Redding Real Estate ~ The Long Road to Success for Short Sales!

Redding Real Estate ~ The Long Road to Success for Short Sales–As a short sale agent who has 100% approval rating, what is it that I do differently. First of all I understand and know my current market value and the banks financial model that will get the offer accepted.

Typically, the Bank will accept 80% of market value. 10% discount in the purchase price brings the buyer and the other 10% is made up of closing costs and commissions paid by the bank. There is some play in this financial model based on condition and location of the property.

As a short sale agent, I feel both a responsibility to the seller and to the bank to get the highest price offer possible. It means doing my research and knowing market value and the current market conditions to establish the financial model the bank will accept. Negotiation is a key element of how I have managed to maintain a 100% approval rating for the short sales I have done. Negotiation with the bank is crucial however it is the negotiation with other agents and their clients that seems to be the critical piece. I cannot tell you how many times in a day I have a conversation with another agent and explain the above model.

Redding Real Estate ~ The Long Road to Success for Short Sales–There is still a perception that you can low-ball short sales and foreclosures in this market. If the agent has done their work, this just is not true. I believe it is one of the single most mis-understood aspects of this current market. Getting the bank to approve the short sale is based on the above model. They care about the bottom line and you must be able to compelling prove your case for the short sale including the market value and the purchase contract you have accepted. Yes….in California the Seller still owns the home and we accept the best offer and open escrow (so that once accepted we can close quickly). In general, we are looking for all cash or conventional financing that CAN close quickly.

While I coach other agents in what the nature is of our getting an approval from the bank, I still get low ball offers and agents that don’t know how to be as effective with the bank as I have learned to be. I always request that agents call before writing, however sometimes they don’t. I received a conventional offer on one of my short sales the other day (agent did not call) and it was rather a low ball offer. We were at a higher price at the time and I explained that we were about 5% below market value (I always try to get market value and sometimes I do) and while their offer had much to offer, the lowest we would be able to go on this particular house was 10% below market value. The home is in a great location and good condition. She said we will just keep the offer where it is. The bank can always counter us.

Well needless to say her offer most likely will not be accepted and the bank will never see the offer. She obviously does not understand the nature of short sales and how to get them approved. Who knows maybe she will reconsider. I hope so. In the meantime the house is being shown 3 or 4 times a day. Offers will be coming.

Redding Real Estate ~ The Long Road to Success for Short Sales

I am Jeanean Gendron, your Redding and Shasta County Specialist. Your can reach me at 530 276-7417. I answer the phone. Visit my websites and blogsites to learn more about Redding and Shasta County Real Estate.

Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

New Homes Shasta County Featuring Ochoa & Shehan Homes

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Short Sale Help for Sellers

Jeanean Gendron ~ I love Redding and Shasta County, California

530 276-7417

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