By Marcia J. Swanson
Jan 6, 2013
Q: What advice do you have for short sales?
A: When working with a buyer, my advice regarding the purchase of a short sale property is: Don’t!
Buying a short sale property is not for the faint of heart. I recommend that they consider properties that are not short sales if they need to purchase a home and settle in any time soon.
If a buyer can wait, this is good because they will be waiting. I advise my buyers that if they choose to proceed with a short sale they will need patience, perseverance, stamina and an understanding of a process that is at best tedious and at worst abusive. I work closely with them to guide them through. It is part real estate transaction and part treatment plan.
The short sale status of a property does not change the basic tenants of choosing a home. I advise my buyers to know what they can afford, know what they need and want in a home, identify the geographic areas of interest, and know what their responsibilities are as an informed consumer.
With respect to a short sale seller, well it is not your fault. Many sellers are angry and frightened that this has happened to them and I try and help them with the idea that life goes on. My best advice to them is to speak with their tax advisor and their attorney to set that stage up for success. Then, together, we set the real estate sale up for success with proper pricing, marketing and a strong mental attitude. It is part real estate transaction and PART treatment plan.
— Marcia J. Swanson Coldwell Banker Residential Brokerage Trumbull 203-452-3700