I am proud to say that my office frequently represents sellers in an effort to facilitate short sales. Please note, I used the word “facilitate” for a reason. While we have in the past, we do not “negotiate” short sales. My experience has been that an experienced short sale specialist agent is best suited for that role. I can certainly recommend one if needed.
My role as seller’s attorney often is that of facilitator.
It is my opinion that short sales are challenging enough that there must be a negotiator (the agent) and a facilitator (the attorney).
My experience in both roles throughout the years has taught me a few things.
I will list the top five.
- 1. Expect the unexpected.
There will be a surprise early in the process. There will be a surprise midway through. There will be a surprise at the end. And there will be a surprise even after the closing that must be dealt with. An experienced facilitator can anticipate many of them and deal with them quickly and efficiently.
- 2. A short seller needs an attorney.
The duties needed include: Negotiating with lien holders other than the bank to resolve any outstanding liens, drafting the deed, ensuring the P&S will lead to a successful transaction, representing the Seller at the closing, reviewing and explaining the closing documents.
- 3. A short seller feels beaten up.
When someone is at the point of a short sale, it is not a happy time in their life. They often feel unsupported. A good facilitator can offer the support they have been missing. I can fight for them when no one else will. Also, short sales often result from a divorce. The parties are bitter. A facilitator like myself can keep the parties moving forward in the same direction.
- 4. Title happens.
There will be title problems. I can identify many of them early on and cure them. And for those that spring up at the last minute, I have the experience to manage an efficient resolution.
- 5. Every short sale needs a traffic cop.
Short sales have a lot of players. Sellers, buyers, the listing agent, the selling agent, the buyer’s attorney, the Buyer’s lender, etc. It can get overwhelming. A facilitator can manage the transaction and keep it on track to close.
