Short sales provide home buyers with a chance to get a better deal on a home. They also allow sellers to avoid going through a foreclosure. Handling these real estate transactions as a realtor requires thorough knowledge of how they work and what types of complications are associated with them.
Here’s some valuable short sale advice for realtors:
- Setting the price. Realtors work with sellers in order to come up with an attractive listing price. However, it’s important to keep in mind that the bank ultimately decides how much the home will sell for.
- Dealing with more than one loan. When a seller has two or more loans, the short sale process will become more complex. Realtors should let buyers know this, so they can decide whether or not they want to deal with the extra time involved.
- Comparing home sales. In order to come up with a reasonable listing price for a short sale property, realtors should compare the selling prices of other homes in the area. This will also make it easier for the buyer to come up with their offer and lower the chance of having them make one that the bank will reject for being too low.
- Keeping sellers informed. Sellers will need strong guidance through the short sale process. The first step is helping them determine whether or not they qualify for a short sale. The bank might not approve it if the sellers own other properties or if they have a solid financial situation.
- Speeding up the process. Working with the bank to come up with an approved short sale helps speed things up for the buyer, since the bank has already approved the price.
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