Why Dread the Short Sale

An article was published recently by AG Magazine titled The Dreaded Short Sale, written by Lesley Lambert. She asks why real estate agents would walk away from a short sale listing. Some of the reasons realtors gave her were (1) they do not understand how short sales work, (2) they do not want to work all that time and have their commissions lost in the expenses at the end, (3) short sales take too long, and (4) they are to frustrating.  

She responded by saying “Now, of course, we would ALL prefer to sell a ton of traditional real estate, but in this marketplace the odds are very high that you will be called in to evaluate a short sale. Since we can all agree that short sales are here to stay for awhile, doesn’t it make good business sense to learn how to work with them?

To answer these most mentioned issues above:

#1- Educate yourself about short sale process. There are great resources on the internet or ask an attorney who works with them to meet with you for a primer.

#2- There is a small chance that your commission might end up reduced at the end of the transaction. Much of this depends on your broker’s stand on payment of commissions and how hard they bargain with the lenders. Even when the commission is reduced, isn’t a reduced commission better than none at all?

#3- Short sales can take longer. Not every short sale will, but it is common. Prepare your seller and the buyer or buyer’s agent with reasonable timelines handed down from the lender. Keeping everyone informed will afford more patience in the transaction.

#4- If you were involved on the buyer side of a short sale and didn’t understand the process, I am sure you were frustrated. Education is key here.

It is a good idea to have a short sale attorney involved from the very beginning of the listing process.”

Berlin Law Firm offers short sale education and a program to address many of the concerns Realtors are faced with when taking a short sale listing.

For information about this program, please contact our office.

To view the complete article visit http://agentgenius.com/g-rants-insanity-more/real-estate/the-dreaded-short-sale/

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