Short Sales: Tips For Realtors
The short sale. It can be a big challenge for realtors to make one of these turn out well for everyone concerned. The fact that a mortgage is involved can put a bad taste in the home owner’s mouth – and that can translate into difficulties during negotiation.
Our webinar will give you some in-depth advice on making these tricky sales work, but until then, here are a handful of tips.
As a realtor, you need to emphasize how important it is for the seller to show the house to a number of potential buyers. Since a short sale client is most likely still going to be living in their home, they may feel awkward about having home inspectors or others strolling through the residence. Unfortunately, this is par for the course in a short sale. If you prepare clients for their mixed or unpleasant emotions about the situation, it can help things go more smoothly.
Another fact you should inform your short sale clients of is that they will have to provide monthly financial records and bank statements to the banks. Make sure the client is keeping track of all receipts, checks, and any other financial transaction.
You can also help the client see where some hang-ups can occur during the short sale. Some mortgage companies may require a promissory note that says the seller will reimburse them. Clients should also be primed to expect changes in market value from week to week. In addition to these tips, you can also point out the need for clients to be accommodating about their purchase offers.
Be sure to attend our free webinar on Tuesday, April 17th at 11 AM! In our Short Sales: The Top 10 Issues webinar, you’ll get more tips that will give you the edge you need to be the best short sale realtor on your block.
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