Many agents run away from a short sale property (both on the buy and sell side) for many reasons, one of which is the difficult and the lengthy process involved. As a listing agent, a short sale is not exactly financially rewarding primarily because the first thing the short sale lender does is discount our commission (on both sides). That and the tremendous amount of time on the phone with the lender on top of the paperwork involved, pretty much amounts to alot less commission compared to a normal sale transaction. Why do I take short sale listings? Because the fact that I am able to save a homeowner from foreclosure is absolutely priceless.
Once you have an experienced short sale agent who brings you a reasonably clean offer on my listing comes along, the process is just as smooth as a newly starched cotton shirt. That and a patient buyer who is willing to wait at least two months added with a loan officer who is quick as a pin, plus an escrow officer who is on top of every detail, wholla, resulting a smooth transaction. Ain't that a WIN WIN for all parties? A win for the short sale lender who has a reasonable net return and not have to pay a highly paid lawyer for the foreclosure process; a win for the buyer who is happy as a clam since they have instant equity ($$) on a beautiful home they absolutely love; and most of all a win for the seller who can actually move on forward to the new chapter of their life, then purchase another home once they have their credit repaired and saved enough downpayment.
To buyers out there, yes short sales are absolutely worth it! It is instant equity for many since the listing agent needs to price the home at less than market value in order for the home to sell fast. But beware as not all buyer's agents know how to write a clean short sale offer! To sellers out there, yes short sale may be your solution, but does your listing agent know how to handle it? Is your listing agent organized enough, ready to tackle the mounds of paperwork and knows that it is a lengthy process? A short sale can take 60-90 days to close from the time the offer was taken, if the short sale lender approves.
My advice to you is to make sure your real estate professional knows how to handle short sales (on either sides) once you decide to consider a short sale. Give me a call at (512)786-SELL / 786-7355 to discuss how I can help you with your short sale.
