0
0
0

The Short List: Carolyn Goodman on How to Navigate Short Sale Pitfalls

by Boston Agent

carolyn-goodman-keller-williams-andover

Carolyn Goodman is a Realtor with Keller Williams Realty in Andover

Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Carolyn Goodman, a Realtor with Keller Williams Realty in Andover, on how to navigate short sale pitfalls.

9. Patience is a Virtue –­ Shorts sales are not only a test of time; they are also a test of patience. When entering into a short sale process, instead of location, location, location, it’s patience, patience, patience. Be prepared to wait and make sure all parties involved are well aware that this transaction can take a long time. How long, you ask? Ah, the million-dollar question. Communicate this information even before you put a name on the contract.

8. Can We Talk? –­ Communication is key. From the start of a short sale transaction, it is important to establish a great working relationship with all the parties involved. Instead of just emailing and texting, pick up the phone and give them a call. This opens the lines of communication. Hearing a voice on the other end makes this transaction more tolerable.

7. Negotiation ­– No matter who you are representing in a short sale transaction, whether it be the buyer or seller, it is extremely important that you know who is handling the negotiation. I can’t impress upon you how important it is to have an expert negotiator at the helm. And, yes, I do mean expert! This person can make or break the deal. An expert negotiator knows the ins and outs, the do’s and don’ts. As cliche as it sounds, you wouldn’t go to a dentist if you had a broken nose. Do your research on the negotiator. Find out how many shorts sales they have done, and how many were successful. When I say “successful,” I mean how many closed. Find out the average time frame. How many people will you be dealing with? If you represent the seller, sometimes there is a fee. Find out what that fee is. An expert negotiator knows how to navigate through this process. It will save you time and money.

6. Knowledge is Power ­– Prior to entering into a short sale, my advice is to educate yourself on the process of a short sale. Find out what the contract terms are. Take a look at the contract and read it thoroughly before entering into the short sale. If you don’t understand anything, contact the person or people handling the short sale. An expert negotiator will be able to answer your questions immediately. You want to be well-versed and knowledgeable so you can help your client.

5. Organize and Re­-Organize ­– Make sure you keep copies of everything (even hard copies for all you die hards). You will be required to submit, duplicate and even triplicate documentation. See if you can work with someone who accepts electronic documentation and signatures. This alone will save you a ton of time. Also, keep everything orderly. I usually file documentation by date. I keep all emails and everything I receive that has to do with the short sale transaction. I download and keep it in a folder on my laptop identified by property address.

4. No Surprises –­ Stay on top of it! I communicate with all parties involved in a short sale on a regular basis. I also follow up my conversations with an e mail. This keeps everyone on the same page, and ensures that things move smoothly towards the success of a closing short sale transaction.

3. Dot your I’s and Cross your T’s –­ Keep all your contracts in compliance. If you are working with a short sale that requires all your documentation and monies up front, prior to an accepted offer, make sure your contracts do not expire. Keep those extensions going. All it takes is one mishap of not filing a document properly, and that can lead to the whole short sale transaction starting from ground zero – and no one wants to have that conversation.

2. Bend and Stretch ­– Be flexible. When I do a short sale, I allow the buyer to have an accepted offer from the lien holder, in hand, prior to them paying for an inspection. This may not be acceptable in all states, so please confer with an attorney or your real estate board. An inspection can be costly, as we all know, and if the inspection happens and their offer is not accepted, your client is out that money. Talk to the parties involved, and see if you can wait for an accepted offer before you have an inspection. Just make sure you remind the buyer that they must be immediately ready to have an inspection once you have an accepted offer. The price will not be negotiated if the inspection does not meet the buyer’s expectations. The inspection is just for the buyer’s own knowledge.

1. Namaste –­ Keep calm. Go in peace. Short sales can be very stressful for all parties involved in the transaction. Keep in mind that everyone is experiencing the same thing. Talk it out, help each other and find solutions; don’t add to the problems.

Good Luck to all of you on your present and future short sale transactions!


Carolyn Goodman is a Realtor with Keller Williams Realty in Andover. A Military Relocation Professional, Carolyn is also a Certified First Time Home Buyer Advisor.

Read More Related to This Post

Comments

  • Judith Impreveduto says:

    Mrs. Goodman: I so enjoyed your comments about short sales. How right you are!!

  • MMcMahon says:

    Mrs. Goodman shared pertinent and insightful suggestions. I found the format easy reading and the language in layman’ terms. This was very helpful!!

  • V. Pinelli says:

    Excellent article Ms. Goodman – Your comments and advice are so explicit and think your could probably teach a short course on this subject. I’m impressed. I’m a retired banker and worked with residential foreclosures. All your comments are very interesting.

  • MaryAnn Riel says:

    Excellent advice Carolyn….the patient are the victors!

  • I simply want to tell you that I am all new to weblog and truly loved this blog. Probably I’m want to bookmark your site . You amazingly have impressive article content. Cheers for sharing your website.

  • I enjoy you because of all of the effort on this blog. My daughter enjoys doing internet research and it’s obvious why. Almost all know all regarding the lively ways you create practical suggestions by means of the web blog and therefore welcome participation from the others on this concern then our favorite simple princess is always learning a great deal. Have fun with the remaining portion of the year. You’re conducting a glorious job.

  • acne cream says:

    Hi there just wanted to give you a quick heads up and let you know a few of the images aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same outcome.|

  • I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this increase.

  • Smart TV says:

    hello there and thank you for your information – I’ve certainly picked up something new from right here. I did however expertise a few technical points using this site, as I experienced to reload the site a lot of times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I’m complaining, but slow loading instances times will sometimes affect your placement in google and can damage your quality score if advertising and marketing with Adwords. Anyway I’m adding this RSS to my e-mail and can look out for a lot more of your respective exciting content. Ensure that you update this again very soon..

  • I would like to show my admiration for your kindness giving support to individuals who must have assistance with this theme. Your special dedication to passing the solution all through appeared to be quite powerful and have continually helped guys like me to attain their objectives. The valuable instruction signifies a great deal a person like me and substantially more to my mates. Thanks a ton; from everyone of us.

  • Good ¡V I should certainly pronounce, impressed with your site. I had no trouble navigating through all the tabs and related info ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your customer to communicate. Nice task..

  • Legal Forms says:

    Great web site. Lots of useful information here. I¡¦m sending it to a few friends ans additionally sharing in delicious. And of course, thanks for your sweat!

  • Jeni Justis says:

    A person essentially help to make critically posts I might state. That is the very first time I frequented your web page and thus far? I surprised with the analysis you made to create this actual put up incredible. Great activity!

  • Hello my loved one! I want to say that this post is amazing, great written and include approximately all important infos. I¡¦d like to look extra posts like this .

  • Nice blog here! Also your web site loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my site loaded up as fast as yours lol

  • Spy Gadgets says:

    Thank you for the sensible critique. Me and my neighbor were just preparing to do a little research on this. We got a grab a book from our area library but I think I learned more clear from this post. I’m very glad to see such wonderful info being shared freely out there.

  • Healthy Diet says:

    I simply couldn’t leave your site prior to suggesting that I extremely loved the usual information a person supply for your guests? Is gonna be again regularly in order to inspect new posts

  • high fashion says:

    Nice read, I just passed this onto a friend who was doing some research on that. And he just bought me lunch as I found it for him smile Therefore let me rephrase that: Thanks for lunch!

  • I am not sure where you are getting your information, but great topic. I needs to spend some time learning much more or understanding more. Thanks for excellent info I was looking for this information for my mission.

  • I do accept as true with all of the ideas you’ve offered in your post. They’re really convincing and can certainly work. Still, the posts are very short for novices. May just you please lengthen them a bit from subsequent time? Thanks for the post.

  • Wow! Thank you! I permanently needed to write on my site something like that. Can I include a fragment of your post to my site?

  • Modern Sofa says:

    It¡¦s actually a nice and useful piece of info. I¡¦m glad that you just shared this useful info with us. Please keep us informed like this. Thanks for sharing.

  • I have been absent for a while, but now I remember why I used to love this site. Thank you, I will try and check back more frequently. How frequently you update your website?

  • oak flooring says:

    I am now not sure where you are getting your info, but great topic. I needs to spend some time learning more or figuring out more. Thanks for wonderful info I used to be on the lookout for this information for my mission.

  • Hi there, You’ve done an incredible job. I will definitely digg it and personally suggest to my friends. I’m sure they will be benefited from this site.

  • Healthy Tips says:

    Thank you a lot for providing individuals with a very splendid possiblity to check tips from this blog. It is usually very fantastic and jam-packed with fun for me personally and my office peers to search your site at the very least 3 times in 7 days to study the new guidance you have. And indeed, I’m so certainly astounded with your surprising opinions you serve. Some 1 ideas in this article are truly the most effective we have all ever had.

  • A lot of thanks for each of your effort on this web page. My mum really likes conducting internet research and it’s really obvious why. I notice all about the compelling medium you produce insightful information via your web blog and as well boost participation from other people on the concept then my simple princess has been starting to learn a lot of things. Take pleasure in the rest of the new year. You are always conducting a fabulous job.

  • I am really impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it’s rare to see a great blog like this one today..

  • SEO Firm says:

    Great ¡V I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs and related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your client to communicate. Excellent task..

  • Great remarkable issues here. I¡¦m very glad to see your article. Thank you a lot and i’m taking a look ahead to touch you. Will you please drop me a e-mail?

  • Thanks for sharing superb informations. Your web-site is so cool. I’m impressed by the details that you¡¦ve on this blog. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my friend, ROCK! I found just the information I already searched all over the place and simply could not come across. What a perfect site.

  • Car Engine says:

    I’m extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the excellent quality writing, it is rare to see a great blog like this one these days..

  • I just wanted to develop a quick word to thank you for all the great points you are giving on this site. My considerable internet lookup has finally been honored with really good insight to exchange with my relatives. I ‘d suppose that most of us visitors actually are undeniably fortunate to exist in a perfect site with very many awesome professionals with useful plans. I feel very much privileged to have encountered the weblog and look forward to so many more fun moments reading here. Thanks once again for everything.

  • Electric Car says:

    You made a few nice points there. I did a search on the matter and found a good number of people will go along with with your blog.

  • Wow! Thank you! I permanently needed to write on my blog something like that. Can I take a portion of your post to my blog?

  • usb gadgets says:

    You are a very capable person!

  • I am really impressed with your writing skills and also with the layout on your weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the excellent quality writing, it’s rare to see a nice blog like this one these days..

  • I’m still learning from you, but I’m making my way to the top as well. I absolutely love reading everything that is posted on your site.Keep the aarticles coming. I liked it!

  • I have been absent for a while, but now I remember why I used to love this website. Thank you, I¡¦ll try and check back more often. How frequently you update your web site?

  • Hey there, You’ve done an excellent job. I will certainly digg it and personally suggest to my friends. I’m confident they’ll be benefited from this site.

  • Thank you for some other informative site. The place else could I am getting that type of information written in such an ideal means? I’ve a undertaking that I am just now operating on, and I’ve been on the glance out for such info.

  • Great awesome things here. I¡¦m very glad to see your post. Thank you a lot and i am taking a look forward to contact you. Will you kindly drop me a e-mail?

  • I keep listening to the news bulletin talk about getting free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?

  • Good ¡V I should certainly pronounce, impressed with your web site. I had no trouble navigating through all the tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your client to communicate. Nice task..

  • As a Newbie, I am constantly browsing online for articles that can aid me. Thank you

  • Thanks a bunch for sharing this with all people you actually recognize what you’re speaking about! Bookmarked. Please also discuss with my web site =). We will have a hyperlink alternate arrangement between us!

  • shows says:

    Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Actually Fantastic. I am also an expert in this topic therefore I can understand your effort.

  • excellent issues altogether, you simply received a emblem new reader. What may you suggest in regards to your publish that you just made a few days ago? Any certain?

  • Generally I don’t learn post on blogs, but I would like to say that this write-up very compelled me to take a look at and do it! Your writing style has been surprised me. Thanks, very great post.

  • As I web-site possessor I believe the content matter here is rattling magnificent , appreciate it for your hard work. You should keep it up forever! Best of luck.

  • Nice blog here! Also your site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my site loaded up as fast as yours lol

  • I am only writing to make you know what a fine encounter my princess enjoyed browsing your web site. She learned a lot of issues, most notably what it’s like to possess a wonderful helping spirit to make the others really easily have an understanding of a variety of advanced topics. You truly exceeded people’s expectations. Many thanks for giving such powerful, dependable, revealing not to mention fun thoughts on that topic to Evelyn.

  • Thank you for some other wonderful post. Where else may anyone get that type of info in such a perfect means of writing? I have a presentation subsequent week, and I’m on the search for such info.

  • Wow, marvelous blog structure! How lengthy have you been blogging for? you made blogging glance easy. The overall glance of your site is magnificent, let alone the content!

  • I am constantly searching online for posts that can aid me. Thanks!

  • Hey There. I found your blog using msn. This is an extremely well written article. I will make sure to bookmark it and return to read more of your useful info. Thanks for the post. I will definitely return.

  • SEO Firm says:

    Hi, Neat post. There is a problem along with your website in internet explorer, would test this¡K IE still is the marketplace leader and a large section of folks will pass over your magnificent writing because of this problem.

  • that’s good, thanks for sharing,.. I think this is great blog

  • I¡¦ve been exploring for a little for any high-quality articles or weblog posts on this kind of area . Exploring in Yahoo I finally stumbled upon this website. Studying this info So i am satisfied to exhibit that I have an incredibly excellent uncanny feeling I found out just what I needed. I such a lot unquestionably will make sure to do not forget this website and give it a glance on a constant basis.

  • eye diseases says:

    I must voice my appreciation for your kind-heartedness giving support to people who must have help with in this situation. Your very own commitment to getting the solution along ended up being exceptionally beneficial and have without exception enabled professionals like me to reach their dreams. Your own helpful facts indicates this much to me and much more to my office colleagues. Regards; from all of us.

  • Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?

  • Health says:

    that’s good, thanks for sharing,.. I think this is great blog

  • hi!,I love your writing very much! proportion we keep up a correspondence more approximately your post on AOL? I require an expert in this area to solve my problem. May be that’s you! Taking a look forward to see you.

  • My spouse and i have been now fortunate when Peter could finish off his researching via the precious recommendations he discovered from your very own site. It’s not at all simplistic just to happen to be offering helpful tips that the others could have been selling. And now we realize we now have the website owner to give thanks to for that. All the illustrations you have made, the straightforward site navigation, the relationships you can assist to promote – it’s got everything overwhelming, and it is facilitating our son and our family reason why that article is fun, and that is incredibly vital. Thanks for the whole lot!

  • Finance News says:

    that’s good, thanks for sharing,.. I think this is great blog

  • that’s good, thanks for sharing,.. I think this is great blog

  • health tips says:

    that’s good, thanks for sharing,.. I think this is great blog

  • It¡¦s actually a nice and helpful piece of info. I am glad that you simply shared this useful information with us. Please stay us informed like this. Thanks for sharing.

  • that’s good, thanks for sharing,.. I think this is great blog

  • that’s good, thanks for sharing,.. I think this is great blog

  • I have not checked in here for a while since I thought it was getting boring, but the last few posts are good quality so I guess I¡¦ll add you back to my everyday bloglist. You deserve it my friend 🙂

  • that’s good, thanks for sharing,.. I think this is great blog

  • Europe 101 says:

    hello there and thank you for your info – I’ve certainly picked up something new from right here. I did however expertise several technical points using this web site, as I experienced to reload the site many times previous to I could get it to load properly. I had been wondering if your web hosting is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your high quality score if advertising and marketing with Adwords. Well I’m adding this RSS to my email and can look out for a lot more of your respective intriguing content. Ensure that you update this again soon..

  • that’s good, thanks for sharing,.. I think this is great blog

Join the conversation

Oops! We could not locate your form.