Eddie Kearns wrote to ask if he could put this guest post on Karen’s Perspective. I appreciate his initiative!
As a disclaimer, Eddie has never handled a short sale for me. Nevertheless, here is what he has to say. Please comment to let me know what you think about the article.
There are a lot of real estate professionals who are unsure about how to respond to homeowners and their concerns about short sales. Understandably, many homeowners are nervous about the idea of a short sale. The thought of going through one can be scary and unpleasant to go through with the amount of paperwork and disclosure involved. Here are a few responses you can use the next time a client expresses these concerns:
1. They want to review their options. Tell them you, as their agent (depending on your state and how involved you want to be) will help them check out other alternatives. In many cases the homeowner already knows they will not qualify for a loan modification because of unemployment, sickness or other unresolved hardship, and income levels that don’t meet the minimum requirements for a loan mod. In some cases their credit rating has already been too damaged to qualify. If these factors have not been reviewed before you sit down with the homeowner, do your client a favor, and make certain there are not other options. They’ll remember the kindness and come back to you should those other options fall through. It will also help boost your reputation as an honest, ethical agent who is looking to help people, not just profit off of them.
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