The Beauty of the Short Sale Transaction (No Folks, I’m Really Not Kidding)

Please welcome our newest writer, Melissa Zavala, Broker/Owner of Broadpoint Properties, who is a Short Sale Expeditor that has become so well known for her work in pre-foreclosure sales that her expertise is sought out by industry professionals. Melissa brings with her a fascinating background, having earned a BA and Masters in English from Northwestern University and was a Senior Editor at McDougal Littell before her work as an Educational Consultant at Harcourt. Upon leaving the educational publishing world, she chose to work with her husband in the real estate industry and has since become a recognized expert in short sales.

Melissa will be showing agents how to prepare for the changing world of real estate and you will see her passion for her work as you learn how to navigate the tricky waters of short sales. Please welcome her in comments!

Almost everyone complains about a short sale: the sellers, the buyers, and even the agents.

Everyone rants about some aspect of the transaction. The biggest complaint by far is that it takes too long for the bank to generate lien holder approval. By then, buyers are tired, frustrated, and have, quite possibly, moved on. Sellers are just “over it” and possibly considering other options. Agents are extremely frustrated by the process, particularly given how much energy and work a typical short sale transaction entails.

But, I say . . . bring your short sales here! Short sales are truly a blessing in disguise. They are an ideal opportunity to polish your listing skills by taking more listings than ever before. Plus, you have the added benefits of helping others and re-familiarizing yourself with state and local contracts.

When you take a listing on a short sale transaction, the traditional seller stalls and objections are gone.

Long gone are the listing appointments where you sit on the clients’ sofa for a “chat” about the list price. A few years ago, sellers began to use the Internet to investigate the home’s value and then met you with that price when you walked in the door. Well, despite the fact that the seller may still not concur with your value, the list price is not a hot button topic any longer. Since the seller will not walk away with any money in a short sale, it is far easier for sellers and their agents to come to agreement on the list price.

Also long gone are the conversations about commission and how So-and-So with Down-the-Street Realty will be willing to accept 4% commission so that Mr. Seller can net a little more money. Since the commission is paid by the bank out of the net proceeds, this discussion of commission is now a moot point

Short sale listings are also easy to find. You’ve heard of the “six degrees of separation” theory, right? Well, almost everyone knows someone who knows someone who is having trouble making ends meet. There must be someone out there in your sphere of influence who could use your help today—someone who might need to participate in a short sale.

Don’t be that agent in the office whose attitude makes the plants wilt.

This current economic climate has created a unique opportunity for you to challenge yourself, obtain more listings, and polish your skills so that you can become a master listing agent.

While it is extremely upsetting that folks must give up their homes, there has never been a better opportunity to help someone out of a jam. If you can help the client and he or she is happy with your service, you will receive referrals for life.

What better way could there be then to start off the year with a few short sale listings?