Pam and I recently completed a short sale here in Clarksville as the listing agents.  While I usually am very proud of our abilities as a Clarksville Real Estate Team and love to congratulate our buyers and sellers on the recent Clarksville Real Estate transaction, it simply is not the same when it comes to short sales in Clarksville or anywhere else in the Country.

Granted we did receive heart-felt thank yous from the sellers of the property, it simply is not something that you 'congratulate' someone on.  At least not in our minds that is.  Our Short Sale experience has certainly opened our eyes to many facets of the Clarksville Real Estate market and the Real Estate Market country wide (as it does not merely effect Clarksville).

First and foremost, when dealing with a short sale you need to have compassion as many times the circumstances surrounding the short sale are beyond the seller's control.  Many times these events are life changing and significant such as the loss of income, the sudden decline in health, a divorce, death in the family, or as has been seen many times in Clarksville, the PCS of a Family.  Coming to the decision that a short sale situation has become reality is not an easy pill to swallow for any proud person, thus another reason for compassion and understanding.

You will have to be there every step of the way, and many times go above and beyond what you would normally be accustomed to do in a normal listing.  Examples are dealing with the first mortgage holder, second mortgage holder and the owner all simultaneously.  Anyone who has been the listing agent on a short sale can attest that it is not that simple to find the right person with the AUTHORITY to make decisions when working with the banks that hold the mortgage - many long hours, numerous emails, phone messages, etc.  Constant communication with all parties involved.  This takes both patience and persistence as well as compassion when relaying messages from the bank to the owner or being able to empathize with the owner's frustration - being a sounding board of sorts, or a shoulder to lean on in other respects.

Listing agents - prepare your clients.  Let them know up front that the bank ultimately has the final say in short-sales and that the process is not a simple or fast process.  Ensure they realize that it can take months once an offer is submitted until the bank decides whether to approve or disapprove the short sale.  Additionally, ensure they have an exit strategy as while it may take months, the timing is unknown and the approval can come with a closing date within weeks if not days. 

Buyer's agents - same thing as above.  There are many buyers out there who are specifically looking for short-sale properties.  These clients need to understand that the process is time consuming and that the listing price is most likely a price that has been approved by the bank for a quick sale.  Obviously there is room for negotiation, but not overly so.  Again, while it may take months, the decision could come unexpectedly, thus look for a short term or month to month rental if you are relocating from another area.

In the end, our short sale story was a success in that the owners and the bank approved the offer.  Beyond that, Pam and I hope that our clients will quickly rebound from this significant event and know that Pam and I will be there when they need us.  There is a light at the end of the tunnel.

Regards

Tim and Pam Cash
Crye-Leike Realtors
931-338-1375 or 931-436-7617


The Cash Team - Making dreams come true one home at a time. Proudly serving the citizens of Clarksville and the Soldiers of Fort Campbell. To view available Clarksville properties, please visit our website at www.cashsofclarksville.com or www.myclarksvillerealestate.com.  You can also email us at thecashteam@cashsofclarksville.com and we will run a custom search for you. Finding you and yours the perfect property in Clarksville Tennessee and surrounding areas is our goal.