Stephanie's Blog

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Avoid Foreclosure? Attempt Short Sale!

 Sellers must look out for their best interests from the very beginning and to me, that means right from the point of selecting an agent.

A seller who's home I showed last year ended up foreclosing when they likely could have sold through a short sale.  I suggested this to the agent and offered to guide him through the process to help the seller. He was unsure about the process and his comfort level with this. It was obvious he would not sell the home for the high price listed. Nor would he attempt to guide his client through the short sale. This was very, very sad.

There IS a difference in agent skill and knowlege level. Everyone's expertise varies. For sellers who owe more than their home will sell for it is in their best interest to be guided through alternative options.  Often the agent is the starting point for these conversations.

There are agents who specialize in high end properties, agents who specialize in investment properties, and agents who specialize in short sale transactions.  What I would recommend to sellers who owe more than their home is worth is to find out who the short sale experts are in their region and call them.  Interview more than one to learn as much as they can about the process and about the agent.

Comment balloon 3 commentsStephanie Jacques • October 04 2010 11:40AM

Comments

I'm always amazed when a bank owned property hits the MLS and the prior owner never listed it as a short sale before letting the bank take it.  I showed just such a property yesterday. Of course the bank now has it listed about $300K BELOW market value so they are bound to get a ton of offers on it.

Posted by Jenny Durling, For Los Angeles real estate help 213-215-4758 (L.A. Property Solutions) about 8 years ago

You are so right!!! I work with mostly short sales and feel so sad for sellers and for agents that are handling short sales that really don't know what they are doing. Thanks for putting this out there. I love helping people move forward and helping other agents with their short sales(just wish more would ask for it). It is a great to know that a short sale closed is a foreclosure avoided.

Posted by Mike Carlos, Realtor, Tallahassee FL (Keller Williams Town & Country Realty) about 8 years ago

Where have you folks been, under a rock? Short Sales have the same problem as foreclosures when it comes to "Who owns the Loan". You may be negotiating with a lender that does not have an interest in the property. Better do your homework or at min. a title search before you take the short sale listing! JMHO.

Posted by Mike Morrison (Will & Will Real Estate Brokers, The Woodlands, Texas) about 8 years ago

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