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The SECRETS to getting a SHORT SALE Approved. What to do and what to avoid...

So you are having issues geetting the bank to approve a short sale? Please Thank Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH, he has provided us aome very good tips

A short sale does not need to be frustrating, It seems to go as well as the agent handling it is experienced in listing, negotiating and selling them. I list and sell short sales, foreclosures, bank owned homes and reo properties in and around the Manchester NH area so i see it all.

To get a short sale to to be approved and limit frustration, there are some things that everyone involved has to do and some things you should  avoid. 


SHORT SALE CLARIFICATIONS

1. The bank is not the seller in a short sale - the home owner is the seller.
2. The listing agent works for the home owner - not the bank.
3. The bank does not set a list price - the listing agent does.
4. The home owner accepts the offer - their bank must then approve the sale


SHORT SALE MYTHS - THINGS YOU NEED TO AVOID

1. THE LISTING AGENT SHOULD PRICE THE HOME WAY BELOW MARKET VALUE

This is one of the most common killers of a short sale, the banks will assess what the home is worth in todays market and will want that sale price near market value less any repairs needed

2. MORE THAN 1 OFFER SHOULD BE SUBMIITED TO THE BANK FOR APPROVAL

Virtually all banks prefer the listing agent to look at all offers, have the seller sign and accept only 1 offer and submit the best offer to them with the short sale package.

3. THE HIGHEST PRICE IS ALWAYS THE BEST OFFER

The highest priced offer may not be the best offer, an offer without any contingincies is best. Next best is an offer without a home inspection contingincy. Mortgage contingincies are allowed as long as a pre- APPROVAL is submitted with the offer.

4. ADDING AN EXPIRATION DATE TO YOUR OFFER WILL MAKE THE BANK WORK FASTER

This myth actually works against you, the process is what it is, if a negotiator sees an expiration date they often decline the short sale immediately. The process has certain steps and each one has to take place for an approval.

THE BEST TIPS WHEN BUYING A SHORT SALE

1. Work with an agent who is well experienced in the short sale process
2. Get pre-approved BEFORE looking at homes
3. Find out if the house in is in foreclosure, if so - you may want to avoid it.
4. Never base any offer on an asking price.
5. Assess what the house is worth and base your offer on that less any needed repairs. 
6. Try to inspect prior to making an offer. Include a credit for repairs needed in your initial offer.
7. Do not try and renegotiate after the bank accepts the short sale
8. Have patience and 2-3 months to wait to close as it may take that long
9. If you have no patience or need to close quickly, a short sale may not be for you
10. Be ready to close in 30 days from when the back approves the short sale

THE BEST TIPS WHEN SELLING A SHORT SALE

If you owe more than your house is worth, if you are behind in your payments or if you have to move. A Short Sale could be for you. The most important tips is to list with an agent who is well experienced in listing, negotiating and selling Short Sales. If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.

AVOID OUT OF STATE AGENTS AND NEGIOTIATORS!!!!!!!!



CONCLUSION: As a Leading Listing Agent here in New Hampshire, I strive to offer my clients the best in personal and Professional service. Whether you are the seller, the buyer or another agent it is my goal to be the most helpful agent i can be. Treating Buyers and Other Agents with respect (Like i would want to be treated) is the only way to lead ones life and business. It keeps buyers and agents coming back as well as gets my listings sold quickly and at the best price obtainable.

In a Short Sale you often only have 1 chance to sell it correctly. Making a bad choice on who you list it with or waiting too long if the foreclsoure process has started can kill a short sale quickly.  CALL ME FIRST for RESULTS!!!



If you need to sell your home and If you may owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!


PLEASE SEE SOME OF MY MOST POPULAR BLOGS

 
 
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.





 

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C. Lloyd McKenzie, MBA

Associate Broker

Berkshire Hathaway HomeServices

New Mexico Properties/Allstar, REALTORS

6739 Academy Rd. NE SU 200

Albuquerque, New Mexico 87109

(505)888-1700  Office

Phone: (505)750-8552
Email: Info@LloydMcKenzie.com

Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras

Comment balloon 5 commentsC. Lloyd McKenzie • June 23 2012 08:08PM

Comments

Well defined! :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 5 years ago

This is a very comprehensive and well written article.  Good information for buyers and sellers of short sales.

Posted by Karen Crowson, Your Agent for Change (Coldwell Banker Residential Brokerage) over 5 years ago

LLOYD,

I thought we were friends...

If you are going to reblog anyone's materials, you should help yourself to mine.  I am a points hound and my information is accurate and no bull.

My short sale information as accurate and based on actual and factual training, experience, achievement and 100% successful negotiations.

I have done more short sales this month so far than some agents have done all year. 

Please help yourself to any and all of my materials at www.kevinbtolbertpa.com 

Posted by Florida Tolbert Team Keller Williams Advantage, Million $ Guild Member Cert Luxury Home Mkting Spc (Keller Williams Advantage III Realty in Lake Nona) over 5 years ago

C.Lloyd:   Scott's blog on the do's and don'ts of short sales was an excellent choice for a reblog.  This was a very clear and well defined description of the process and everyone's role in it. 

Posted by Doug Bullwinkel, NMLS #281609 (Academy Mortgage Group) over 5 years ago

Thanks for your comment. 

Doug,

Karen,

Laura,

Ditto to all your comments.

Kevin: I do consider you a frend.  I am still trying to catch up after my leave of absence from AR.  I am sure I have not yet read your post on shortsale...however I was in the process of reading one of yor post that I planned to re-blog.  I had to go out for dinner, so I will definitley revisit it.

 

Posted by C. Lloyd McKenzie, Living Albuquerque over 5 years ago

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