason only: to put up their sign, get into the MLS, and hope the phone starts ringing with new buyers (and not necessarily for their short sale listing).
DC
January 29, 2010 at 7:37 pm
Where can I go to get educated about the short sale process?
Melissa Zavala
January 30, 2010 at 2:02 pm
Great question! If you are a Realtor® member of your local board, you can see what classes are offered y the local board. Most boards offer lots of classes that support agents in mastering the market of the moment. There are also two different designations specifically addressing short sale and foreclosure. They are SFR and CDPE, and you can obtain these certifications/designations by taking courses locally or online.
Short Sale Software
January 31, 2010 at 10:12 pm
Melissa, another great article. I think making the case is incredibly important. Why clog up loss mit departments with claims that don’t, or really shouldn’t, merit a short sale? I’m a proponent of short sales – but the case has to be real. There has to be distress, inability, and the bank really does have to make out better by doing the short sale than not. If all that is true, then making it happen is easy! If it’s not, or if the evidence is marginal at best, get ready for a drawn out due diligence process.
It’s funny, I had always just assumed that everyone was doing due diligence before moving forward on short sales! Whaddya know 😉
Homes In Pasadena
October 18, 2010 at 5:44 pm
Excellent information Melissa.
Once again you provide valuable, relevant information.
Thank you – Steven