Short Sales, A waste of time? Many articles and reports had been written regarding this topic, but is the short sale process really a 4 to 6 months latency transaction?
Short Sales are not too different from a regular sale, the main difference is that now we involved a third player into the transaction "the seller's lender".
But who needs to make this deal to happen? The Seller? The Buyer? The Seller's Lender? The Buyer's Lender, the listing agent? or the Buyer's Agent?
You will be surpise to know which one of the above players is key to have a successful closing on a short sale.
The number one player is The LISTING AGENT. What?? No no no way is the seller's lender! Well NO.
We as a listing agents are supposed to be professional and trained on this matter and we should know before hands how to deal with a short sale situation.
1.- If this house a qualified short pay off?
2.- Is my seller in distress? does he qualify and his house qualifies for a short sale?
3.- Do they have all the documents to have a complete short sale package ready to submit to the lender?
Remember that the function of the seller's lender in a short sale is only to accept to receive a short pay off of the current amount owed by the seller. The lender is not the one leading the short saleor the one indicating what is missing or what is needed to take a short sale decision.
As a short sale specialist, we need to prepare our sellers with all documents and requirements the lender most likely will need to proof the seller is not able to pay the mortgage monthly payment or to contribute with any money in order to pay off the loan amount owned by them.
A well prepared listing agent can contribute to reduce the short sale time lines up to 50%, meaning, instead of taking 3 to 6 months, they may take from 1 to 2 months.
Remember if you are an agent, and do not have enough experience with short sales, be professional and refer the client, you will look good and authentic.
If you are a home owner facing foreclosure or you know you are not going to be able to continue making your mortgage monthly payment in soon future, hire a professional Realtor, make sure he or she has the experience to negotiate the short sale.
Check the link below to see how important we as listing agents are in a short sale transaction, let's not blaime only the lender, we need to do our part!
http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm
For further information and contact please link to my website www.carlmorales.com
or email me at cmorales@ochomes-estates.net
Telephone: 714-955-1932
