Stephanie's Blog

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I love short sales

I feel almost sick admitting it, but the truth is I think I love short sale transactions (working on the listing side of course.) They're a challenge, they're a lot of work and time, but I get them and I understand them now and ...of course there is always a level of risk that they won't close YET I still enjoy working with a short sale.  I love the partnership I have working with the sellers on their short sale, and I love the efforts they place into helping me sell their home. This is not easy work for anybody!

After thoroughly screening the seller to understand as clear of a picture as I can, I make my decision on whether or not I should list the property.

By experience, and I've been burnt before, it's important to say "no" when I see that:

1. Either the seller is not capable of handling such a complicated and draining transaction or

2. The position of the loan is such that it will foreclose before I am able to sell it or

3. The primary and secondary loans are held with lenders who are uncooperative from the start

Though I haven't had the experience of working with many higher end short sale properties, I've certainly seen quite a few of the properties below $200K who were great candidates for short sales.

The key is to not fear the bank and to know what you're after before making contact with the seller and their bank each step of the way. It's also important to be open and honest up front with the seller and the bank. I always keep in touch with the bank, let them in on showing feedback received and do regular price reductions until the fish begin to BITE!

www.stephaniejacques.com

 

Comment balloon 7 commentsStephanie Jacques • July 22 2009 10:24AM

Comments

Thanks for sharing this post with me. I wish you the best today

Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) about 9 years ago

Good list of reasons why you might NOT want to take the listing.  Forewarned is forearmed.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) about 9 years ago

I love them too. Mainly because it's pretty much the only thing that sells these days.

Posted by TheMillsTeam YourSebringRealtors, 863-212-5441 (Advantage Realty #1) about 9 years ago

Great post Stephanie!  Short sales should not be feared.  Your short sale client is your client for life.  Wishing you the best!

Posted by Erin Golding (Hallmark Sotheby's International Realty Hopkinton, MA) about 9 years ago

Thanks for letting us know that short sales are not necessarily something to stay away from.  I have dealt with one short sale on the buyers side and would enjoy learning more about the seller side. 

Posted by Irene Tron about 9 years ago

I must admit that I hate working short sales and look forward to the time when the term is nothing more than a "bad memory" in the real estate lexicon.  Good for you that you've found a way to work these very difficult transactions.  Thanks for the post.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) about 9 years ago

I'll admit life would be simpler without them, though:)

Posted by Stephanie Jacques, Stephanie Jacques Kleine (Better Homes and Gardens The Masiello Group) about 9 years ago

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