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The New and Improved Short Sale - Destin, FL Short Sales

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In the past couple of years, short sales have evolved. They have definitely gotten better. The lenders have improved and the Realtors are doing a better job on both sides. The majority of my business involves short sale transactions and I have seen many improvements in the short sale process.

Many sellers are walking with no chance of a future deficiency judgment.

HAFA "Home Affordable Foreclosure Alternatives" - This is part of the stimulus plan and it offers many short sale sellers the ability to sell with no chance of a future deficiency judgement. The program also offers moving assistance of up to $3,000 for the seller. There are many other components, but these two seem to be the most important to my clients. FHA also offers a similar program. Not all investors participate in HAFA but many do.

Many short sales are getting approved in 30 - 60 days.

A year ago, Bank of America was notorious for taking 6 - 9 months to approve a short sale. Today, thanks to Equator (Bank of America's new computerized short sale platform), short sales are moving much faster. This is a major change. All of the lenders seem to be improving in all aspects. The faster approvals are a welcome improvement.

Homes seem to be in better condition

Programs like HAFA require that the seller stay in the home throughout the entire short sale process. This is a very smart move. Abandoned homes destroy neighborhoods and they deteriorate over time. In many cases the short sales I find for my buyers are in excellent condition. In most cases they are better than the REO "Bank Owned" Homes.

Short Sales are dominating many markets and I believe they will have a positive impact. They enable one party to get out of a bad situation and they allow the other party to get a great deal. Short Sales enable us to move the distressed properties without clogging up our legal system like the foreclosure process. I have made short sales my business and I am very happy with my decision. A few years ago, most of what you heard about short sales was negative. There were valid reasons but now more are embracing the process.

Destin, FL Short Sales are readily available and you can search them by clicking the link below.

Destin, FL Short Sale Search

Feel free to call me if you need help buying or selling short sales in Destin and Santa Rosa Beach, FL.

Short Sales are not Rocket Science - Destin, FL and Santa Rosa Beach, FL

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In my opinion, short sales are not as difficult as everyone says. Just like anything in life and business, you need a good system. I have represented many short sale buyers and have also achieved success working with short sale sellers. Below are the basic principles used in my Short Sale system. They apply to buyers and sellers of Destin, FL Short Sales.

Educate all parties on the long wait: First of all, a good short sale agent should let all parties involved in the transaction know that the process may take 6 months. Address this issue on the front end and the majority of the problems will be resolved. Go ahead and expect a long wait. In some cases you may be blessed with a 60 day approval. If the buyer cannot wait it out, the short sale may not be for them. It may be a good idea for buyers to find a month to month rental while waiting out a short sale. Do not try to time these or schedule around an anticipated closing date.

Short Sales must be priced correctly: When working with short sales you have the benefit of competitive pricing. In most cases, short sales will sale at the current distressed market appraised value or a little less. Aggressively priced short sale listings receive offers and go under contract. What is easier, working a bunch of over priced listings or working a correctly priced short sale? Be leery of under-priced short sales, they have a low probability of success.

Follow up Weekly: Agents should be very positive and follow up weekly or even bi-weekly on short sale listings. First of all, make sure the lender has the package. Agents that are able to achieve a friendly relationship with the short sale negotiator will have an advantage. Follow up with the negotiator to verify the package has been submitted to the decision maker for approval. Be sure to give everyone a weekly update on the progress. If you are a buyer's agent and the short sale does not work out, make sure you help your buyer find a better option. I place buyers on the MLS auto emailer so that they are in tune with the market and prices throughout the entire short sale process. If the buyer walks, we walk together. On a positive note, a short sale gives you plenty of time to form a great relationship with your client. It is the difference between a one night stand and a long term relationship.

Work one offer at a time: I advise my clients to avoid short sales that involve submitting multiple offers to the bank. Work one good offer and your chances of success will improve. Sellers should collect as many back up offers as possible but only submit one offer to the bank at a time.

Take a course or two and continue to stay educated: Short sales are constantly changing. Be sure to educate yourself and join many of the great forums out there on short sales. A couple of great courses with forums are www.shortsalesuperstars.com and www.cdpe.com. The Short Sale Super Stars Course is a very economical approach and the forums on their site will answer any questions that come up. CDPE is significantly more expensive but they do offer more on the marketing side. I recommend taking both courses if you can.

I am a member of Short Sale Super Stars and a Certified Distressed Property Expert. If you know anyone that needs help buying or selling a short sale in Destin, FL or Santa Rosa Beach, FL please call me at 850-585-1284.