First of all, a short sale is anything BUT short in putting together. It’s a long, drawn out process that leaves many sellers, buyers and agents frustrated. So the question begs, what does it take to put together a successful short sale?
My recommendation, bring in someone to facilitate the paperwork.
I work with a local title company that has a specialized team that are only dedicated to assembling the necessary paperwork and spending the enormous time it takes in communication with the lender in a short sale transaction. These people are experienced in handling these types of transactions. They know all the documents the banks want to see. Real Estate agents are very adept at marketing, but having the time to chase after the bank officers and finding out that they required additional paperwork can leave the agents burned out on doing these transactions. Not only that, but the bank seems to prefer to work with a "neutral party" instead of the Realtor selling the home. There is less emotion involved and because they communicate on other short sales, they have had the time to develop relationships.
Short sale facilitators will add costs to the transaction, but they will also greatly increase your chances of a successful sale. After all, that’s what everyone is after, isn’t it?
Please forgive me for being a little bit "excited" on this blog, but I just got done with a very successful buyer’s seminar.
There is nothing like the satisfaction of educating people and watching that "light bulb" come on. I’m certainly in the business to make money and feed my family, but there is always a part of me that enjoys those warm and fuzzy moments. Today was such a day for me.
The key word I use is opportunity. Even with all the negative news and dour forecasts, people know and sense what a great opportunity they have in real estate right now. It’s so simple. The banks are liquidating homes. It’s either your opportunity, or someone else’s. If you are knowledgeable about your financing options, can afford to make mortgage payments and feel like you are getting a good deal on a home, why not take advantage of this market?
People asked lots of questions at the seminar. Guess what? I love that! It means they are engaged in the process and are willing to hear my opinion on real estate. Great! This is where all the research and experience pays off.
If you sense this market contains your "opportunity", please feel free to ask questions. It makes Realtors like myself feel good about being the source of information for you.
Elton John wrote a beautiful song, which he later adapted for Lady Diana. It talks of the vulnerability of being different. In today’s real estate market, I can relate to that song.
Last year was my best year ever in sales. I found myself feeling kind of guilty as other Realtors were struggling just to stay in the business. I kept asking myself "why am I blessed in the middle of a recession?"
I think it came down to opportunity. I was able to show buyers where the greatest opportunity lay. I made the transaction as smooth as I possibly could. I followed up and I offered to help them with other stuff even after the sale was over.
Because of that, I received referrals, people started talking among themselves and all of a sudden, my hard work became profitable work. My last two clients enjoyed the experience so much, they’ve asked me to locate another home for them to invest in. There are fortunes made in adversary, just as there are fortunes squandered in boom periods. It comes down to making the right decision with the right goals in mind.
It’s ok to be optimistic when others are gloomy. It’s ok to see opportunites when others see pitfalls. It’s ok to be a candle in the wind, when others would only see darkness. I choose to find success when others are expecting failure.
