Home Selling in 23322>Question Details

Donna Matthe…, Real Estate Pro in 23322

Why is it important to be informed on all aspects of a short sale?

Asked by Donna Matthews, 23322 Thu May 8, 2008

Help the community by answering this question:

Answers

7
Short Sales will always need to be handled by someone very informed of all aspects. Without this broad awareness of the process and the challenges, the home seller cannot know all the nuances of the process. Secondly, without this broad knowledge and experience, a Realtor cannot help the home seller through the many twist and turns of a short sale.

It is why Realtor get the Short Sale Real Estate Specialist designation. It is a great basis of understanding that is only augmented by handling multiple short sales from both the buyer and seller sides of the transaction.

Having done exactly this over the past 5-6 years, I ensure the represented buyer or seller gets the very best help and ensure they make "Always the Smart Move:!

Got more questions? Please call me at 757 580-6546
Bryan

Bryan Cerny
Rose & Womble Realty
Licensed in VA & NC
http://www.bryancerny.com
757 580-6546
1 vote Thank Flag Link Thu May 22, 2014
Short Sales are getting easier but they still need a short sale specialist to help process the short sale.
0 votes Thank Flag Link Mon Feb 6, 2012
Wow....you're not handling short sales as a real estate professional are you? Contact your broker or a local title company for a training class. Takle every entry level real estate course you can find - it's the best way to start your career and network!
0 votes Thank Flag Link Mon Jul 7, 2008
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
I'm confused as to why you attempted to answer your own question. It seems like an outright solicitation for customers versus an actual question...

I am a local Real Estate Investor and have completed short sales myself, my quickest one was in 21 days, from the package being submitted to getting an approval from the bank. The important thing to understand is you can be asked to pay back the different the bank loses, usually a 20 year note with no interest. We also seek a waiver of those judgements. It's important to know what to expect and how long it will take. When in doubt, ask for proof. Don't just go with anyone who thinks they can submit a short sale package. It's an art to what to include and how to word it. So look for results before I let any agent or investor attempt a short sale on your property! It could be a mess, or a blessing.

I'm not leaving my web address, because I'm not looking to solicit customers, just help answer questions.
0 votes Thank Flag Link Mon Jul 7, 2008
Virginia is a very bank-friendly state when it comes to short sales and foreclosures. If a deficiency judgement is placed by the bank against you, it may be difficult to buy a house again for quite some time. In some cases, it may not be in a seller's best interest to do a short sale, especially if other credit issues are in place. I highly recommend speaking with an attorney who specializes in short sales and foreclosures to explore all of the options and consequences first (both short and long term). In addition, it may be wise to also consult with an accountant and your human resources department as some employers have "credit guidelines" they expect their employees to follow (especially those in high profile fields).
0 votes Thank Flag Link Wed May 28, 2008
First of all knowing what a short sale is , is very important ! A short sale is the sale of real estate property for a lower price than what the customer owes on it. In a nutshell there is not enough equity to do the process. Educating your seller to the consequences that may occur is important as well. Short sales are slow sales, and not all loan companies will do them. There is a process involved and an agent that is educated in this process can make a difficult process a much smoother one for the buyer and seller.
There is no need to go to foreclosure with this option available. If you go to foreclosure, you will decrease your credit score from 250 -290 points. Also this might stop you from repurchasing again in the future. With a short sale, your credit score will drop between 80-100 points and you will be able to repurchase. Please contact me if you are a seller in need of this.
0 votes Thank Flag Link Thu May 8, 2008
Because you might need to represent either the seller or the buyer. A good way to get acquainted with the ins and outs of a short sale is to spend a lunch with your preferred mortgage provider.

Good Luck!

Trey Bowden
(405) 340-3277
0 votes Thank Flag Link Thu May 8, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer