Mistakes In A World Of Short Sales
Today in San Diego County, nearly one out of every two homes available for sale through the MLS, is an “attempting” short sale. This is a ratio that is not unordinary throughout the majority of communities across the United States. With the added element to a real estate transaction involving lender approval and the enormity of distressed properties attempting to be short sold, it is no wonder why the short sale process can be an expected “hurry up and wait”. There are however methods that can be employed by the parties to the contract and the agents representing both parties, to ensure a timely process. Far to often the interpretation of a “short sale” and the mechanics involved, are misunderstood by the selling, or listing agent, and those misinterpretations are conveyed to the parties to the contract and…. well you can see where I’m going with this. Real Estate agents must understand that apart from the fact that there is another party to the transaction, the lender, the process should be conducted as any other real estate sale. Proper staging, marketing and negotiation of the sale should be employed instead of simply conveying an image of a “closing out sale” where there is an attempt to stir up interest with rock-bottom pricing and low ball offers. Real Estate agents must understand that we are most likely going to be in this market for the next couple of years or more and employ responsible, fundamental real estate strategies in order to best serve their clients and assist in stabilizing their housing market.
