Latest figures show that somewhere around 45% of the market will consist of distressed
properties in the year to come. This includes short sales, foreclosures, REO’s and other bank owned or controlled/influenced sales. Most everybody involved dislikes the short sale process (except the buyer after the deal is done when they get a great deal). But it is a reality of the market. And these sales do provide incredible opportuinities for the buyer to make a great purchase and the seller to get out from under a bad deal for them.
Blair Thompson has worked extensively with buyers and sellers to successfully close many short sale and distressed property deals. He finds investors and sophisticated buyers can reap the benefits of these types of sales.
Key to a successful short sale transaction are knowledge of the process, competent parties (agents, negotiators and principles) and patience & persistence. The determinant of success is set early in the process. Buyers need to know that this process is not straight forward, that it can take time, and truthfully nobody is really in control of the process. Agents need to be truthful with both the buyers and sellers about the comprehensive situation. Agents also need to choose the deals carefully, some are winners, some are loser, and some depend upon matching the correct buyer with the correct short sale transaction. Many factors contribute to a “good” deal. Timing, financing, occupancy, flexibility and future purpose of the property. As well as a multitude of other factors that can only can be deteremined “on the fly” by an agent who has experience in Short sales and other distressed sales.
It is also imperative that the seller is realistic about their part in the process. Honesty, clarity and a good dose of humility are all imperative to closing the deal. The seller gains a great deal of intangible benefits in the short sale process, debt forgiveness, taxable income forgiveness (this is complicated but real), a much smaller impact on credit scores, and a chance to start anew.
Blair Thompson has been involved with many difficult and convoluted short sale processes and has successfully closed many. Thru this he has gained the knowledge necessary to help navigate thru foreclosure processes, bankruptcy implications, and the life afterward that are necessary for a good negotiation, a happy closing of the house sale, and the eventual moving into the house by the new homeowner.