You found one.
Now let's negotiate.
Cash or cashiers check? Full price ? Close in 30 days?
Now we wait for the acceptance.
When it gets more complicated than this it is not a short sale . I refer it to one my colleagues a specialist who works full time in a Vegas Casino fixing one arm bandits.
it has been 5 months since your question was asked, but as a short sale specialist that excels in short sales for both buyers and sellers, I was curious if you successfully found a Realtor that assisted with your endeavor? My office is in the 32819 zip code, but I also service surrounding areas. If your search continues and you are still in the market for a seasoned, dedicated, full-time REALTOR, please do not hesitate to contact me from morning until midnight. I offer FREE advice, Compartive Market Analysis, research, education and a SMILE :).
Hope you have a GREAT weekend!
Thanks, Kim CENTURY 21 Elite Home Finders
On the other hand, if you are a seller, ask for certifications, documented experience, recomendations, etc.
You really need advice from an Attorney, a CPA and a Realtor. The Realtor should merely "sell" the property for the highest possible price to minimize your expense if you are required to sign a "promissory" note.
The CPA will advise you on the tax consequences (which can be severe if it is an investment property) and the attorney can assure you are forgiven the loss on the short sale so the lender doesn't come after you in a year or two and attach your wages to collect their loss.
It's not a simple procedure and unfortunately some Realtors who proclaim to be short sale experts (even with certifications) may not have a clue.
We have relationships with a few Certified Short Sale professionals over in Dr. Phillips that would love to help you. You certainly want to make sure they have done these kinds of deals before, check their credentials! Also, our office is local in Dr. Phillips if you want to drop by, we are a mortgage banker but I never mind helping people out when in need.
Once again, I have to mention the CDPE website. I am not in your area and not trying to get business. I am simply trying to steer you in the right direction. There are many agents out there that have not taken this course and are just as capable, but I'm not sure how to direct you to them. What I do know is that the CDPE founder has worked tirelessly not only with the government, but with the lending institutions to find out exactly how to have a successful short sale. The packets that we send in are over 100 pages and they need to be in a certain order. If the listing agent sends in the offer without the necessary paperwork, it gets put on the bottom of the pile. Many of the people handling the intake files have just recently been trained themselves, so the easier we make their job the faster it gets done.
Just an FYI.
What your buyer's agent can do is advise you as to which short sale listing agents are worth doing business with and which ones are only offering puffery. Remember more than half of all short sales still fail, so you want someone on your side to help improve the odds. My method is pretty simple. I check to see how many short sale closings the listing agent has had. It it's more than a couple, fine they know wht they are doing. If it's only one, I give them a call to discuss. If they've never closed a short sale, we don't bother to try and be their guinea pigs.
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If you're buying then ask your Realtor to write into your contract that the sellers will authorize her to contact the lienholders and discuss her accounts. That way if the listing agent drops the ball, your Realtor will be privy to what is going on with the short sale.
Hope this helps.
All the best,
There are many different ways to approach a listing agent to be able to work together in regards to getting the bank to approve your offer.
We have closed many transactions on both sides of the coin and can give you great advice.
Feel free to call any time.
Happy home buying!
Keller Williams Realty
Here is a link to the opinion from the Florida Office of Financial Services:
Jennifer Tyre, Broker
As you have seen there are many reputable Realtors that have experience with these special transactions. However, you really need to find one that can produce the "goods" they promote. As such, all that I ask of you is to visit my website and see for yourself. I have a team of over 20 licensed negotiators that mitigate directly with lenders, I think we have dealt with almost all of them by now. Over 90% of our inventory is comprised of short sales. We know every step that is required to make certain the process goes smoothly for all parties involved. I have much more to discuss in regards to our abilities so I offer you direction to our website http://(www.TheKennerCanTeam.com) and simply give me a call. Remember....When Other Realtors Can't..Kenner Can!
Lakayla, I'm currently involved in 27 short sales either on the sellers side or buyers, you can also visit my website to gain information about short sales.
Your short sale outcome will depend on your hardship, agent experience, bank, price range, etc...
Call me if you would like to discuss your situation
GRI, ePRO, Real Estate Broker & Realtor
Community and Family Values
Best of luck,
Our short sale team has worked on many short sales and have closed many of them successfully. I have good contacts at multiple banks and have devised. We also work with the owner regarding the timeline and help with the move.
We also work with an investment company that buys short sales.
Is it your home you're looking to short sell? Call us anytime at 239-206-4500
Faith Home Loans
Get Pre-Approved: http://www.faithhomeloans.com/express.html