Are you thinking of buying your children’s house or that of some other relative or friend–because prices are starting to make you salivate? Salivate like that wolf in those old Bugs Bunny cartoons, with a huge tongue, dripping wet, swirling all around in their mouth?
What if you could get the house you want at the price you want and the terms you want and the fee you paid was zero. Would that work for you?
Now of course you would still be paying ALL closing costs because in a short sale the bank is only concerned about its net amount–not gross amount–but you knew that, right?
But, how do I get paid? Let’s say you want a house that is an excellent buy for you at $42,000 and I negotiate it to $38,000–then I earn $4000. See how it works?
I am not a realtor. I buy houses as a principal! But I may be able to save you from having to go down into that real estate coal mine and get all that dirt on your face and dust up your nose–so to speak. I sure hope you don’t have allergies like I do.
A short sale is more of an art than a science. Most people, even realtors, don’t do them correctly, because you need two different skill-sets to complete a successful short sale. You need to be able to negotiate with the lender–and sell the property, too. Realtors obviously know how to sell real estate, but most have not been trained to negotiate with the lender.
Knowing how things usually get done, I suspect that many agents take a “quick course” probably less than 8 hours, and walk away with the mistaken belief they know how to do a short sale–but they are usually wrong. A short sale can take a long time, drag-on, frustrate you, and worst of all:
You Can Never Guarantee That A Short Sale Will Be Successful!
Just to make sure we are all on the same page with what a short sale is: a short sale is a sale of a property in which the lender accepts less than what is owed. That being said, the lender is NEVER required to accept your short sale offer! Sometimes they do; sometimes they don’t. This can lead to a conflict between the realtor and buyer.
You see the conflict, don’t you? Chances are the realtor told the buyer they could do the deal; but remember, you can never guarantee that a short sale will be successful, so if the short sale is not accepted by the lender then, how does the realtor make their buyer understand?
Also, even if the realtor is the buyer, what happens if the deal still does not go through? Is that alright with the average realtor? They did just spend their time and money, didn’t they? So how do you think an average agent feels? Do you think they are excited about doing the next short sale? And, if they are not excited about it, what do you think happens to your deal?
But why didn’t the lender accept the short sale? They may have thought the property was worth more, your short sale package was incomplete, or they may have been instructed to resell all foreclosed real estate as real estate owned (REO) property.
In summary, if you’re inexperienced at doing short sales, but you see a deal that makes you salivate and you want to buy the house at the price and terms you want–call me and let’s discuss your deal. Because, even though there is never a guarantee of success with a short sale–the only way to find romance is to take a chance.
Tags: foreclosure refinancing avoid foreclosure, Short sale, short sale foreclosure, Short Sales, stop foreclosure, stopping foreclosure
