Home Selling in Montville>Question Details

Linda Licast…, Real Estate Pro in Montville, NJ

Short sales are popping up every where. What is the best way to explain a short sale to a client? What are the strategies and techniques you use?

Asked by Linda Licastro, Montville, NJ Mon Mar 28, 2011

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I just simply explain the definition and process to them. If you're not doing a lot of short sales, you may not understand the process yourself. You can always call the negotiation company I use and they will explain the process to your client for you. You can call them at 561-361-1909 or visit http://www.shortsaledepartment.com.

Feel free to call me with any questions.

Amy Givoni, Broker
Givoni Realty Corp.
0 votes Thank Flag Link Mon Mar 28, 2011

Candace is exactly right. And very often the seller may qualify for a loan modification and doesn't need a short sale. Our office has some seven or eight documents and disclaimers that must be filled out and followed to a "T" before moving forward with a short sale. And, MARS spells it out perfectly. Good resource.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Mon Mar 28, 2011
Please check out MARS. Before you give advice you may fall under the rules/laws of the FTC that say if you give advice concerning a short you must disclose, basically your lack of legal knowledge concerning a short sale, and do not give any assurance that a short is in their best interest

Call your State Realtor's Association. Here is a website I googled which explains your fiduciary duties as far as advising on shorts. http://homesolutioncounselors.com/ftcs-mars-rule-short-sales…
There are many more. Unless you say to a client, you have now knowledge of shorts, then once you are giving advice you are participating in some way of negotiating.
Good Luck!
Web Reference: http://candylipirahomes.com
0 votes Thank Flag Link Mon Mar 28, 2011
A short sale is when the seller knows they will no longer be able to afford the home and are asking the bank to accept less than what they owe.

If you are planning on working with short sales, I strongly suggest the CDPE or CDRS course. It really is a must have if you want to work with short sales.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Mon Mar 28, 2011
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