As a Buyer, Seller or Agent, have you seen homes on the market for 6 months, a year how about 2 years? Chances are they may be listed as short sales. Here in the Manchester NH area we have seen a sharp decline in Short Sales. Recently when a friend contacted me about a neighbor who had their home listed off and on for 2 years was at wits end. I went to meet with the home owner. I brought the old MLS sheets, printed the tax card and a stack of comps from within a 1 mile radius. The answer was simple but was a BOMB SHELL to the Home Owner when I told her that her she should not be trying to sell by a Short Sale. Her house was actually worth way more than the asking price and she should actually end up with a profit after sale. Chins dropped to the floor, tears flowed and then came the scream "WHY am i trying to sell through a short sale then?" That was indeed the question....
I could not explain why a flurry of agents stirred her to a short sale. With values rising many Home Owners once again have a home that is worth more they owe. There are however some who still may be considered "Under water." where they owe more than their home is worth. A Short Sale may be the help they need to sell. A Short Sale is simply a tool that Home owners who owe more than their houses are worth, can use to sell their homes at today's market value despite what they owe.
I have a stark WARNING though to anyone who is looking to Buy or Sell a Home through a Short Sale. Not all Real Estate Agents are experienced in them. You may only get ONE chance to make it work so you can not afford to hire an agent who is not well experienced with Short Sales. It does not matter how big they are, what their name is or if they work for the only company in town, a small company or a big national company/. Experience comes from doing, not from buying online classes that add letters to the end of your name calling you a self proclaimed expert.
Yes they are harsh words but Short Sales are a harsh experience if not done right.
First thing is no matter what anyone states, there is NO such thing as a PRE-APPROVED SHORT SALE. A short Sale has many parts that ALL must be approved, if even only one item is not approved, the short sale could be denied.
1. The Seller must be approved to even complete a Short Sale.
2. The Seller should be 100% willing to assist in the short sale process.
3. A price must be approved by the seller's bank. (Usually a price at or near the current market value less any needed repair's.)
4. All liens such as property tax, HOA liens, IRS liens, 2nd or even 3rd mortgages must have approval to be paid at closing and receive a full release in order to close.
5. Must find a buyer willing to pay what the Seller's bank is willing to sell it for.
6. Buyer must be willing to pay for inspections and release contingencies prior to getting approval.
7. The buyer must be willing to wait, have their mortgage already approved pending the seller's banks approval and be ready to close within 30 days of the seller's banks approval.
8. if the Seller's bank is not willing to give a full release of the shorted amount, the Seller must be willing to accept paying a discounted amount, the full amount or sign a promissory note to pay that amount.
In Conclusion: I leave you with my philosophy which is to provide more personal and professional service to guide my clients through each step of the buying or selling process. The key to having a successful purchase or sale can increase simply choosing a better agent. The secret is that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices.
WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees.
We are local agents with experience who GET RESULTS!!!
We stand by you through every step in selling your home.
Another reason that makes New Hampshire a great place to Live, Work and Play.
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 28 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.