SHORT SALE LISTING PROCESS

The goal with a Short Sale listing is to market the property effectively to attract a buyer that is willing and able to pay a price that your lender(s) will accept to release the lien on your property.

•      We begin by doing a thorough Comparable Market Analysis on the property. This involves assessing the attributes of the subject property and then comparing the subject property to similar recently closed sales in the area.

Remember that all properties have pros and cons which benefit or take away from the market value of the subject property.

•      Aggressive marketing to BOTH buyers and buyer’s agents. It is essential that we get as much exposure as possible in order to attract good offers quickly. If you have received a Notice of Trustee’s sale, then time is even more crucial.

•      Correct pricing is integral to this process. We want to price the home low enough to attract the attention of buyers quickly. Buyers are always looking for a “deal.”

•      We do not, however, want to price the property too low and risk receiving offers that your lender(s) is unwilling to agree to. The lender will compare any offers received against a BPO (Broker Price Opinion), which is an independent analysis of the current market value of the property.

•      Experienced Buyer’s Agents will recognize when a home is priced way below market value and will not bother showing the home to their clients. These Buyer’s Agents do not want their buyers to have unrealistic expectations of being able to purchase a property at unreasonably low price. Ultimately Buyer’s Agents won’t waste their time on incorrectly priced homes.

•      Once we have started the listing price at market value, it is important to make adjustments over time. We will reduce the list price by 5% every 2-3 weeks if there has been little or no activity (meaning showings and other inquiries) from buyers.

•      After an offer from a prospective buyer is  submitted, then the process of negotiating the short sale begins. We recommend utilizing the services of an attorney to negotiate the short sale with the lenders. Having a short sale be negotiated by a law firm can add authority and influence to the negotiations. An attorney with experience and training in the art of persuasion will likely bring about a better outcome than a nonlawyer.