Front Shorts
Firstly, yes some sales are slow to sell and "yes" some ads selling may be frustrating. But let me tell you this, not all are equal! With a little patience and a little creativity you can overcome some weaknesses of listing pre-foreclosure/short properties for sale and make money helping homeowners get out from under the heavy debt burden and stress, they are subject.
Let's deconstruct three of the greatest myths of selling short:
- Reduced commissions
- They take too long
- Too difficult to close
1. Reduced commissions
Yes, is true when there is a short sale, the lender is in the driver's seat. And as they hate losing money they tend to reduce the amount of commission an average of 1%, which means that if your area pays 6%, 5% they approve, to be divided by both agents involved in the transaction.
You know what I say to that? Who cares! Be creative! Did you know there are 7 centers additional profits that you can offset your cup 1% commission? Let's look at what they are:
- A " Fee limit losses "by the lender
- A "loss mitigation Fee" through the buyer
- A "Loss Mitigation Fee" through the attorney or title company.
- A "loss mitigation Fee" through Vendor
- Referral fee for a listing agent (to work to limit losses on the sale).
- Buy as an investment (buy and hold or buy and flip).
- Any combination of all these tips!
The "costs of mitigation" is a tax that we collect when we negotiate successfully selling and have the lender pay exclude all closing costs (realtor commissions, attorney / title company charges, transportation taxes, etc..)
2. It takes too long
The average loss Mitigator receives an average of 30 new cases per day. Not a week, not month but one day! It's part of why short sales can take some time, but this is not the main reason. The main reason is because the majority of estate agents submit packages short sale are less than adequate and professional! Meaning;
- They are incomplete in terms of paperwork (whole documents are missing)
- They are poorly prepared (yes, it makes a difference!)
- They are sent to the wrong person or department (which happens very often)
- They are incomplete in terms of information (ie the financial worksheet is not completely filled)
These reasons and more because of short sales get a hung. Again, take what the defense gives you. If damping loss are overwhelmed, then the key is to put together a package professional and presentable short sales guaranteed to get your offer of selling has reviewed and approved.
3. They are too hard to close
With the legal system, they are not difficult! Let's take a look at how to overcome the two biggest reasons why short sales jump just before the closure.
- Not managing expectations
- This is a process of negotiation. Be sure to clearly communicate the process every step of the way to the buyer and seller. We use a tool sale online short management called ManageMyShortSale.com to keep automatically all the people involved in the process of selling, which is updated in real time.
- Many offers explode because real estate agents fail to communicate to both the owner and the buyer the current state of short selling and What to expect when they negotiate with the lender foreclosure (s).
- The lack of qualified buyers
The key is not having a single buyer, but to have a pool of qualified buyers who are pre-approved. Buyers best to keep an eye on those who are already pre-approved and have funds in place to make an actual purchase.
The two ways most easy to do are:
Start with networking all real estate agents who specializes in representing the buyer. They are easy to find since it is in all their advertisements.
Start working closely with every single mortgage broker or direct lender that you know, or one of your fellow agents knows.
In conclusion, listing properties for sale pre-foreclosure/short may take some time to close. However, in this market need everyone to stick together and help each other. By building a good network of professionals real estate, we can all ensure that our listings (sales or otherwise) do not sit there without a buyer!
For more real estate industry news and blogs to limit losses and videos visit target www.RealEstateBusinessMentors.com = "_blank"> or visit target = "_blank"> www.AskBobLachance.com for a bank short sale negotiation issues.
About the Author:
Before joining North Shore Enterprises (NSE) in 2004, Bob Lachance was a 4-year-collegiate-scholarship athlete in ice hockey at Boston University where he won a National Championship in 1995. After leaving BU he enjoyed a successful 8 year career as a professional hockey player. Upon retirement from hockey, Bob completed several profitable real estate rehab projects for his own benefit. He then joined NSE as an associate responsible for property acquisitions and loss mitigation/lender negotiations. Bob brought the same determination and work ethic that lead to great success in his professional sports career and thus generated more acquisitions and short sale acceptance letters in a shorter time frame than any associate before or since. His outstanding performance led to a promotion to partner in 2005. Since that time, Bob has taken responsibility for all the day to day operations of NSE. As partner, he has overseen the acquisition of, the loss mitigation, and the disposition of over four hundred properties. Bob continues to be directly responsible for identifying good candidates for acquisition and for overseeing bank negotiations, and has been essential to the success and growth of NSE.
Article Source: ArticlesBase.com – The 3 Biggest Misconceptions That Real Estate Agents Have About Short Sale Listings
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