San Diego Short Sale Info

Homes sales have fallen dramatically. Why aren't more short sales being completed? What happens if your listing price would allow you to pay off your loan(s) but all your offers are coming up short? Why are seconds starting to hold out for big money?

How many homes has your Realtor sold in the last three months? how many have been short sales? What percentage of his listings are those sums?

This is a critical time. You and your Realtor should not be experimenting.

Our firm has referred out listings all over California and Florida. We have seen many short sale programs in action. Very few are designed to do the job propertly. Most are cobbled together from old techniques which no longer work. Being a nice person and having great customer service means next to nothing to the lenders.

This market calls for smart, very skilled, persistent, business minded people.  Many Realtors are unwilling to do short sales properly because they wish to keep the other homeowners and listings in their "farm" happy.  A good short sale Realtor has to be willing to get your listing sold. That may mean lowering the price and pissing off the neighbors. (especially if the seller does not have to worry about the deficiency or the tax implications.)

First a California Realtor must design a program to find buyers in a slow market California real estate market. (very few Realtors know how to sell homes right now. Last years techniques are not working. If you don't believe us ask your Realtors how many short sales they have closed in the last 3 months.)

Finally, before you sign the listing agreement - ask for a copy of the listing agreement. Review it for the following:

1. Your right to reject the lenders terms and conditions;
2. Your right to cancel the listing at any time upon advice of your attorney. (your lender may have just agreed to accept a deed in lieu of foreclosure.);
3. Clauses which should supplement the California Association of Realtors short sale addendums;

Update: we are still seeing many Realtors using old forms or very one sided forms.

Make sure your Realtor uses the most recent California Association of Realtors forms and that your Realtor knows how to use the forms correctly.  Then make sure you supplement those forms with supplement claused desgined to give you maximum portection. A Realtors stock forms do a great job of protecting the Realtor. Finally, do not sign the San Diego Association of Realtor's short sale addendum without the advice of an attorney. You may lock yourself into a disaster. (this form seems to be a favorite of experienced Realtors and it is must be part of an elaborate set of forms and disclosures to keep you protected. Most of the time this document is bad for sellers, in my legal opinion.

Last Updated ( Tuesday, 28 October 2008 )

< Prev		Next >