Experience is the name every one gives to their mistakes“,

Oscar Wilde, Irish Poet and writer declared.

Let me apply this thing called “experience” to that of being a Short Sale Specialist; Specialist defined as one who concentrates in a particular area and becomes most knowledgeable.

What has provided me with experience in selling homes as a Short Sale and I’m sure this can ring home with many who have actively chosen to specialize in Short Sales. How do you acquire valuable experience with Short Sales? Knowing what not to do:

  • Forgetting to list past due Association fees on the Settlement statement for Sellers Lender to approve or
  • For that matter, missing any fee to show on the Settlement statement that Seller’s Lender must approve to pay, such as Taxes or other liens
  • Thinking that the condition of a Short Sale home is expected to be poor and don’t recommend Seller to get home in its best light
  • Taking the Sellers word for it that they have just one mortgage
  • Not receiving all of the Sellers financial statements to be reviewed
  • Not knowing if there is a foreclosure filing and/or judgment date
  • Believing the Sellers Lenders negotiators word as gospel
  • Accepting “no” as an answer from the Sellers Lender to Short Sale approval
  • Accepting the promissory note demanded by Seller’s Lender
  • Accepting the “no waiver of deficiency” by Sellers Lender
  • Allowing any offer to be accepted by the Seller
  • Not adjusting List price when no Buyer’s offers come in to purchase Sellers home or letting a listing expire
  • Accepting a flimsy pre qualification from Buyer’s Lender
  • Following up with the Sellers Lender according to their time schedule when they tell you to call back in 14 days
  • Allowing the Buyer to think the Seller will pay for what is customarily a Buyers closing fee just because it’s a Short Sale and they claim it doesn’t matter because the Short Sale Lender will pay for it.

Are you looking to sell your home as a Short Sale? Experience matters.

Recommended Posts

Leave a Comment