Quick Guide for Real Estate Short Sales

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Home Page > Finance > Real Estate > Quick Guide for Real Estate Short Sales

Quick Guide for Real Estate Short Sales

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Posted: Feb 08, 2011 |Comments: 0
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A short sale is a transaction that occurs when the loans against a property are greater than what the property can be sold for. It is a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.

Advantages

The seller:-

• In control of the sale, bank just needs to approve it.

• Knows who is buying his home.

• Will be away from the social stigma; foreclosure.

• The home sale will be handled like any other home sale.

• Exits the mortgage liability without facing bankruptcy.

On the other hand the buyer gets the home at a reduced price. And the lender accepts to a loss it considers minimal without going through a foreclosure.

Disadvantages

Short sale often lowers your credit score by as much as 200 points which can be overcome more quickly than a foreclosure, especially if you manage to retain one or two credit cards and keep them current.

The process can be complicated and can take longer than the parties would like. It is so important for a homeowner to contact a short sale expert when they are aware that they are in trouble to get the process started.

A Realtor can help homeowners by working with their lenders to negotiate a lower payoff amount in order to price their homes below competition and get it sold. Also he can market your home to attract buyers and oversee the entire sales process.

How to Find a Short Sale Specialist?

1- Search for agents with the CDPE designation on the site http://www.cdpe.com/

2- Call the local agents you find who specialize in short sales. Ask them about their strategy on setting the right price.

3- Request a list of past clients of the agent you are interviewing. Call these clients and ask them about the service they received.

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Dan Rube -
About the Author:

Dan Rube; An Experienced San Diego short sale Realtor. Check www.sdlistinghomes.com for more info.

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A real estate short sale occurs when a property owner sells their property for less than the mortgage amount owed to their lender(s). On the surface, this may seem like only the borrower benefits from such a transaction. However, that couldn’t be further from the truth. Multiple people or entities benefit from short sales and they include: the borrower, lender, Realtor, appraiser, attorney, title company, local town, the seller’s neighbors, and of course the buyer.

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cause MOST of short sales homes on MLS have not had their asking prices approved by the lender/bank yet.

So once buyer submits full asking price, he/she’ll most likely end up waiting many months and end up getting rejected by the lender/bank. I’m talking about Southern California homes..not sure about other areas though.

Should there be a law saying in order to put it on MLS, real estate agents must get an approval from bank on the asking price first so that they won’t waste potential buyer’s time?

Dean O’Dell of Seven Gables highlights the need for distressed sellers to find the right real estate professional when they have to sell their home through a short sale. The right professional can help the seller dampen the negative long term consequences on their credit. Stacey Sloan at Fidelity National Title interviewed Dean at Neuport 17 on June 10, 2008.

The short sale real estate merry-go-round

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Home Page > Business > Ask an Expert > The short sale real estate merry-go-round

The short sale real estate merry-go-round

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Posted: Apr 26, 2010 |Comments: 0
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I have been a Real Estate broker since 1988.  In that time, I have seen many types of sales and tactics to sell homes.  The ups and downs,  there have been plenty in my career.  I love to sell Real Estate and find homeowners their dreams.  That is why I was compelled to write about short sales. 

Short sales are when the seller owns more money on their home than the value.  The seller makes a request to the bank to allow them to sell the home and write off the balance of the loan.  These types of transactions make up about 50% of homes in the San Diego area.  Many times, the homes are priced lower than value to “attract” the first offer.  This way, the seller and agent can start the process with the bank. Here are some questions to ask when considering making an offer on a short sale:

1.  What is the balance of the loan versus the purchase price (how much will the lender     loose?)
2.  How many loans are on the property?  Is there only a first lien or more?
3.  Is the agent you are working with experienced in short sales?
4.  Who is the lender on the sellers loan? Knowing this is very important.
5.  Is the seller offering you an accepted offer or looking for more offers while they wait for approval on the short sale?

After getting all the questions answered, consider all your options.  Over 60% of all short sales do not close.  Would you be better off waiting for a different type of sale?  Are you patient enough to wait three to four months for an answer from the bank….even longer.  Then there is the continued negotiating that goes on from the lender.  You have been waiting for months only to find out in the end that the lender now wants a higher sales price, and is looking to the agents, seller or buyer to come in with more money to reduce the deficit owned to the bank.  The entire transaction falls apart.  The harse reality is that these sales are exhausting and frustrating to all parties involved. Be prepared for a battle, sometimes the outcome is a great home for a great price.  Other times, it is an excercise in Real Estate education 101.

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Joanne Hansen -
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Joanne Hansen has been a licensed broker specializing in difficult transactions and has over 30 years experience in the Real Estate Industry.  I work hard for my clients and treat every transaction as if it were my own.  You are welcome to email me with your short sale questions, I am here to help.

http://www.bigredhouses.com

 

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