I have heard so many horror stories about short sales-took too long, could not get bank approval, lack of cooperation from the bank, uneducated agents in the process-the list goes on, but it truly does not have to be that way. Did you know that statistically, only about 17% of short sales actually get to the closing table? Why, because the process is very precise, and you must be a strong, yet very amicable, negotiator with the bank. It is up to the listing agent to get the job done, so a buyers agent has no real control in any short sale deal.
I have been on both sides of the fence-as the sellers agent and as the buyers agent. I must say that I prefer being on the sellers side of the transaction. I know that I can get the job done and can keep the buyer involved in the process so they are not feeling that nothing is happening with their new home purchase. I also know that I can get most short sale transactions closed in less than 60 days, because I have the right people in place to insure that the entire process is handled exactly the way the bank appreciates and will respond to!
When working as a buyers agent on the short sale transaction, I am dependent on the listing agent to get his/her job done with the bank. I must say that I have put in several offers for buyers and have only worked with 2 agents that truly knew what they were doing when it came to negotiating the short sale!
Todays economy has put many people in a situation that they never expected to be in financially. They are trying to hold everything together but get to the point that they realize they must make some serious changes to get back on the right track. If you think you may be in this group, due to job loss, cut backs, illness, divorce or any other situation, let me offer some free advice.
Getting the right information-Foreclosure vs Short Sale-is a first key step in understanding your options. Get this free report emailed to you for a good understanding of the differences between them.
If you think you are a short sale candidate, contact agents that specialize in the process. Any agent may say they can do a short sale, but make sure that they are certified as a distressed property expert.
Banks will not just automatically allow short sales. The process is very precise and it is important that everything needed be gathered and submitted at the proper times in the proper order. This will help to insure a positive and timely response from the bank, thus taking less time to get their approval and the home sold.
Having the right agent handle your short sale will reduce frustration time and get you back on the road to financial recovery more quickly. If you have any questions or would like to have a free, private consultation of your real estate situation, email or call, we will schedule a time convenient for you to sit and discuss your options.
Stephen Luckett
LuckNet Real Estate Group
443-384-6000 Office 443-912-4866 Cell