Short Sale How Avoid Costly Mistakes.
Albert Stimer
August 27, 2009
Short sales can be very confusing and as such can cause Realtors to make mistakes which may affect everyone involved.
ORLANDO, FLORIDA August 27, 2009 "Short sales" require that both the homeowner and the Realtor to complete several steps and complete them successfully. However a experienced "short sale" Realtor will know what to avoid in a "short sale" situation.
Here are ten mistakes that Realtors make when involved with "short sales":
Doing nothing. Realtors may consider generating or following leads on short sales but thatīs about as far as it gets-considering the idea. Realtors should formulate a viable plan for handling short sales and put it into action.
Not following the rules. A bankīs short sale negotiation process varies within different financial institutions Realtors should never expect that common sense is part of any short sale transaction.
Weak presentations. An agentīs short sale presentation must be accurate and well thought out. The seller and the lending institution need to be able to see and understand the figures and other information.
Being all talk but no action. Realtors need to be able to show proof of their success with "short sales". It is not enough to say that you can successfully negotiate a short sale; you must be able to point to specific cases where this has occurred.
Being unprepared at any step in the process. If the Listing Realtor lets anything slide during short sale negotiations. Things can start to move very fast and final result of a failed Short sale is foreclosure.
Diversifying. Many Realtors focus on representing Buyers and seller big mistake, short sale is a fulltime job. This can severely limit an agentīs potential to successfully accomplish a short sale.
Problems with supporting documentation package. Everything must be correct and in the package before it is ever submitted. Lenders will not process incomplete or incorrect packages, and the Realtor may not get a second chance to correct it.
Problems with the Broker Price Opinion (BPO). Making sure the BPO is reasonable but fair can be very tricky. Offers that are too low stand a chance of being rejected by the lender, and, as with the selling and marketing package, an Realtor may not get a chance to make a second offer.
Not hanging in there. Short sales are different from conventional sales, but that does not mean that an Realtor wonīt be successful in making a short sale. It only requires obtaining the knowledge needed to work with short sales. An Realtor who wants to continue to succeed will take steps to learn the short sale process.
Disclosure , Disclosure , Disclosure as with any real estate transaction make all parties aware of any known problems even the sellerīs lender should be notified of all the facts about the property being sold.
For more information on the real estate market in Orlando and our team, contact The Albert Stimer Team at their website: http://www.ezbanksales.com
ORLANDO, FLORIDA August 27, 2009 "Short sales" require that both the homeowner and the Realtor to complete several steps and complete them successfully. However a experienced "short sale" Realtor will know what to avoid in a "short sale" situation.
Here are ten mistakes that Realtors make when involved with "short sales":
Doing nothing. Realtors may consider generating or following leads on short sales but thatīs about as far as it gets-considering the idea. Realtors should formulate a viable plan for handling short sales and put it into action.
Not following the rules. A bankīs short sale negotiation process varies within different financial institutions Realtors should never expect that common sense is part of any short sale transaction.
Weak presentations. An agentīs short sale presentation must be accurate and well thought out. The seller and the lending institution need to be able to see and understand the figures and other information.
Being all talk but no action. Realtors need to be able to show proof of their success with "short sales". It is not enough to say that you can successfully negotiate a short sale; you must be able to point to specific cases where this has occurred.
Being unprepared at any step in the process. If the Listing Realtor lets anything slide during short sale negotiations. Things can start to move very fast and final result of a failed Short sale is foreclosure.
Diversifying. Many Realtors focus on representing Buyers and seller big mistake, short sale is a fulltime job. This can severely limit an agentīs potential to successfully accomplish a short sale.
Problems with supporting documentation package. Everything must be correct and in the package before it is ever submitted. Lenders will not process incomplete or incorrect packages, and the Realtor may not get a second chance to correct it.
Problems with the Broker Price Opinion (BPO). Making sure the BPO is reasonable but fair can be very tricky. Offers that are too low stand a chance of being rejected by the lender, and, as with the selling and marketing package, an Realtor may not get a chance to make a second offer.
Not hanging in there. Short sales are different from conventional sales, but that does not mean that an Realtor wonīt be successful in making a short sale. It only requires obtaining the knowledge needed to work with short sales. An Realtor who wants to continue to succeed will take steps to learn the short sale process.
Disclosure , Disclosure , Disclosure as with any real estate transaction make all parties aware of any known problems even the sellerīs lender should be notified of all the facts about the property being sold.
For more information on the real estate market in Orlando and our team, contact The Albert Stimer Team at their website: http://www.ezbanksales.com
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