Voice of Reno-Tahoe Real Estate
An Introduction and Short Sale Resource
I’d like to begin the discussions that will take place in this group by pointing readers [RE Agents, in particular] to an excellent resource for information regarding representing Buyers and Sellers in Short Sale transactions. Our own Nevada Association of Realtors website contains a link called Legal that is full of pertinent information. I encourage all agents to explore this site for valuable information, not only about Short Sales, but also about many other topics.
E. Sue Saunders, General Counsel for the NVAR, has published a number of legal opinions regarding short-sale transactions. Some of these include:
Foreclosures And Short Sales, How They Work
Short Sale Tips Dealing with the Lender
Short Sale Tips Dealing With Buyers and Agents
Short Sale Resource Guide
[click on the links above to download the .PDFs]
A great deal of information and advice is contained within these legal articles. But as we all know, much of what we encounter in the real world of real estate transactions doesn’t always conform to the recommended procedures.
As this discussion group evolves, my hope is that we all will learn from one another’s experiences and suggestions.
Have you been a part of a short-sale or REO transaction? If so, how was your experience? Would you ever take part in one again? …or do you avoid them like the plague?
Or, perhaps, you are the resident Short-Sale or REO expert in your office. If so, share your top-three Do’s and Don’ts.
And if you are a newbie to the world of short sales, remember no question is too rudimentary.
E. Sue Saunders, General Counsel for the NVAR, has published a number of legal opinions regarding short-sale transactions. Some of these include:
Foreclosures And Short Sales, How They Work
Short Sale Tips Dealing with the Lender
Short Sale Tips Dealing With Buyers and Agents
Short Sale Resource Guide
[click on the links above to download the .PDFs]
A great deal of information and advice is contained within these legal articles. But as we all know, much of what we encounter in the real world of real estate transactions doesn’t always conform to the recommended procedures.
As this discussion group evolves, my hope is that we all will learn from one another’s experiences and suggestions.
Have you been a part of a short-sale or REO transaction? If so, how was your experience? Would you ever take part in one again? …or do you avoid them like the plague?
Or, perhaps, you are the resident Short-Sale or REO expert in your office. If so, share your top-three Do’s and Don’ts.
And if you are a newbie to the world of short sales, remember no question is too rudimentary.
Tags: short sale
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Replies to This Discussion
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Permalink Reply by Josh Talayka on -
I am days away from closing my first short sale listing. Although there is a great deal of work involved, I've made the decision to embrace taking short sale listings. A couple things i would suggest when taking a short sale listing is to first get the lender to agree to allowing the short sale in the first place, and make sure it is in writing. Although some lenders will tell you they won't provide this, the majority will. However, you may have to go up the chain before you are able to speak with someone willing to provide a written agreement like this. You'll also want to request a short sale package up front and ensure you're client has everything that is required by the lender ready. Once you get to a point in the process where the transaction has been assigned to a negotiator, be sure you determine how that person prefers to be contacted how often you should be following up with them.
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Permalink Reply by Veronica Munoz on -
I just closed my second REO sale and I can't begin to stress how important a part the title company pays in successfully closing REO transactions. I had to deal with an "out of area" title company and the communication was extremely difficult. The banks were awesome to deal with, the buyers agents were great, the buyers lenders were both on top of everything... our downfall was the title company. My main suggestion if you are involved in an REO sale is to request that a "local" title company be utilized in lieu of an "out of area" title company.
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