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DOING SHORT SALES |
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MASTERING SHORT SALES |
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How to Succeed at Short
Sales
Back to Overview
Unfortunately, short sales are a reality for
home owners who owe more than their property is worth. If you have patience,
persistence, and a knack for problem-solving, this niche could be for you.
BY MARIWYN EVANS
Realtor Magazine - Realtor.org
You’re so happy you got the listing — at least until the sellers inform you
the price you’re suggesting based on your careful CMA just isn’t enough.
Why? They owe more than that on their mortgage and home equity loans.
Welcome to the world of short sales.
Flat or falling home prices, home-equity credit lines, 100-percent financing
that sucked out equity, and spiking interest rates on adjustable mortgages
are converging to create a regrettable, but expanding, niche for real estate
practitioners: the short sale.
To help you gain a better understanding of short sales and what it takes to
specialize in this growing area, we took a look at some of the most common
questions on this topic that you and your customers likely will face today.
Armed with this information, you can decide whether short sales are an
avenue worth exploring for your business.
What is a short sale?
A short sale occurs when the net proceeds from the sale of a home are not
enough to cover the sellers’ mortgage obligations and closing costs, such as
property taxes, transfer taxes, and the real estate practitioner’s
commission. The seller is unwilling or unable to cover the difference.
Some — although by no means all — short sellers may also be in default on
their mortgage loans and be headed for foreclosure. However, home owners who
bought at the top of the market or who took out large amounts of equity with
a refinance and who now need to sell because of divorce or job transfer may
also find themselves upside down, owing more than the home is currently
worth when closing costs are factored in.
Tip: Losing
your home can be very emotional and most people don’t want to face up to the
reality until foreclosure sets in. "You have to have to have a very soft
sell approach, but still keep sellers focused on getting forms and paperwork
complete," says Sheryl Thomson, associate broker, Exit Island and Beach
Realty, Merritt Island, Fla.
Other sellers simply don’t
understand that if they have assets, such as stocks or a high-salaried job,
a lender is not going to let them just walk away from a short sale without
signing a note to repay what they owe, says Steve White, broker with Keller
Williams VIP Properties, Santa Clarita, Calif.
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