Did you know as of third quarter, 2009, that one in six Wasatch Front homes listed was a short sale?  So stated in “Destination: Short Sale Success” by Deann Devey, UAR Communications Director in Utah Realtor, Third Quarter 2009.   According to Devey there are some common areas where seller and buyer and real estate agent need to be connected.

• Both homeowner and agent must be committed to the short sale.  The homeowner needs to see it through, submit the documentation that the lender wants with honesty and complete disclosure, and the agent must work closely with the homeowners to understand their situation and commit their time and effort.  According to Scott Thompson, senior vice president of Mortgage Resolution Srvices in a webinar for the National Association of Realtors, realtors should take “a careful look at any  potential short sale transaction before committing their time and resources on a deal that might not close.”  Timing is everything.  If there is one month left before foreclosure, there won’t be enough time to process a short sale.  Both Homeowner and Agent need to realize this.
• Devey state how important it is to know what’s on the Property’s Title.  It’s safe to say, the more mortgages and liens on the property, the harder it will be to negotiate all parties and to close the deal.  I’ve seen short sales where the second mortgage or third lien has literally “killed the deal”.
• Other tips Devey suggests for homeowner, buyer and agent are:  know the loan, know how to price the property, understand the numbers, communicate regularly with the banks or lenders, communicate regularly with buyers, know liablility, educate buyers, understand the components of a successful offer and be ready to close.