Lenn is an agent of many years of successful experience. Her counsel here is very good and worth considering if you are contemplating buying or selling a home as a short sale. These transactions have been the bane of many agents experience, but there are some who have worked out some kinks and know how to improve the odds of success.
A Few Secrets To Successful Short Sales.
FACT: There are no regulations for Short Sales. Each financial institution has their own procedures.
FACT: Short Sales are NOT equal in market value to equity sales, despite lender's attempt to treat them equally.
OPINION: Banks do not want to approve Short Sales.
OPINION: Short Sales are the scourge of the real estate industry.
THINGS TO REMEMBER ABOUT SHORT SALES?
1. The listing agent MUST be knowledgeable and communicate well.
2. The buyer MUST be patient and willing to walk away.
3. The buyer's agent must be patient, knowledgeable and willing to walk away.
4. The lender MUST communicate loan details with the agent to avoid unrealistic time frames for locks, etc.
5. There MUST be a trusting relationship between the buyer and the buyer's agent.
6. The seller's agent MUST communicate with the buyer's agent with status on a frequent basis.
7. The seller's agent cannot dictate terms and conditions to the buyer.
8. When the listing agent says "The bank MUST HAVE", they are merely quoting what the bank has told them.
9. Short Sales are far more difficult for listing agents than for buyer's agents.
10. It ain't over till it's over.
ONE THING IS CERTAIN. Buyers Agents MUST "vet" the listing agent's understanding of the Short Sale process. I don't mean the number of Short Sales they have closed. An agent who understands the Short Sale process may have just taken his/her first Short Sale listing. However, if they are knowledgeable, the likelihood of that listing agent's management of the Short Sale listing and closing is high.
BEFORE WRITING THE OFFER, contact the listing agent and determine the status of the owner/seller. What is the hardship?
DON'T BE AFRAID OF SELLING SHORT SALE LISTINGS. JUST MAKE SURE THAT THE LISTING AGENT IS KNOWLEDGEABLE AND THE BUYER IS PATIENT.
TO SEE ALL SHORT SALE LISTING IN LOUDOUN COUNTY VA TODAY, Click the following URL to see the listings:
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Serving home buyers in Loudoun County, VA.
WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia.
For over 25 years, we've provided home buyers in Loudoun County with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,
* Competitive Market Analysis (CMA) for homes under consideration,
* Experienced financial analysis to help you understand different home loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.
Lenn Harley, Broker, Realtor, Homefinders.com, 800-711-7988
For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com. We'll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer's Agent in the area.
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