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Short Sale Follow Through

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(May 11, 2009 - Photo by Clive Brunskill/Getty Images Europe)

As a listing agent specializing in short sales, I have run into many situations that raise red flags throughout the short sale process. One of those is finding out that the home owner isn’t prepared for the commitment involved in pursuing the short sale.

When you enter into a short sale listing agreement with your brokerage, represented by your REALTOR, you are hiring them to not only market your property, but also negotiate the short payoff to your lenders. While there is no official difference between a short sale listing, and a regular listing, the fundamental game-plan that we implement when we market your property is quite different than a traditional sale.

Your agreement to sell short is taken very seriously by your agent because of the amount of work that is involved after receiving an offer. It also must be taken very seriously by you, the owner. If at any point in time you doubt whether or not you really intend to walk through the process of a short sale, then you may not be a true candidate for a short sale. You see, even if your circumstances would support a short sale, you need to be completely committed to the process and you need to see it through to the end, whatever result that may be.

Comments

  1. Jon,

    A buyer wants to do the negotiating with the bank on a short sale listing that I have. My goal is to stop my Seller's foreclosure and avoid any deficiency judgment. Have you seen or used a contract that the short sale negotiator (the Buyer) would have with the Seller identifying the negotiator's fiduciary responsibility to the Seller?

    Sandy Thayer
    Stone Tower Properties
    Geneva, Illinois