Choosing the right Realtor is the most important step innegotiating a “Short Sale” in Kansas City.
I get asked from homeowners weekly about how to negotiate ashort sale. When I get through the process they usually choose a personalfriend or family member to help them out of their problem.
Yesterday was an unusual day. I was asked by 8 different peopleto step in and take over the negotiations of 8 different short sale situations.I was asked by 5 different sellers, 2 different buyers and another Realtor. Whatdid every situation have in common? They all had inexperienced professionals negotiatingthe short sale.
The most important step in negotiating a “Short Sale” ischoosing an experienced professional. Skipping a step or doing a step wrongwill typically get the file in an audit and typically the seller and buyerdoesn’t get what they want.
If you are a homeowner and face owning more money then whatyou can sell your home for, choose a loss mitigation specialist who hassuccessfully negotiated over 25 short sales. If you don’t, you will probablyend up spending money and in a worst case scenario, end up in foreclosure.
If you are a home buyer, make sure the Realtors involved areexperienced. If not, you are probably wasting your time.
There are steps involved in negotiating a short sale.Skipping a step will result in extended time and sometimes an audit of thefile. The Loss Mitigation Consultants job is to present the file to the mortgagecompany. They need to prove to the mortgage company that it is in their bestinterest to accept the offer rather then foreclose on the home.
In my file preparations, I’ll present the normal paperworklike financials, bank statements, pay stubs and so forth. I’ll also presentmarketing, MLS history, feedback from buyers and agents, pictures, inspections,BPO’s and anything else to prove to the mortgage company that it is in themortgage companies best interest to accept the short sale offer rather thenforeclose. A seasoned Loss Mitigation Specialist will also know the rightpeople to communicate to at the mortgage company. They have list of contacts,especially at the major mortgage companies and servicers.
Remember, the most important step in negotiating a “ShortSale” is choosing the right Realtor. In Kansas,the home sale process doesn’t stop when the home is foreclosed.
If you would like help as a buyer or seller to negotiate ashort sale, maybe we should talk. Experience tells us that there are few in Kansas City that have thesuccess like the Dowell Taggart Team. You can contact us at RealEstateWizard@DowellTaggart.com.
The Dowell Taggart Team
http://www.DowellTaggart.com
Your Kansas City Realtor serving your "Short Sale" needs!