Two components - listing, marketing and getting a contract on the property - use a REALTOR. Negotiating the Short Sale - use someone who knows what they are doing in that arena - which may or may not be the same REALTOR.
Two components - listing, marketing and getting a contract on the property - use a REALTOR.
Negotiating the Short Sale - use someone who knows what they are doing in that arena - which may or may not be the same REALTOR.
Can I Do A Short Sale Without a Real Estate Agent?
I got this question today, and my first reaction was, "Why would you want to?"
I'll get into the technicalities of this answer in a second, but here's what struck me. After speaking with this lady for a while, I came to find out that she was concerned about the commission. She was unaware that in a Short Sale, the seller does not pay the commission. I asked her who gave her that information, and...
wait for it...
Her FRIEND, who has a real estate license told her!
"Did you tell you friend that it was going to be a Short Sale and not an equity sale?" I said.
"Oh yes, I told him. But he said I'd still have to pay the commission."
When I woke up, I had a bump on the back of my head. Luckily, the nice lady was still there. (okay, okay, I didn't pass out, but I did feel light-headed!!!).
I probed further to try and find out what other bad advice her friend had given her, and it was scary!
By the way, Buyers and Sellers who are reading this, unless you are CERTAIN that your friend is a "Successful" "Full Time" Realtor, you should seriously consider finding someone who is!!!!
This is not a day at the beach, folks, this is very difficult, time consuming, constantly evolving, complicated process that even the best Realtors can struggle with at times. And while you like your friend (or a family member for that matter), your friend (or family member) may not be the best person for the job. I know, I know, "but he's/she's a really great person". Probably true. But being a great person doesn't equal being able to get a short sale closed.
Okay, back to the story. After the discussion, I felt good that I had at least clarified several things she didn't understand. She still wanted to do the short sale by herself (go figure), but I told her she could call me with questions.
Now, in order to do a short sale without an agent or REALTOR, which I strongly suggest you don't do, you have to list your home for sale... aka, For Sale By Owner. In CA, you have mandatory disclosures that have to be made to the potential buyer, and you have to know what those are and how to correctly fill them in. You have to stay in contact with your lender(s) as well as with the buyer, and potentially, the buyers' agent. You may have to open up escrow at a certain point, order title information, order Natural Hazard Disclosures, etc., and coordinate all this with the dates and deadlines on the Approval Letter.
That's a brief overview of what you would need to do, and after reading it, I don't want to do it anymore! (Just kidding, I joke from time to time)
Seriously, this is a major event, and one that is tough to manage. I do NOT recommend taking on this task without a very experienced Short Sale agent. No matter what city or what state your in, find a Realtor who specializes in these types of transactions. You'll be glad you did!
Rob Magnotta ~ http://www.servinghuntingtonbeach.com
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty