Susan Barrasso

A short sale is when the bank agrees to let you sell your property for less than what is owed on the mortgage, forgiving the balance of the debt. It damages your credit score but doesn't do as much damage as a foreclosure. There are prerequisites for short sale agreement, such as you must be late with your payments and making your payments creates a hardship, which you will have to prove. Each bank has its own procedures for short sale. Contact the Workout Group at your bank. If you have more than one mortgage with more than one bank then contact the bank that holds the first mortgage. When you submit your expense sheet (another criteria for SS) you will include any other mortgages. You and your buyers must be patient, the bank's decisions take a long time. For help with a short sale go to http://www.reoshowcase.com. Good Luck! - Sun Aug 17 2008, 11:29

Why is an agent necessary? To look out for your best interest.
As a Buyers Agent it is my job to help you find what you are looking for without you having to drive all over town or search ad after ad. With your criteria in hand I can put you into the Multiple Listing Service and email you whenever a listing matching your criteria comes on the market. If you are not already pre-approved for a mortgage, I have the resources and contacts to do that for you. I make the appointments and bring you to see the properties that interest you. Make recommendations on pricing, based on the comps I check out. Write and present your offer, negotiate terms, and I make sure all your I's are dotted and T's are crossed on your paperwork. I work hand-in-hand with your RE attorney, if you choose to have one and I highly recommend. I accompany you to your home inspection, make sure your bank appraisal and commitment are on time, and sit next to you at the closing. I even buy you a closing gift.
As a Sellers Agent the first thing I do is come into your home and make recommendations on how to best show your home - paint the walls, clear out the basement, replace a floor or fixtures, do a little landscaping, etc. Then I do a Comparative Market Analysis to be sure your home is priced correctly. After we have signed the contract and filled out all the legally required disclosures I put your home in the same MLS that I put my buyers - and thousands of other agents put their buyers - for the world to see. I market your home according to the promises I made when you signed on with me - local print ads, the almighty internet, including Trulia, Zillow, Realtor.com and about 40 others. I immediately broadcast your listing to all the agents in my office. Within the first 2 weeks I hold a Brokers Open House so all the agents in the area or those who have customers/clients that are looking for what you have can view your property, Then I hold a public Open House. I will have public Open Houses intermittently depending on how long your home is on the market. Market trends being what they are, it often takes several months to sell a property. Then, of course, there are the showings. My office verifies the agents and books appointments with you for them to show your home - preferably when you are not there. Buyers are most comfortable telling their agent your choice of paint color is ugly when you are not around. When an offer is made I help you negotiate the terms. I write the Purchase & Sales Agreement for the RE attorneys to review. Again, I make sure all the I's & T's are taken care of and all the pre-closing paperwork is properly signed. The seller's agency holds the good faith and deposit monies in escrow. I keep an open line of communication with the buyers agent to make sure inspections are complete and commitments are on time. I make sure any selling requirements you must fill are filled, such as smoke detector and carbon monoxide detector inspections or septic system inspections, etc. I sit next to you at the closing. And I buy you a closing gift.
Let us not forget those poor souls who are caught in the crossfire of foreclosure. If you have been served a pre-foreclosure notice I may be able to help you out. I will contact your bank to see if you qualify for a short sale. I will collect all the paperwork necessary to do that - and it is a mountain. I will list and market your property at the reduced price. I will do all the thngs for the pre-foreclosure seller as I would for any seller.
If you are a pre-forclosure buyer the procedures are the same as above with the exception of making you aware of the many facts of pre-forclosure buying - such as, you may be one of a dozen offers, and patience is mandatory as it could be several weeks before you get an answer.
Myke, I hope I have enlightened you, even just a little bit, about why you need me. Although I am quite far out of your service area I am sure you will find many "pros" who will give you the same attention to detail as I would. Good Luck! - Tue May 20 2008, 06:18

The commission amount you pay on your listing is what you negotiate with your agent when you sign your contract. However, you, as buyer, do not usually pay the commission on what you buy. That said, regarding discounts - do you go to work 5 days a week and accept a paycheck for only 4? Why would you ask your agent to do 2 jobs and not get paid what he or she is worth for each job? - Fri May 16 2008, 09:11

At a recent class on Fair Housing we were told to use the term "Older person's housing". That ought to sell a lot of units! How about "Mature community" or "Developed development" or "The speed limit". Then we can let the condo association spell out the age requirements. - Tue May 13 2008, 08:11

Susan, I agree with all the previous answers and would like to add my 2 cents. Kudos to your agent for all your showings. However, is your frustration displaced because you aren't getting any offers with all those showings? You might want to discuss this with your wonderful agent. Yes, this is a buyer's market and there are a lot of tire kickers out there, but are you doing everything necessary to draw a viable buyer? Are you priced right or has your agent been asking you to lower your price? Do you have curb appeal? Is your home neat, clean and uncluttered when the buyers do come? Be open and honest with your agent. Let him/her know how you are feeling. Good Luck! - Sat May 10 2008, 05:52