I recently obtained my Certified Distressed Property Expert (CDPE)certification. I have been successfully selling properties via short sale sine 2006 and while I didn’t think that I would learn anything at the training, I did. It turns out that the average Realtor successfully sells approximately 12% of the short sales they list!!!! You have to wonder how they manage to stay in the real estate business with that level of success.
I have sold hundred of properties and have a 95% success rate of selling and closing short sales! How do I do this? First, I thoroughly review ALL of the options available to a seller during the listing appointment. I make sure that selling the property is really what the seller wants to do. If a seller wants to keep their property and it appears that they may be able to do so, I will refer them to resources that can help them. If the seller will potentially expose themselves to more liability going through a short sale than if they allowed the property to go through foreclosure or a bankruptcy, I will refer them to a competent attorney.
Sellers who work with me are also prepared for all of the potential outcomes of a short sale. If I suspect (after reviewing the sellers financial information) that the lenders may ask them to bring a cash contribution to the closing or sign a promissory note for a portion of the debt I prepare them for this. I also am familiar with which lenders (and loan types) are including debt settlement in the terms of the short sale and which are not (experience has it’s perks). My clients also receive the best outcomes possible because I partner with an attorney that will represent them throughout the transaction and will negotiate the short sale with their lender(s).
In summary, thorough preparation of the seller means that I only list short sales with cooperative sellers who will not be surprised by the outcome of the transaction!
