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Short Sales…not for the faint of heart

Seller Story…

I’d like to share about a transaction where we are the listing agents.  The point of the story is to demonstrate how complex the short sales process can be and how it is critical to hire the right realtor to manage the process.

Our Seller has a $500,000 vacant home for sale near Coral Gables.  The 3 adult children are helping their mother to sell the property now that she no longer lives there.  The challenge in this sale is that there are 4 mortgages (lien holders) on the property and the property is less worth than the total of the mortgages (upside-down).

2 Offers on the table…

We have received 2 offers on this property.  Now…which offer to accept?

Conference call with 6 people (11 Total decision makers need to agree to close this deal)…

To navigate the process, the 3 children plus my business partner plus our short sale negotiator spoke for 45 minutes last night to discuss both offers.  The seller’s attorney will also be assisting as well as mother’s business partner. (Total of 11 decision-makers are involved to get this deal over the goal line).

Very optimistic about this Win-Win-Win transaction…

Our Sellers have selected the strongest offer.  Now, we are making good progress as we communicate one by one with each lien holder (while ensuring that the selected buyer remains patient).  We will close this deal and…

1)  Help our Sellers avoid foreclosure

2) Lien holders will also benefit because they’ll net more than they will if the Gables house is foreclosed upon

3) Buyers will purchase a wonderful home that they’ll enjoy for years to come at an attractive price

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty