Short sales are a lot of work for the Realtor AND the homeowner and so worth the effort. The giant ship called the “Lenders” are finally getting their respective acts together and are (for the most part) cooperating with the homeowners and their Realtors to process the “Short Sale”. Short Sales are an agreement that the lender will accept less than what is owed on the property in a Real Estate transaction. The lender will do this because it costs them thousands less to settle short than to take back the property on a foreclosure. They have legal fees, property maintenance fees, time on market, etc. when they have to foreclose.
Homeowners are warned to do their due diligence when selecting an agent to sell their home on a “Short Sale”. A helpful hint is to call their local Real Estate Company and ask “Who in your office does Short Sales”? You may have to bounce around a bit to find someone. I specialize in Short Sales for the Glendale Arizona and NW Valley. There are many agents who either don’t know how to negotiate a Short Sale and many more who just don’t want to put in the time. Ask your Realtor what kind of experience they have in doing Short Sales? It is important to ask them how many Short Sales have they negotiated? What is their success rate? Communication in this new era of business is critical. Knowing how to navigate these rough waters and staying in constant contact with the lender and the buyer/sellers agent. That is the key to holding a Short Sale transaction together. They should have a plan of action, forms that they will need for you to fill out, etc. It will take some work on your part to find a good Realtor and if you chose the right one you will likely be able to save some of your valuable credit rating by selling short. Be sure to maintain your other monthly obligations if at all possible, these are crucial.
Each state has it’s own timeframes in which they operate. It is important to know how many missed payments it takes before a Notice of Default is triggered by the bank. Once the Notice of Default is issued, how long before the scheduled Auction Date takes place? What if I am able to make a partial payment? If I have a contract on my home for a Short Sale, will I be able to postpone the foreclosure date? These are some of the questions that I am able to answer for my clients and some of the important questions that as a seller you should be asking of your Realtor.
You do have options. As a Glendale AZ foreclosure prevention specialist, I am able to help you evaluate your situation. If I don’t think we can help you–I will tell you. No empty promises here!
We will be happy to help you to find a Realtor in your area that specializes in Short Sales.
Sincerely,
Elise Fay
602-329-7782
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
