What's Really Happening Series - Short Sale
Join Bill Spencer (Spencer Properties) and special guest Paula Bacon (Reliant Title), for a disscussion about Short Sales and how they apply in todays ever changing market. The process of a bank accepting a property as a short sale can be tricky and is very important for Realtors to understand. Bill Spencer has 25 years of experience as a real estate broker and has done many deals involving short sales.
Join Bill as he shares his knowlege in this FREE EVENT that you will not want to miss!
When: June 30, 2010
Time: 6:00pm - 7:00pm
Where: The Austin Institute of Real Estate
Cost: Free
or call us at: 512-453-0900
"Short sales have become an ever growing market and can be quite lucrative if you take the time to understand the process."
~Bill Spencer
A Note from the Speaker:
Being just short of 25 years as a real estate broker and beginning my career in the mid 80’s during a time of foreclosures that the market had never experienced before, I believe that my company is as close to an expert as one might think of as an expert. I have been working the foreclosure, REO, and now short sales market to help people with the sale and purchase of homes since the onset of my career.
My experience with short sales has come mostly through trial and error by working with a number of banks. I have closed transactions with Bank of America, Wells Fargo, Chase and a number of other smaller banks and mortgage companies. Currently my company has several listings that are classified as short sales. We have worked both sides of the transaction; buyers and sellers.
The real estate market has changed considerably in the past two years and as a real estate practitioner I have found that you must stay abreast of the changes and adjust to the market. Short sales have become an ever growing market and can be quite lucrative if you take the time to understand the process.
The banks are not forth coming with how they operate or what is required for them to accept a property as a short sale. There does seem to be some “standards” that all banks will request of the seller of the property. I would like to share my knowledge and expertise with others as I feel that every Realtor should be aware of the short sale process.
Even if you plan on never taking a short sale listing, you will at some time or another be involved with a buyer that is interested in a short sale. If you understand what is expected from the bank and the process for doing the short sale you will be more prepared to handle the transaction in a more professional manner for your purchaser.
As a listing agent you need to be aware of what the bank is going to require from you as the seller’s agent and what role the seller must play in the short sale process. This a joint effort between the seller, the buyer, the listing agent, the buyer’s agent, the bank, and the title company to make this transaction be a win, win, win, win, win for all parties involved. The seller avoids foreclosure and in some cases receives a small amount of money to help with the expense of moving. The buyer normally purchases the property below fair market value. The listing and buyer’s agent both continue to thrive in a down market and the bank is cleared of a bad debt that would otherwise take more time and money to resolve.
~Bill Spencer
http://www.spencerproperties-texas.com/
All repeats