We received a call yesterday from a person who`s home is in jeopardy of foreclosure.
It seems the Realtor they hired made two fatal mistakes when accepting the listing.
1- They treated the listing as if it was a residential sale,when in fact it`s a duplex. The home wasn`t placed properly on the MLS.The home is "Income Property" where rent is collected.
2- Apparently, the seller felt the home should have been originally priced higher than homes in the area sell for.For whatever reason this Realtor,listened to the seller without doing a proper CMA.With only a few weeks left before "Foreclosure Proceedings",the Realtor finally recommends to the seller they "Hire a Realtor who has experience dealing with Short Sales".
It`s never easy to admit as a Real Estate professional you`re not fully experienced in certain aspects of Real Estate.
It seems the Realtor they hired made two fatal mistakes when accepting the listing.
1- They treated the listing as if it was a residential sale,when in fact it`s a duplex. The home wasn`t placed properly on the MLS.The home is "Income Property" where rent is collected.
2- Apparently, the seller felt the home should have been originally priced higher than homes in the area sell for.For whatever reason this Realtor,listened to the seller without doing a proper CMA.With only a few weeks left before "Foreclosure Proceedings",the Realtor finally recommends to the seller they "Hire a Realtor who has experience dealing with Short Sales".
It`s never easy to admit as a Real Estate professional you`re not fully experienced in certain aspects of Real Estate.
Dealing with a "Foreclosure,or Short Sale" requires a lot of experience.
The seller and I discussed the situation. I immediately gave them two options. The first was to lower the price based on Closed Sales in the area.The second was to make sure this home was cleard of two liens which were placed on it by the City.
The seller and I discussed the situation. I immediately gave them two options. The first was to lower the price based on Closed Sales in the area.The second was to make sure this home was cleard of two liens which were placed on it by the City.
Rule #1 in a "short sale" clear up all liens before placing a home on the MLS For Sale.
It saves time and there is less brain damage to deal with down the road!
If they`re hiring you for your experience they`ll either take your advice or they won`t. everything.
The Real Estate market has shifted once again, not every seller will be able to "Walk Away" from their homes without consequences.
The Real Estate market has shifted once again, not every seller will be able to "Walk Away" from their homes without consequences.
Therefore, it`s advisable to hire a Realtor, with a proven track record and experience when selecting a Professional to represent you.
For additional information:
Contact: The Scott Daniels Real Estate 2.0 Group @ 954-275-0200.
Visit our web site: www.listfloridahomesforless.com
No comments:
Post a Comment