SHORT SALE? WHY NOT!

Say YES to Short Sales!

So, you’re hopping into your car heading back to the office after an open house.  Suddenly your phone rings and the voice on the other end says, “I saw your name on a sign around the corner and thought I would give you a call… I am in desperate need of an agent with your experience to sell my home”. Your eyes quickly widen and a gleeful grin drapes your face. But no sooner than the call begins, you hear those dreaded words… Short Sale!
At that very moment, your grin succumbs to a grimace while you contemplate how to gracefully decline the homeowner’s request. All the while thinking to yourself, “There is no way I am working with a Short Sale!”

Unfortunately, this scenario is becoming increasingly familiar. Home values have plummeted to an all time low, our nation’s unemployment rate is at an all time high, and homeowner’s have been forced to make difficult decisions…

• Should they continue struggling to pay the mortgage each month?,
• Should they let the bank foreclose on the home?,
• Or should they try and get out now to maintain some semblance of a decent credit rating?

These tough economic conditions have not only been hard on the homeowner’s, but they have been equally difficult for the Real Estate Agents involved. Agents that refuse to represent Short Sales may have come to the realization that the “good deals” along with the commission checks they produce are few and far between. But, there is hope!

For the many reasons you may have to avoid working with Short Sales, there are just as many benefits. So, if you are confident enough to venture into troubled waters, here are a few helpful tips to get you on your way!

• Network, Network, Network!
Have you ever heard the saying, “You scratch my back and I’ll scratch yours?”
While you may be hesitant to work with Short Sales due to your lack of exposure, there are thousands of Agents whose business models revolve solely around Short Sales and Bank Owned Properties. Some may even be in your office! So ask around… You may come across a seasoned Agent looking for a partner to share their knowledge of the business with.

• Google Is Not Overrated!
Good research is key to any successful pursuit. Go online and hit those search engines! There are many sites and discussion forums out there dedicated to this very topic. The more you learn about the Short Sale and REO processes, the more comfortable you will become with the idea of working with them.

• Short Sales Spell Eager Seller!
Wow, a tongue twister!! Can you say this 5 times fast?… It seems like a distant memory now, but just a few short years ago, it was primarily a sellers market. Equity was on their side and they had all the power! First they want to sell, then they decide to take the home off the market. You excitedly present them a fair offer, then they squawk over your commission. But, those times have passed. Look at a Short Sale Listing and you are sure to find a homeowner who is determined to sell, is ready to have you take the lead, and is willing to do their part to ensure that the home gets top dollar.

• Who Couldn’t Use More Cash?
In this market, more homeowner’s are upside down on their loans than not. When an Agent says NO to a Short Sale or REO, they are really saying NO to making more money! In order to weather this storm and keep your cash rolling in, it is essential that you realize the importance of adapting and adjusting your business model accordingly. This will ensure that you are able to stay afloat financially until the waters subside.

• Patience Is A Virtue!
Many of you may be hesitant to pursue Short Sales due to the seemingly endless red tape, the resistance from the lenders, or the lengthy process involved. While these deals tend to take much more effort and time to close than your average listing, the end result is still the same… A CHECK IN YOUR POCKET! So, take a chance and look beyond the distance of the journey… Forge ahead and before you know it, you’ll see the light at the end of the tunnel.

• Never Stop Prospecting!
As you know, LeadSenders provides an excellent source for Expired Listings including Short Sales and REO’s. This streamlined report is equipped with contact information, market history, and all the details you need to get the homeowner under contract! When your phone stops ringing, you need to have a rigorous marketing plan in place to keep a steady stream of leads flowing in. LeadSenders does this time consuming research for you, so take advantage of it and make sure you get your prospecting done on a daily basis.