Many agents are coming to us and asking if short sales are best deals for their buyers.  We tell Realtors that they must work extra hard when dealing with short sale properties.  Educating buyers on the restrictions and time-frame for negotiating are just a few of the many factors involved with buying preforeclosures (another name for short sales).

Some factors to consider when working with short sales:

1. Offers must be directly submitted to banks or lending institutions
2. It may take up to a month to hear back from the bank on an offer, so tell your buyers that patience is a virtue when it comes to preforeclosures.
3.  Most of the time, banks will not give seller contributions to buyer’s closing costs.
4. Notify your buyers that banks sell all of their real estate listings in “As-Is” condition.  Any repairs will most likely have to be fixed by the buyers.
5. Make sure to check to see if there are any other liens or second mortgages on the property of interest which will have to be removed from title before closing.
6. Finally, most banks will cut Realtor commissions down to 2.5 or 2.0%

As a Realtor, you must understand that short sales are very tedious and sometimes extremely frustrating.  Make sure you educate your buyers and let them fully understand the process of purchasing short sale properties as oppose to buying a conventional home sold by the actual owner that lives in the home.  I suggest that novice Realtors learn from seasoned short sale specialists if they are looking to get their feet wet in the short sale real estate business.  Other agents may want to focus their marketing efforts to conventional sellers’ properties where the deal will go more smoothly, and perhaps your buyers will get even a better deal in the long run at closing.

We understand first hand just how demanding and time consuming the short sale negotiation process can be. Therefore, the services provided by Northwest Loss Mitigation Services have been developed and streamlined for real estate agents to quickly generate more successful closings in addition to saving them valuable time and energy. Most importantly, this will allow and give real estate agents much needed time to devote his or her own talents towards getting additional listings whereby increasing the potential to create more revenue.

What We Do Best:
           • Help you obtain your clients’ necessary short sale documents.
           • Submit the short sale documents to the Lender.
           • Negotiate with the lender and handle all correspondence with the trustees and attorneys who are involved with the Transaction.
           • Coordinate with necessary title companies, appraisers, home inspectors, attorneys, etc.
           • Work with the Lender in facilitating the closing documents and assist the title company with the closing of escrow.

What you do best:
           • Continue to market the Property and maintain its showing history
           • Provide us additional comparables and provide listing history if needed.
           • Communicate and negotiate with the buyer’s agent when necessary.
           • Continue your existing marketing efforts to generate new listings.

Contact us today, we look forward to working with you. 

Not sure if we can help? Call us, to ask us questions about our services, we would be happy to hear from you and see if we can help.

 
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