SHORT SALE, SHORT SALE,  SHORT SALE

ATTENDED A COMPREHENSIVE AGENT EDUCATIONAL SEMINAR THIS MORNING.  AND, NO I DIDN’T GO TO SLEEP 1/2 WAY THROUGH.

THERE ARE SOUND BITES IN THE NEWS AND SHORT ARTICLES ON BLOGS LIKE MINE AND NEWSPAPER ARTICLES BY THOSE IN THE REAL ESTATE WORLD.

WELL TODAY WHAT I HEARD WAS FROM A GENTLEMAN THAT WAS A BANKER AND A LOAN MITIGATION OFFICER.  HOW ENLIGHTENING TO GET THE OTHER SIDE OF THE SHORT SALE STORY. THIS GENTLEMAN WAS AFFILIATED WITH INDY-MAC BANK.  HIS ADDRESS WAS FORMULATED TO HELP AGENTS PERFORM MORE EFFICIENTLY FOR THE SELLERS THEY REPRESENT.

THE MYSTIQUE OF THE BANK’S ROLE IN SHORT SALES WAS LIFTED.  BANKS DO NOT WANT TO OWN PROPERTY THROUGH FORECLOSURE.  THE LEGAL WORK AND TIME INVESTED IN AN REO (REAL ESTATE BANK OWNED PROPERTY) IS A FAR MORE EXPENSIVE FOR BANKS——–PROPER NEGOTIATIONS ON A SHORT SALE CAN AND DOES BRING A QUICKER END RESULT. ADMITTEDLY ANY KIND OF DISTRESSED SALE BY AN OWNER IS STRESSFUL AND EMOTIONALLY DRAINING.  TO BANKS, THE BOTTOM LINE IS EVERYTHING. NO EMOTION ENTERS AND SELLERS UNFORTUNATE CIRCUMSTANCES ARE NOT IN THEIR EQUATION.

HENCE

THE MORE EDUCATED THE SELLER’S LISTING AGENT IS, KNOWING HOW BANKS & LENDERS HANDLE SHORT SALES THE BETTER. THE SELLER’S PROGRESS THROUGH THE SHORT SALE AND THE ESCROW CLOSES.  THE SELLERS ARE OUT FROM UNDER THEIR SHORT. MY HOPE IS THE SELLERS CAN THEN REPURCHASE OR MOVE TO A MORE FAVORABLE LIVING ARRANGEMENT BASED ON THEIR CIRCUMSTANCES.

NOW THE BUYERS, THEIR TIME LINE CAN BE SHORTENED AS WELL.  INFORMED AGENTS WORKING PROPERLY WITH LENDERS AND BRINGING TRANSACTIONS TO THE CLOSE OF ESCROW IN 30 DAYS IS A GOOD THING. THERE ARE MANY SITUATIONS UP TO NOW THAT HAVE DRAGGED ON AND ON. SOME OFFERS ARE TAKING FROM 12 TO 18 MONTHS.  KNOWING HOW TO SPEED THIS PROCESS
TO A PROPER COMPLETION SAVES MONEY ON BOTH ENDS.   YES, TIME IS STILL $$$$$.

SHORT SALES AND FORECLOSURES CAN CREATE AN ECONOMIC BLIGHT IN NEIGHBORHOODS. VALUES ARE EFFECTED IN A NEGATIVE WAY.  TIME SAVED BY EFFICIENTLY BRINGING SHORT SALES TO THE CLOSE OF ESCROW IN THE SHORTEST TIME POSSIBLE WILL BENEFIT ALL PROPERTIES IN THE NEIGHBORHOOD.  FORECLOSURES HAVE THEIR OWN SET OF DYNAMICS AND ONCE THE BANKS HAVE CONTROL OF THE PROPERTY, THEY WILL WANT SALES TRANSFERS TO OCCUR AS QUICKLY AS POSSIBLE.  AGAIN, TIME IS $$$$$.

I WILL BE AVAILABLE FOR ANY QUESTIONS.  IF YOU ARE JUST INTERESTED IN BUYING OR SELLING CALL ME.    REMEMBER, A CONSULTATION APPOINTMENT MAY BE JUST WHAT YOU NEED AT THIS TIME.  I OFFER CONSULTATIONS APPOINTMENTS WITH NO OBLIGATION OR FEE FOR MY TIME.

GOD BLESS AMERICA