Musings of a Career Consultant

SoCal Texan in Bmore Leading Rock Stars

Short Sales a la Legal POV January 12, 2010

Filed under: Uncategorized — mkrchnak @ 8:05 pm

Short Sales could end up messy but only if you’re dealing with an Agent that isn’t on top of their game and/or really educated about them.  There are 2 designations out there that focus on them and while I’ve sat in on the classes for the CDPE, the CSP is a stranger to me.  Lucky for CVAR members, the author of the designation will be providing a webinar FREE (courtesy of the CVAR’s YPN) on Fri., Jan. 29th at 10:30 am.  We’ve already had over 150 people sign up and since it’s FREE and you love your local YPN, you should just sign up, too!  If nothing less, to get an idea of what’s behind this CSP.

I closed one Short Sale last year, am wrapping up one now (hang in there, Carol!) and am just starting a new one.  I’ve been very lucky and the Sellers, Cooperating Agent and Buyers have all been wonderful on these 3!  That makes it easy.  It’s easier for the Listing Agent (that’s having to work with the bank) to have a strong crowd rooting you on!  And, you need a few cheers after some of these phone calls.  Let’s just say that the process is arduous and not something for the faint of heart or easily angered.  It’s a game of patience.

Not a lot of Agents take Short Sale listings and even fewer take Short Sale Listings if you have a 2nd or a line of credit.  Those become trickier but not impossible.  I’ve been fortunate to have 2 with 2nd’s go pretty smoothly.  The 1st was with the same company and the 2nd gave me approval BEFORE the 1st! Love it!

Our attorney summed it up with “document & disclose everything”.  When in doubt, put it in writing.  If I know about it, I have to tell everyone I know about it.  I have to tell the bank, the Buyer, the other Agent, everyone involved!  And, that’s not a bad thing but potentially difficult.  When you’re working in a sensitive situation like a Short Sale, you don’t want to tell everyone your business… they already know enough, right?  Wrong.  They need to know everything you know.  And, I know.

Word to the wise is, make sure the Agent you’re working with has worked on a couple of Short Sales (i.e. closed escrow on them) or has one of the above designations.  The designations are like classes so they’re not easy to get but neither is closing a Short Sale Escrow.  You can look at those pretty evenly.

If you have any questions about Short Sales as a Buyer or Seller, please feel free to contact me.  It’s always upsetting when the questions come a little too late and I can’t do as much.  I can do more when things aren’t bad yet vs. you’re already 6 months late.  I can still help but not as much but I’ll always do what I can.  Just keep that in mind…

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