In the June IAR Broker Sentiment Survey we asked managing brokers for the most effective advice they give their agents who work on short sales. These are sales in which the lender (or lenders) agree to accept less than the mortgage amount owed by the current homeowner. The difference may be forgiven by the lender or the homeowner may be required to settle the remainder of the debt with the lender.
- Manage expectations. Explain the process thoroughly and prepare buyers/sellers for long waiting periods before any response.
- Get educated on the process.
- Be persistent and patient and work with a good real estate attorney.
- Keep the pressure on the lender. Stay in regular contact.
- Patience, patience, patience. Every bank is different.
- Stay engaged with your clients. Send weekly updates.
To get up-to-speed on the short sale process, consider taking the National Association of REALTORS® Short Sales and Foreclosure Resource Certification course, which was written by two of our very own top instructors—Illinois REALTORS® Lori Cox and Lynn Madison.
Also IAR members can find more short sale resources from the IAR Legal section of the website www.illinoisrealtor.org/legal (login required) and read this post with tips for getting a short sale to close from Illinois REALTOR® magazine.