Short Sales have a specific benefit to neighborhoods. In contrast to a foreclosure, where the bank takes possession of the house and it sits on the market for months or even years, a short sale allows one family to move out and the next family to move in. It reduces the number of vacant homes in the community that may invite mischief or decline in condition, and keeps the property and yard well-kept.
The Top Three Short Sale problems include:
- The process takes too long.
- Broker Price Opinions from offsite brokers can inaccurately reflect a property’s value in its market.
- Inexperienced agents are not able to execute the arduous and complex process with the strategies, knowledge and grace needed.
Statistics show that fewer than 40% of short sales close. This is due in part to the volume of short sales managed by a lender’s asset management department, and in part to buyer frustration caused by delay ending in a withdrawn contract.
Delay can be caused by the bank-selected offsite broker’s inexperience with the local market values resulting in the return of an abnormally high broker price opinion of the property’s value.
Or your listing agent’s lack of knowledge of skill in the short sale transaction.
“‘Short Sale’ is not a legal term, but a term of art,’ says Scott Green, Attorney at lawAvania in Charlotte, NC. However, there are certain legal consequences of the short sale that can be decreased or eliminated by following expert legal counsel from an experienced real estate attorney such as Scott. His firm specializes in partnering with the seller and listing agent to protect the transaction from floundering and to reduce the legal affect a short sale has on the seller’s assets, tax liability, credit worthiness, and future home buying ability. From coordinating with the bank’s negotiator to representing the seller at the foreclosure hearing, Scott and his team attempt to postpone the forced sale of the home, allowing the homeowner more time to complete the short sale process.
Buyers benefit by having their transaction coordinated by a short sale specialist attorney to assure closing on time.
Scott doesn’t list your home for sale or negotiate your offer to purchase and contract – that’s your REALTOR®’s job. Scott’s expertise, added to your Short Sale Experienced REALTOR®’s part of the transaction, brings 95%+ more short sales to the closing table.
My job as your listing agent is to accurately set the list price on your property using the latest comparable sold properties in your neighborhood, to uncover your net, represent your best interests in the transaction from concept to closing, and to coordinate behind the scenes with your bank knowing the scope and sequence of events and documents required to bring you to a successful closing.
If you, or anyone you know in the Charlotte Metro area, is facing a short sale, please give me a call. I am a highly trained and experienced with the short sale transaction and can make the difference between closing and not closing on your sale.
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I love what I do, I’m good at it, & I’d love to work with you! My personal best is 8th with foreclosure bid; we not only won (it was NOT more $), but listing agent complimented me on my complete package, & asked permission to use my secret weapon!
My listing was on Google, first page, number three position, ‘above the fold’ within minutes of my blog post featuring it!
Chrystal is a REALTOR® and principal of The Safari Group, a local, homegrown real estate firm, specializing in all phases of the residential and small business real estate market, including New Construction, Finance, Marketing, Objection Handling, Relocation, Technology, Foreclosures, Short Sales, and Luxury Homes and GREEN Features. Contact her at 704.562.1030 TXT/PH or Chrystal@TheSafariGroup.com