Supply and Demand is always in control of the real estate market.  Too much supply & very low demand and prices go down.  This is where we are in today's real estate market and it's tough for many home owners to understand.

When prices go down, many are left owing more than the home is worth.  If those upside down owners need to sell, a Short Sale is their best option.

A common misconception of Short Sales is that they take forever to sell.  This is True and False as much of it depends on your real estate agent who is doing the Short Sale.  I have a personal goal of 45 days or less to sell the home. 45 days is FAST in any market, especially in this horrible real estate market, however I hit the goal more often than I don't.

5 Keys plus 1 Bonus to Short Selling Fast:

  • The right Short Sale Agent: Many agents do not do short sales, some are just getting into doing them, and some have become "experts" by taking a class.  BE CAREFUL!  There is only a few players in town who have the 3 critical criteria:  1. Experience doing Short Sales, 2. Success closing Short Sales, 3. Processes to manage the Short Sale.  Without these 3 criteria, run the other way.
  • Pricing Plan: Your agent should price the home accordingly.  A short sale is not a give away but it is a sale at today's market value....remember supply is very high and demand is very low.  Too many times I see homes priced well above the market value while the REALTOR and the owners hope for an offer.  We do things differently:  We have a plan to price and move the price accordingly to get the results that we demand.
  • CLEAN and CURB APPEAL: Forget the idea that you don't need to keep things nice because someone is getting a really good deal.  Newsflash:  There are really good deals everywhere.  Your Short Sale must stand out!  Get rid of junk.  Correct over stuffed rooms and over stuffed closets.  Clean like you have never cleaned before.  Clean the carpets, bathroom grout, shine up everything, clean the windows.  Go outside, trim the hedges, clean up the yard, add some flowers.  This is a competition and you must win.
  • Access: There should be no problems showing the home at any given day or time.  If you restrict showings, you could be turning away your buyer.  I have several homes that have tenants in the property - This is bad as the tenants almost always deny showings on a regular basis.  If you have tenants, discuss with them some options to get them to move.
  • Compliance: I use a Short Sale Attorney in Jacksonville to represent you the seller in the transaction and negotiations with the bank.  Your fee for this is very minimal - usually between $200 to $500.  The banks will require specific documents from you the Seller and often times will require updated documents while we are in negotiations with the bank.  Your timely compliance is crucial.  Waiting a day or two in between request and you are pushing the closing out a couple more days.  Be aggressive with request and get your business handled.
  • BONUS ITEM:  Front Load your Inspections: If you have the cash on hand and even if it is extremely tight, you should pay to have a complete home inspection and Wood Destroying Organism inspection completed before the home goes on the market.  About $500 bucks total.  This would remove any "contingencies" for the buyer as they know exactly what they are getting before going into a contract.  Too often a buyer finds out 90 days into the contract that the house needs new siding and the buyer can't afford to replace it when they close and the seller can't afford to replace it either.  Obviously, knowing what is potentially wrong with the house ahead of time would help to avoid these situations and avoid wasting your time.
Posted by Brad Officer on
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