Think your short sale may end up like the Titanic?
Many agents have never submitted an offer on a short sale property. They think they will encounter the same set of rules and protocol as in a "normal" transaction (whatever that is!), such as asking for repairs, expecting a counter offer, timely responses, etc. They don't realize that a short sale is completely different!
When you are marketing a short sale, do you...
- Tell other agents in the MLS the deal is "subject to third party approval" and instruct them to include that phrase in the contract?
- Clearly state that the commission may be reduced, per the bank? (On FHA, cannot be reduced under 6% - yay)
- Give any written tips on submitting a short sale offer?
- Let the other agent know that the price is already incredibly low, and the bank/lender has guidelines you cannot control, so don't show up with a 50% of asking price offer?
- Offer a sample of the process with no guarantees on timing or even eventual closing prospects?
- Send out links that they can send to clients?
So...If you want to weed out the pressure buyers who have a set time frame, or must close;
If you want to work with an agent who understands the process and won't have unrealistic expectations because of what they don't realize;
If you want to save the deal, get the job done, get paid and have time to sell other properties and have a life...
You will want to provide this type of info to help inexperienced agents and buyers. The agents will thank you, the buyers and sellers will thank you, and you will rescue many deals from sinking.
Dawn Maloney, REALTOR®, ABR, with RE/MAX Commitment.
Serving Hudson and Northeast Ohio since 2003, Call 330-990-4236.
Your Referrals Are Treated With Skilled Care & Appreciation!
Dawn Maloney, REALTOR®, Luxury Home Marketing RE/MAX Haven Realty
Direct: (330) 990-4236 Email: email@example.com
Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003.
All content ©2006-2014 by Dawn Maloney, REALTOR® unless otherwise noted.