-Steven Michael Fong
Sunil Sethi Real Estate
It is important to meet several local agents and review the marketing plan. Interview the agents and their real estate experience. The agent you choose should have knowledge in the short sale process as well as patience to deal with this, sometimes long, process.
As Dawn mentioned, you & your agent will put together a 'package' including a hardship letter, bank statements, pay-stubs, tax returns, and additional information for your lender will request.
Brian Ripp, CRS, GRI, Broker
Check my web site: http://www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
Realtor since 1985
DRE Lic. 00886348
SUNIL SETHI REAL ESTATE
Sunil Sethi / Broker, President, REALTOR, MBA / CPA (inactive)
38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536
Main 510 200 0505 / Cell 510 388 2436 / Fax 510 431 9046
My Bio: http://sunilsethi.com/about_me.htm
My blog: http://fremontrealestate.blogspot.com/
CA DRE#: 01173766
You have some very good advice.
The essence of a short sale is to prove to your lenders that selling your home for less than you owe, plus having them pay the closing costs, which include commissions, is in their best interest.
Foreclosing is very expensive in comparison, so if you can prove that due to circumstances beyond your control you are no longer able to make mortgage payments and do not foresee that situation changing in the near future, it could be a suitable option.
The best advice I can give you is to make sure that you talk in person with a Realtor with short sales experience and have them analyze your situation and develop options.
Note that the first thing the lender will do when you submit your short sale package is review your loan application. If they suspect loan fraud you could be in trouble.
When looking for an agent to handle your sale, make sure they have the experience in handling Short Sale transactions.
There are far too many agents out there who have no clue as to dealing with the lender, the paperwork, and Buyers. So many deals fall apart because of lack of knowledge and experience.
Cox Real Estate Services - REO Div.
Trillium Real Estate Group
760-536-4075 or wolsen3129 Skype Me
I can't stress enough that you need to seek out an agent that has actually closed short sale transactions as a listing agent!!
There are many excellent agents that handle traditional sales however you need an agent that has experience negotiating with lenders and understands how to market homes in your immediate area as well.
The sales price agreed to by your mortgage company will include an agreed upon comission for your agent.
Did you do your due diligence on the short sale process? Is it really the best option for you? It's very important for a seller to know all the liabilities of a short sale process, and set up an efficient communication with the lender from the start.
Commission is hardly a selection criteria for an agent as they are negociated and paid by the lender. My advice is "Chose someone you absolutely can trust", as the process may test your and your agent patience and negociation skills more than you think... I'd be happy to help more, let me know.
We're ready when you are!
Century 21 Realty Alliance
1528 South El Camino Real, Suite 110
San Mateo, CA 94402
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I donate 20% of my professional fees to The LAM Foundation http://www.thelamfoundation.org to help women diagnosed with this cruel disease.
Second, the costs of a short sale are paid out of the proceeds from the sale. In the case of a short sale, the seller (you) does not receive any of the proceeds. The lender controls what amounts are paid out, including the commissions to the REALTORSÂ® who represent you and the buyer. The seller is taking a loss on the loan and feels justified in controlling the terms of the sale.
Third, the local REALTORSÂ® who have responded to your question here on Trulia can be of service to you. I echo the suggestion that you contact one or more of us to discuss the process. Our real estate team, for instance, has handled short sales on behalf on numerous sellers and buyers.
I have negotiated several short sales so I can speak from experience. I have had a 100% success rate dealing with short sales and all the different lenders in the industry. I negotiate all my short sales. I do not trust an outsider to negotiate for me.
Some agents are so put off by the whole process that they don't want to sell a short sale listing. And then there are agents that will list it but are not motivated enough to follow up with the lenders. They think that the lender said they will respond in a week so even when they don't hear back, they do not want to call the lender again and in a short sales situation, as an agent you need to call the lenders every week and keep following up till the approve the short sale.
From all of this you can see the patience one needs in dealing with the challenges of a short sale. It just does not make sense as to why the banks cannot get their act straight and help in making the short sales easier since it is a win-win situation for them, and the seller who can avoid a foreclosure and of course the agent and the overall market since the foreclosure properties are bringing the prices down.
If I can help discuss the short sale process in detail you can reach me at 510-279-9580.
Help-U-Sell Achievers Realty
Fremont, Ca. 94539
If you are looking to sell your home and you are in fact short, the commission of the agents basically is paid via the lender through the short sale. Lenders can adjust commissions on short sales and is the biggest reason why many agents do not list short sales.
It is best to consult with several agents about the short sale. Ask for references, ask how they handle the short sale (do they handle themselves or use a 3rd party). Which lenders are they experienced with? What do they know about your market? Etc.
There are as many ways to list a short sale as there are agents. The more comfortable you feel with your agent, the less stress the situation will involve.
You can search http://www.car.org for a listing of Realtors who can help you. Feel free to contact me if you need any further information.