How to find an agent who is an expert in possible short sells/executive home.?

Asked by Stevens, Missouri Mon Nov 24, 2008

Have an executive home in Cary being leased at this time. Live in another state but considering putting home in Cary on the market in the near future. Rent is not enough to cover mortage now since it keeps adjusting. Need a quick sale since we would not be able to keep up with the mortgage after the tenants move out. With the market conditions, the house may be a short sell if it's to be sold fast. Any help would be greatly appreciated.

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Dave Jeziers…, , Ashburn, VA
Mon Jul 6, 2009
Hello Stevens, hope all is well with you.
I was wondering if the situation you described is still a situation, or has someone solved it for you? If it still is in need of solving, I beleive I can help. I have specialized in Short Sales and Bank Owned properties for 3 years now, both listing & selling. I live in Cary, NC now, I relocated from the Southern CA area in the fall of 2008. I have a 97% success rate in getting Short Sales approved, and I am experienced and comfortable in the price range of home you have described.
Would love to go over the details with you, and let you know what you can generally expect, and go over a few scenarios of your specific situation, maybe even dispell some of the mis-information that you may have gathered, it is quite common.

I have contact information on my website, I look forward to talking with you.
0 votes
Tracy Santro…, Agent, Cary, NC
Sat Nov 29, 2008
Stevens,

In answer to your question regarding an agent that specializes in short sells you should look to the advice of a CDPE(Certified Distressed Property Expert). There are only 850 in the country out of 4 Million Realtors. In hard times sometimes homeownership can be more of a burden than a blessing. Since you are upside down on the rental and may need to sell the home with less equity than the value of a home the solution to this problem is a "short sale"-- when the lender agrees to accept less than owed and the homeowner gets out of debt. .

Anyone that has received their CDPE is familar with the lengthy short sale process and the documentation needed for the bank. If you would like more information please see my website below.
0 votes
Maria Morton, Agent, Kansas City, MO
Wed Nov 26, 2008
Call Mary Lou Haywood-Catron @ 913.266.5609 Tell her Maria Morton sent you. She can help.
Web Reference:  http://MariaSellsKC.com
0 votes
Len McGuirk, , Las Vegas, NV
Wed Nov 26, 2008
Stevens,

Thank you for contacting me! My contact in your area looks forward to helping you in your situation. He will be calling you to discuss starting the process. Keep me updated and let me know how everything is going. If you have questions or concerns about the short sale process along the way, you are MORE than welcome to contact me anytime! You made the right decision!

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
LenM@AmericanaGrp.com
0 votes
Wendy Norman, , Raleigh, NC
Tue Nov 25, 2008
Our company has been offering in-depth training on short sales that I've attended...they go into great detail about whom to call, how to get to the person you need to speak to without ending up in the wrong dept, what documentation is necessary to speed the process up, and common pitfalls to avoid, etc.

Just to make sure of terms, do you mean quick sale vs. short sale? In a quick sale, you price the home a decent amt. below the most comparable homes that are active to draw more buyers your way. In a short sale, you will be unable to sell the home for the amount of money needed to pay off the remaining mortgage balance(s) when it closes and you may have to bring money to closing as a seller (depends on the situation). There are also tax implications to keep in mind since the amount of mortgage payoff that you're "short" is considered personal income and is taxable, so you could receive a 10-99 for it. You could also touch base with a lender to see if refinancing the home would be of benefit if you have an ARM...having a fixed rate may make it more manageable for you.

In a short sale situation, most lenders want documentation of about 3 consecutive mos. of hardship/late payments... but there are some tips that you'd need to know early on about what number to call (once payments are late, the 1-800 # on the form changes to the collections dept... which isn't who you want to talk to because their goal is to get the loan current...and once it's current again, the clock starts over on being able to do a short sale).

I lived in Cary for 7 years and have a home under contract currently that was listed in Lochmere. If you'd like current market info for your neighborhood as well as appreciation rate data, showings data, days on market information by price range, as well as list to sale price ratios, please let me know. I'd love to be able to help or at least put you in touch with folks who can help analyze your situation and help work out the best resolution for you.

Have a great day and a wonderful Thanksgiving!

Wendy
0 votes
Lizete Santos, Agent, San Francisco, CA
Tue Nov 25, 2008
Hi Stevens,

The best thing for you to do is interview 3-4 agents and ask them specifically about there expertise in short sale/foreclosure homes.
I've been negotiating on a short sale for six months with the bank and it's been quite difficult. Turnaround times are long and quite cumbersome at times. Needless to say not for the faint of heart. Also, they're not as common in our market as the rest of the country.
You do have to demonstrate a hardship to the bank, document your inability to pay your mortgage etc.

An agent who knows the market can structure a good marketing plan to get your home sold quickly. Remember price will be of paramount importance so make sure that your home is priced competitively from the start. Staging your home is also important so make sure that your home is clean, well kept, uncluttered and has great curb appeal.
Good luck!
Lizete
Web Reference:  http://www.LizeteSantos.com
0 votes
Barbara Green, Agent, cary, NC
Tue Nov 25, 2008
I am in the Cary Market Center of Keller Williams, and specialize in higher end homes in Cary. Our market has not taken the same hit as many parts of the country. If staged correctly and priced right, we are still seeing good results. Technically, a bank does not have to proceed with a short sale unless you have actually started to default on your loan. However, most banks now have a more realistic approach, and if the current market value of your home is less than your mortgage, banks are more proactive in working with clients to avoid forclosure. Please contact me and I will provide you with a free market analysis to determine the current value of your home.
Web Reference:  http://www.ClickCary.com
0 votes
Tim Hoelle, Both Buyer And Seller, Saint Petersburg, FL
Tue Nov 25, 2008
Since you're out of state you have to focus on finding a local agent, and given the number of agents available you should not be shy about asking for evidence/support of any realtor's claim that they are "experts" in the Cary area, short sales (if that's really what you need) and "executive" homes. I would seek to find a realtor that is capable in all three areas, or at least two of the three. I can recommend someone if you like.

There is a ton of info on the internet that will help you get an idea as to what's going on in Cary, in the Triangle area, short sales and so forth if you have the time to research it. If not you'll be relying solely on the realtor so pick wisely. Also, ask specifically how they intend to market the home, what the costs to you will be and what they intend to pay a buyer's agent. Not all agents work for the same commission and not all agents pay the buyer's agent the same commission.

If your biggest concern is possible negative cash flow, you may also consider a lease option sale and purchase, or a lease to own situation. That could take time though so if it's a fast sale you want your realtor will likely tell you to price at or slightly below the market, get the property in great shape and to consider spending a few bucks and stage it.

I buy and rehab property and have done short sale negotiations, so if you more info and my experiences just let me know. Good luck with it.
0 votes
Len McGuirk, , Las Vegas, NV
Tue Nov 25, 2008
Daniel,

You made a statement about the value being less than the current mortgage, "The lender will independently verify this thru agents in the area." This is not how they get the value for a property. They will typically order an appraisal on the property to check the value. They do this once they receive the short sale package from the listing agent, which will obtain the buyer's offer. If the offer is reasonably close to value, then the lender will decide to usually move forward with the short sale.

Obviously, a short sale is not necessary if the value is more than the balance owed.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
LenM@AmericanaGrp.com
0 votes
Daniel Eberw…, Agent, Clayton, NC
Mon Nov 24, 2008
Stevens

I'm in the Cary market and can talk to you about your situation. The lender is going to be looking for a hardship situation, and they will want to see that the house is valued less then the current mortgage. The lender will independently verify this thru agents in the area. If your house is determined to be worth more then the current mortgage, then a short sale is not a good option for you, you'd be better off selling for what you owe on the mortgage. Overall the Cary market is seeing an increase in DOM, but home values haven't declined drastically (and in many areas are still appreciating)

Contact me if you'd like to get more information on the values of properties in your neighborhood and discuss your options.

Daniel
Web Reference:  http://www.tri4sale.com
0 votes
Len McGuirk, , Las Vegas, NV
Mon Nov 24, 2008
Stevens,

As I stated in the first post, I will connect you with someone in the Cary area that I already have a relationship with. All you need to do is contact me.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
LenM@AmericanaGrp.com
0 votes
Emily Arzate, , Greensboro, NC
Mon Nov 24, 2008
Hi Mr. Stevens,

Sounds like you are in a situation that has become pretty ugly because of the ARM on your house in Cary. The good news is, because of the recent morrtgage crisis, there are many agents that are now specializing and focusing on short sales. I am with Keller Williams Realty in Greensboro, NC, so not very familiar with the area in Cary, but I could give you the names of a few agents in Cary that specialize in short sales. The short sale process really can be pretty complicated, so you definately want an agent who has experience in dealing with them. My contact information is on my profile, so feel free to call me or email me and I'll do what I can to help you find a great agent in the Cary area.

Emily Arzate
Realtor/Broker
Keller Williams Realty
Direct: (336)553-0472
Web Reference:  http://www.EmilyArzate.com
0 votes
Len McGuirk, , Las Vegas, NV
Mon Nov 24, 2008
Hi Stevens,

A short sale is everything but fast. They typically take about 30-120 days to close. Just to make sure we are talking about the same type of short sale, this is when the lender agrees to take less for the payoff than the actual balance that is owed. This is due to the market value being lower than the balance.

It sounds like you may have a financial hardship, which this is what the lenders want to see before considering a short sale. Feel free to contact me and I will connect you with one of my Realtor contacts ion your area that is versed in short sales. You will definitely want to work with someone that is versed in short sales due to the complexity of a short sale transaction. Unfortunately, I am located in Las Vegas and I cannot help you sell your home, but I can refer you to someone that can. Plus, using my referred agent will put some weight on their shoulders, which will make sure they get the job done.

You can reach me on my cell or email below.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
0 votes
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