The Most Important Thing in Short Sale Transaction
Posted by Nilesh Jethwa ( Wilmington NC Short Sale Specialist)
As a Certified Short Sale Specialist in the Wilmington area, after handling several short sale transactions, I know there are lots of things which make the successful closing of a short sale listing.
As you all know that the successful closing of short sale needs an experienced short sale real estate agent who knows what all the steps to take in order to move the short sale process successfully towards closing. One of the important things is to submit the short sale package correctly at the first time itself which will save at least 2-3 weeks of times but there’s one more things which makes the transaction to close successfully, just keep reading, you will know that shortly…
Most of the agents know what all documents to submit to the bank for short sale approval but still you will see that many listings still on the market for more than 6-8 months or it expires from the market with no buyer and even if they get buyers, there’s no answer from the bank and the buyer doesn’t know why it takes longer time or any status on their offer. After reading the above lines, I’m sure you have figured out what is the most important thing in a short sale process – Yes! You guess it right, it is “Communication”! This is where most of the agent fails in short sale.
If there’s no proper communication then deals can fell apart even if you start everything perfectly in the beginning. This is one of the big problems in short sale process and especially after getting an offer from buyer. If the seller’s agent doesn’t communicate properly with buyer’s agent then buyer’s agent cannot explain to the buyer, what’s going on with their offer and if the buyer doesn’t know what’s going on after several weeks, they will lose interest and will look for some other houses.
If there’s any lien like home owner association (HOA) then you need to communicate properly with them also to close the short sale successfully. Also at the same, you should communicate properly between the title officers and sellers lender (if more than one lender, then need communication with all the lenders).
Short sale is a complex sale, so it is really important that you work with an experienced agent in short sale to sell your house. As you figured out that in short selling your house, it is not just finding a buyer and negotiate with your bank, you need to communicate timely with all the parties involved like buyer, seller, agents, bank, escrow officer, home owner association(if any) and any other lien holders.
All the things are important in successful short sale process like proper documentation, marketing of the house and finding a buyer etc., but in my experience if there’s no communication between all these parties then you cannot close the short sale successfully. So, the most important thing in short sale transaction is “Communication”.
If you are in the Wilmington and Leland area and looking for an experienced short sale agent then call me at 910-622-0319, I would be more than happy to assist you in any way I can. www.shortsalewilmingtonnc.com.