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Information for REALTORS
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IF YOU ARE A REALTOR CALL ME! Can any agent do short sales consistantly and close them successfully? ... Only if agent has had experience with short sales in down real estate markets in the past, otherwise it will delay things or at worst it could cause the bank to decline the short sale approval on the basis of erroneous, incomplete, untimely or right down fraudulent information.
Since Florida did not have a serious down turn in the real estate market for over a decade hardly any agents here ever did a short sale. Therefore, most have no experience whatever in short sales, nor dealing with buyers for a short sale negotiation, marketing the property correctly to attract not just an offer but one that will make sense to the lender and ultimately in dealing directly with the lender in a professional competent manner.
The last thing a lender wants is to have to deal with incomplete packages, absurd offers, unqualified buyers, misrepresentation by owners of true hardship and unprofessional Realtors to top it off. The great majority of real estate agents in Florida are relatively new to the business or are part-timers and most obtained their license in the past 5-7 years when every one and their cat got a real estate license attracted by the easy money.
The term 'short sale' was foreign to them and only now they hear it for the first time! Too many are calling themselves experts at short sales. Many more take the short sale listing and think is not brainer. How can you become an expert overnight? You may be lucky and do one but the other deals may be lost. You can go to a seminar and hear the basics from some title company or scam artist, however, true experience in 'short sales' only comes with, you guessed it, ... 'experience'.
YOU NEED TO KNOW HOW TO SPEAK TO BANKS IN ORDER TO SHOW THAT THE PROPERTY AND THE SELLER'S SITUATION JUSTIFYS A SHORT SALE PLUS HAVE A CLEAR VISION OF HOW TO HANDLE THE MARKETING TO OBTAIN AN OFFER ON THE PROPERTY THAT WILL MEET LENDER'S DEMANDS.
With the market today the way that it is a lot of buyers will be attracted to properties offered under a short sale negotiation with a lender. The problem is, however, that if you deal with a listing agent who has no clue regarding short sales you are at risk of wasting precious time and maybe losing your buyer in the end.
Two things you need to know up front. Is the owner of the property truly a likely candidate for a short sale? or is he thinking that he can just dump the property onto the lender and run away. Second, is the offer being sent to the lender a reasonable offer under the circumstances? And if it is, will the lender be able to see it that way
Lenders can smell out if an offer is for an 'end user' or for a speculator who wants to 'steal' property and then flip it. This means, you better not bother with ridiculous low offers under a short sale negotiation as the loss mitigation department people at banks are not stupid at all.Call us if you have a truly qualified end user buyer who can wait up to 60 days and is looking to purchase a good property at a discount over present market values. We are true area professionals with over 20 years of experience in real estate and have negotiated different types of short sales with lenders in the past.
We understand this market better than any one out there... this is a mirror market of what we lived through in Southern California during that state's real estate melt-down of the late 1990s. You will be dealing with a professional Realtor who knows the word integrity and who knows how to best present your offer to the lender. This is very important so that you get a positive response in a reasonable time.
A word of caution, please. Be careful not to create false expectations in you buyer regarding price. Lenders for the properties in desirable areas such as Weston are less likely to accept a low ball offer than if property is in less of a desirable neighborhood. It is all a matter of math. Good areas will have higher bidders when it comes to foreclosed or 'short sale' property.
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