Real Estate Adventures

The new kid on the block is beginning to get some respect. I'm talking about the Short Sale method of disposing of a property. Being new to just about everyone involved including Realtors and bank employees, the short sale is now just beginning to be understood. I'm not saying that every advertised short sale listing is a real short sale candidate. In fact I've been told by a former bank officer that on average only 10% of all short sale contracts actually ever close. That of course is an across the board percentage mixing those who know what they're doing with those who do not. And I'm sorry to say that probably 1 out of 10 Realtors know what they are doing when it comes to getting a short sale contract to actually close.

A successful short sale is truly a win-win for everyone involved.  If not successful it can be calamity for everyone. There is no middle ground that I can see. Not yet anyway. Knowing what can make a good short sale and recognizing the one's that won't requires that the Realtor or agent perform a good amount of diligence in research. Current value, outstanding liens, the sellers situation and the direction of the market are key to determining how realistic a possible short sale contract may be. This is only the beginning. A required package of information prepared by the agent with the seller should be ready to go to individuals specifically handling short sale contracts for that bank. There may be a second mortgage holder or a HELOC involved for consideration as well.

If you are in an upside down position on your property and need some straightforward answers to some tough questions, please call me directly. Don't gamble with odds like 1 in 10. There's a 90% chance that you will lose. Swing the odds in your favor. Talk to someone who can help you understand your options and get you going in the right direction. Call me directly at 561-306-6736 or email me from this web site.