We got a call the other night on one of our short sale listings. The agent was considering making a showing appointment for a home deeply discounted and new on the market. "I know your seller is in trouble...how about if my buyers offer $100,000 less(this would represent a 20% discount) and a quick closing." I was not believing what I was hearing...not that people don't make lower than asking offers...or try...but that combined with a "quick closing" ?
IF a home is listed as a short sale by a listing agent that understands the strategy of a short sale market and has had some experience....the price of the house HAS been discounted. It is attractively priced and the lister is also left with the arduous task of negotiating the price with the lender(s),
QUICK CLOSING....hmmm...these days short sales are popular which means that the file for each listing is one of hundreds on the desk of the loss mitigator. We have a team that is dedicated to following each listing from signing the contract thru marketing and closing...following, staying on top of the progress of an offer and the progress of the file. Experience, education and patience are key to guiding the short sale from listing to closing. Without the patience of the buyer and the strength of the listing team and negotiators, closings are not likely to happen. Quick ? No....the reward for the buyer of a short sale is a great house at a great price...quick is the speed that the offer can be navigated and negotiated thru what can be a myriad of lien holders to satisfy all of them and have them realize that their piece of the sale price is far better than the nothing they may get a year or more later if the property goes into foreclosure. Patience is rewarded...experience and education are key. Be Smart....as a potential seller, list with an experienced short sale agent. As a buyer, understand the process and you will not be disappointed..you will be rewarded with instant equity and a great house. Call us for Short Sale help anywhere in the country, we can refer you to a local expert.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Sally
You get the sense that perhaps the other agent was a buyers agent?
Sincerely
Tom Braatz
As time goes on more agents will learn about short sales. Right now most don't have experience with them.
I am just starting to learn about them more, but feel that it is an area that will need attention so I must be educated in that area also.
Sally & David,
Thanks for the post. There has got to be the making of a book in you on this subject.
Sally and david
You certainly know short sales
regards
Glenn Shong
Worse thajn that Glenn and Tom....
we actually
LIKE them ! Any you don't want to do....we are happy to right you a referral check !