Real Estate Short Sale Information

What should you know? How do you pick a short sale real estate agent to sell your home? Should you even consider purchasing a real estate short sale?

Everything about a short sale can seem difficult and it is!

How does a short sale affect my credit vs. a foreclosure?

Nothing about a short sale is easy! It can be the most frustrating real estate experience you will ever encounter. It might make you want to get out of the real estate business or avoid buying or selling another home.

For buyers thinking about purchasing real estate in this market, a short sale is a great way to do it. On the other side, for homeowners, a short sale may help you avoid foreclosure with minimal damage to their credit.

For Sellers – What factors will make a short sale possible???

The first one is “COMMUNICATION”. This will only be possible if you find an agent that will answer your phone calls, return your calls and keep you in the loop with daily updates.

The second one is “AGENTS PERSEVERANCE”. Your agent should be in contact with the bank on a daily basis to ensure your short sale package is moving forward with the right negotiator.

The third one “BE INVOLVED” Don’t let your agent forget about you, don’t drive him crazy! 🙂 Insist that you are updated and informed regarding the process of the short sale. You don’t want to loose your home to foreclosure because of a break down in communication with your lender. .

For Buyers – What factors will allow you to purchase a Short Sale???

First, find an agent that has a proven track record of selling short sales. If he knows how to sell them it will be easier for you to purchase a short sale. Also, consider all of the other factors explained for sellers above.

In conclusion: You hear so much negativity about short sales. The reality is that loss mitigation departments are increasing their staff and making efforts to accommodate short sales. Short sales will be a large part of this real estate market for the next few years. They are an excellent option depending on your situation. Make sure you are dealing with an agent that will make every effort to look out for your best interest. Real Estate Short Sales are not for everyone and may not be the best option for you!

15 thoughts on “Real Estate Short Sale Information”

  1. Upstart Agent

    Short sales can prove to be difficult – agent perseverance & patience do make a huge difference!

  2. Upstart [email protected] Estate Marketing

    I had to try out the keyword luv plug-in on your blog, I had never seen that before.

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  3. PERSEVERANCE You couldn’t be more right on that. Experience with short sales is a must also, especially in this market. I have tried to inform people also about short sales in my state at my blog. It’s an interesting topic these days.

  4. why is that short sales have such a hard time going through? There is a home that i am really interested in and the agent said it wont be that much of a hassle but what i have read so far online that the process can be a nightmare and most wont go through.

  5. New Homes Phoenix

    Having an agent that is experienced, professional and competent makes a world of difference during a short sale. My neighbor ended up getting burned because he didn’t do his research.

  6. Las Vegas Short Sales

    Short sales take a lot of time and devotion – precisely why my partner does nothing but work with the short sale seller and the banks. It’s daily communication with the banks and IMO, using a one agent show that is also doing everything else is really going to hinder chances (or significantly increase the time) of getting that short sale through.

    Short sales require experience in this specialty — not just a real estate license.

  7. We tell our clients that short sales are sometimes cheaper but you put for it in time and frustration. Also you put in an offer and hope you will get it in two months. But you could wait for a month for bank to dork around and then say no. On a house you close in a month and its rare something happens that prevents you from getting the house.

  8. Short sales are not for every buyer. I just helped some clients get an excellent deal on a rural property in Florence, Texas. Short sales can be hard for the Buyer’s agent & buyer. Agents representing the seller & lender need keep in contact & share any information on how the sale is proceeding with the buyer’s agent.

  9. I think if you know what you are doing and have the intelligence and knowledge then you can invest in a short sale. Investing in real estate is always about having the knowledge and doing things smart.

  10. This is the first I’m hearing of this term…”short sale”. I can see though these types of agents are not for everyone (buyers) out there. Great info.

  11. There’s a computer expert on the radio here who says the only time he buys the extended warranty is laptops, because if the pixels on the screen start to go, the replacement cost is almost the cost of the computer. And pixels die a lot.

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