Montgomery, Chester and Bucks County - Short Sale Homes for Sale
Below you’ll find the list of PA short sale homes for sale.
Before you make an offer on a PA short sale listing you want to do your research on the listing agent who is negotiating the short sale.
If you’re reading this you’re probably either thinking of buying a home via a short sale, selling a home via a short sale, or you’re already in the midst of such a transaction.
So who’s negotiating your PA short sale?
The homeowner, or debtor, can call their creditor and initiate that dialogue. Most creditors will want to see that a buyer has been secured, a sale price has been established, and transaction figures have been calculated. So unless you’ve sold your home yourself, it would be natural to turn to your real estate agent to handle the short sale communications with the creditors. You hired that agent to sell your home, right? You and your agent signed a listing contract, your agent marketed your home, coordinated buyer appointments, worked with offers, and negotiated with a buyer’s agent on your behalf. Now it’s time to go to settlement. But wait, your home is being sold as a short sale, remember? That means that along with you and the buyer, your creditors also need to be onboard with this transaction. It’s extremely important to the success of transaction to know who’s negotiating the short sale.
Many agents today hire a 3rd party negotiating company to handle the negotiations. This can cost upwards of $3000. Unless you or your agent have stumbled upon a non-profit short sale negotiating company, these folks naturally intend to get paid. But the transaction is a short sale – there are insufficient dollars to cover all costs. So who pays this new, extra cost? To put it simply, the “transaction” pays the new cost and there are a few ways this could go…
1) The seller pays the fee for services rendered. But if the seller doesn’t have enough money to pay all their real estate related debt, how can they pay this extra fee? You may have to pay these fees from the relocation or HAFA monies you may be eligible for. Ask your real estate agent – maybe he or she will be able to answer this for you.
2) The buyer pays the fee. But unless the buyer has money to burn and/or just really wants to be overly generous – saintly even – they will simply deduct the amount of the negotiating company fee from the sale price. Many buyers won’t even consider these properties due to this extra expense. This may result in more time needed to market the property or just not selling at all.
3) The short sale creditors pay the fee, either via a buyer’s lower price (see 2 above) or as an additional charge at settlement. But these folks are already being asked to absorb a loss on the transaction. Now they’re being asked to pay a few more thousand dollars for that pleasure?
There is another way, and it means your real estate agent will need to “duck back in”. Remember, your agent is being paid a commission… if the transaction closes. Make them earn that commission by either handling the negotiating with the creditors themselves or by paying the negotiating company fee themselves. Think about it, if your agent has “subcontracted out” part of the work needed to get you to closing, shouldn’t that subcontractor fee be paid from the agent’s already agreed upon commission? And here’s something else to think about: if your real estate agent is either unwilling or unable to handle your short sale without help from a subcontractor, do you really want that agent to be your agent?
So if a PA short sale is in your near future, be sure to find out “who’s negotiating your PA short sale”.
Why didn’t the short sale settle or close? What happens next?
If you just tried to buy or sell a home as a short sale and it failed – it’s discouraging for all parties involved. As a seller it’s extremely important not to give up. Most realtors accept a declination from the bank as final. It’s not. It’s a realtor’s job to convince the bank why this offer is the best offer the bank will receive on this property. If a property has been priced right or on the market awhile and you received a fair offer there is no reason the bank won’t accept the offer. The realtor needs to get to the right person who actually has the authority to make a financial decision. The initial declination from the bank is usually not from a representative of the bank who took the time to look at the whole financial picture from the bank’s perspective. Getting to the right person is the most important step in a PA short sale transaction! This is how I’ve been able to close more PA short sales than most PA real estate agents.
The seller in a failed PA short sale transaction is the biggest loser. Many seller’s think it can’t be sold. This is not true. You just need to find the right PA short sale realtor. A realtor who has successfully closed PA short sales. When interviewing the realtor ask them “How many PA short sales have you closed?” and ask for the “list of addresses”. Sold homes are available in public records and is not proprietary information. If your agent will not provide this list find another real estate agent specializing in PA short sales.
I’ve successfully helped just about 70 homeowners sell their home as a short sale and I can help you too. Here is my list of successful PA short sale settlements since 2007.
Short Sale Home for Sale in Pennsburg – UNDER CONTRACT!
Short Sale Home for Sale in Telford – UNDER CONTRACT!
Real estate listings held by brokerage firms other than RE/MAX Achievers, Inc. are marked with the Internet Data Exchange icon and detailed information about each listing includes the name of the listing broker.
The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which RE/MAX Achievers, Inc. participates, and is provided by TREND through a licensing agreement.
The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.
Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.