The key to a successful short sale

A short sale is a real estate transaction in which the seller’s bank agrees to sell a property for less than what is owed.

While on the surface it may seem like a bad idea for the lender, it actually gives them an opportunity to keep more money than they would have had the property fallen into foreclosure.  Foreclosures are much more expensive for lenders, so a short sale allows them a way out of a bad situation.

For the homeowner who is falling behind on payments, the short sale is a great tool to avoid the pain of foreclosure.  It is also less damaging to a seller’s credit.  While both parties lose some money in a short sale, it’s a lot less than the alternative.

The problem with doing a short sale is that it can be more frustrating and challenging than a regular transaction.  Both parties give up certain arrangements pertaining to a previous agreement, so the negotiation can be intense and more time-consuming.

That’s why smart homeowners are taking advantage of an expert who knows how to handle all the complicated aspects of a short sale—your local real estate agent.  Much more than just a salesperson, your agent is your community expert who knows how to make short sales work for you.

Real estate agents help their clients with the communication between them and their lender, often cutting weeks off the time it takes to close a sale.  They also manage the listing of the home and assist with the negotiation.

When it comes to short sales, the assistance of a real estate agent is invaluable.  However, not all real estate agents are created equal.

Bruce & I have taken classes on how to deal with short sales, as they are not your typical transaction. Make sure the agent you choose also has this knowledge- or just give us a call!!