SHORT SALE CASE STUDY:
Marketing High-End Short Sales

Sold: October 8, 2011 

Location: Lake Sammamish, WA

Sale price: $1.7 million

Referred by broker to Washington Property Solutions

Broker referral fee: $9,562  

The homeowner had to move for work, and was underwater on the home with significant balances on two mortgages. Because of the price point of the house and the current economic climate, there was a limited pool of potential buyers. The home would go into foreclosure if we couldn’t negotiate an agreement within 90 days.  

The solution:

We provided the BPO broker access to the home and were there to answer any questions he had about the property. In addition to our normal marketing strategies, we networked with brokers that work in the high end to expand our reach to qualified buyers. One buyer showed particular interest in the home, but was looking for a property with a boat lift- an $8000 expense to our seller. Since we were able to successfully negotiate full satisfaction of the debt on both mortgages, the seller agreed to install the lift and the deal was completed. 

Short sale tip:

Managing your client's expectations is more critical in short sales than it is in traditional transactions.  One key to success is keeping your seller open to creative ways to make the transaction work.