Short Sale coaching for life
Question. What is a short sale you ask?
Answer. A Short Sale is when a Property can not be sold for what the full amount of the mortgage is plus the real-estate fees and closing costs are. So in order for the home to be sold the bank must be included in the sale and must understand why the property is in this situation and agree to the sale and they will need to issue a letter of short sale approval to the title company for the sale to be completed.
Question. How do I know if i must do a short sale?
Answer. This is a very important question to find the correct answer to, and requires a great deal of home work on your part to decide. so here are some questions you need to ask the Realtors and or Investors who you will need to interview to determine your next move.
To the Realtors.
How many short-sales have you done in your carrier? Brook's stats? Over 300
what is your ratio of normal sales to short sales in a year? Brook's Stats? 80% are successful Short-Sales
What percentage of your short sales do you get closed successfully? Brook's Stats? 90%
what percent do you get closed with the seller having no recourse or deficiency? Brook's stats? About 95% have no recourse
Ask for testimonials from happy clients. If the realtor has not done at least 20 short sales find another realtor. like me.
To the Investor.
Investors say I want to buy your home and I will rent it back to you, and then in the future you can buy it back, but they don't know what the home can be bought for so you need to be careful because they have one persons best interest at heart and its not yours. Banks don't like working with investors because they know they don't have the banks best interests at heart and if there if enough money in the home for a investor to buy it and turn around and sell it and make money they are selling it to low.
So if an investor wants to buy it let a realtor Handel it so you are protected from the bank recourse unless the investor is willing to protect your best interests.
Question. Who pays the realtor fees?
Answer. The banks will pay the realtor fees so why not let a realtor Handel the transaction? The banks pay the fees because they want to be protected from liability, and if the banks want this don't you?
Check back in the future for pod casts on other info regarding the short sales.
