Randy the Realtor's Rules for a Successful Short Sale Closing

Both clients and fellow real estate professionals can attest that real estate short sales can be a big black hole. As a Realtor that deals with the increasingly complex and changing road map involved in a successfully closing of a short sale, I believe that everyone involved in the transaction must work together to navigate the layers involved in the approval process and strive to help both buyers, sellers and lender come together. And… in an area of real estate where there seems to be no rules. Here are my rules for a successful short sale closing:

1. Short sales are here to stay for the foreseeable future
2. Buyer must be committed for the long haul (90 plus days)
3. Buyer’s offer must be based on current sold comps to match lender BPO (Broker Price Opinion)
4. Seller must have a lender negotiator/mitigator in-place
5. Seller’s Realtor or negotiator has to be a relentless pain calling the lender
6. Property should have only one loan or if two, both with the same lender

And some facts….While the market is showing signs of improvement, it's important to note that there have been over 11,000 listings entered in the Mid-Florida Regional MLS that indicate a potential short sale since January 1, 2009. Only 315 have been reported as sold transactions during that same period. If you have any questions about short sales or are looking to buy or sell real estate in the Sarasota/Bradenton area please give me a call at 941.586.9635.