SHORT SALES 101: The Five "P's" Everyone Needs To Practice When Dealing With Short Sales
"RUMOR vs. REALITY CHECK"
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Real Solutions To Help NJ Homeowners Avoid Foreclosure
(May 2009 edition)
1. PREPARE: Make sure you mentally and emotionally PREPARE yourself for the level of transparency that will be required in order to complete a short sale. This means ultimately you'll be required to share details with your Realtor, your attorney, your CPA and the bank about why you are unable to pay your mortgage. Depending upon your specific circumstances this could include job loss, medical problems or any number of issues. You have NOTHING to be ashamed about!
2. PLAN OF ACTION: As a Realtor who is experienced with short sales in NJ, I can tell you that proper PLANNING is a huge part of successfully executing a short sale. The Realtor you choose to handle your short sale listing needs to have a real MARKETING PLAN to get your home exposed to buyers, as well as a real STRATEGIC PLAN to effectively deal with your mortgage lender/bank. If you are a seller who is experiencing financial trouble, and are considering listing your home with a Realtor as a short sale, please do yourself a favor..research the Realtor before you choose one.
3. PERFECT HONESTY: The only way your short sale Realtor can help you is if you are PERFECTLY HONEST with them about the obvious things about your financial status, as well as the not-so obvious. If you know of additional liens that are currently levied against your home, it's very important that tell your agent in the very beginning.
4. PATIENCE: Short sales typically take a bit longer than most traditional home sales. In order for the buyer, seller and the agents to get what they all ultimately desire (a closed transaction), everyone is going to have to commit upfront to remain PATIENT during the process.
5. POSITIVE ATTITUDE: In addition to being PATIENT, everyone involved in a short sale transaction needs to keep a POSITIVE ATTITUDE. This means the seller of the short sale home and their Realtor needs to support each other as they navigate through this tough process. The buyer's agent needs to regularly check-in on the short sale buyer to make sure they keep a POSITIVE ATTITUDE while everyone waits for the bank to render a decision about approving the short sale. Being pesimistic and negative will only get you frustrated. Keep a POSITIVE ATTITUDE throughout the short sale process, and you will likely wind up with a positive outcome!
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Looking to SELL or BUY a NJ home in Marlboro, Manalapan, Freehold or any of the surrounding areas?
- Find out what a home is REALLY worth first before you BUY or SELL!
- Call me directly at 917-723-5645 or email me here.
- For additional Marlboro, NJ short sale optionsand other real estate listings in Monmouth, Middlesex, Ocean counties & beyond, visit my site at www.AmberLovesRealEstate.com.
AMBER NOBLE-GARLAND
Strategic Marketing Expert & Short Sale Specialist
Weichert Realtors (Marlboro ~ Manalapan office)
455 Route 9 South
Manalapan, NJ 07726
917-723-5645 - cell
732-536-4400, ext 199 - office
"Your Reliable Resource For NJ Short Sales, Real Estate Listings, Local Info & More"
Whenever there is a P missing...the agents, the lender, buyer or seller risks having the short sale become a foreclosure....and that means a less than P erfect transaction...blog on !
This is a great consumer piece on the important 'P's of short sales. Hope it brings you some business!
All I can say is that patience better be one of your virtues when dealing with a short sale. I have one with Countrywide that has been going on since October of last year.
Hi Amber, very creative post with the 5 P's which reminded me of that same topic in Marketing 101. The Perfect Honesty is a big one. They do take longer to get a paycheck from.
Great informative post for consumers -- Your statement about the "level of transparency required" is SO TRUE!! I always tell them be prepared to provide more paperwork during the short sale process than they provided to get the loan!
JE