Short Sale Help in Today's San Clemente Real Estate Market
Short Sale Help in Today's San Clemente Real Estate Market
As a local San Clemente Real Estate agent is seems to be almost the norm for sellers to sell their homes as a short sale. It was only a couple of years ago that most sellers and agents alike didn't even know what a short sale embodied. With the state of the current real estate market we are seeing a large number of homes coming on the market as a short sale here in San Clemente, California. The days of Foreclosures flooding the marketplace are gone. Instead, short sales are the preferred method of handling properties that are in distress.
One of the unfortunate parts of doing a short sale is the lack of education on the realtors part. We often see realtors price short sales are well under market value just to get a quick offer. They often are successful in getting a quick offer but eventually realize that their low offer is flat out rejected by the bank which isa waste of time for both the buyer and seller involved. There is an art form to selling short sales as a real estate agent. Picking a price that will peak buyer's interest but not be too low that the bank will reject is the key. We are typically told to price our short sales 3-5% under market value. The 2nd key is to keep the buyer in the loop and motivated. Having great open communication between the buyer and real estate agents keeps everyone in the game. We see a lot of buyers making multiple offers on multiple short sales and taking the property that gets approved first. Understanding this fact and keeping them motivated about your property along the way is the key. The 3rd key is to have a team of professional short sale negotiators working on your side. Have a professional negotiator call the bank on a daily business will get quicker and better results for your seller. At the end of the day, it's our job as real estate agents to help the seller get out of financial distress.