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My personal short sale story

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POSTED August 20, 2010 12:33 a.m.
Last week I started a two part article telling my personal short sale story.  Like I stated last week, I thought I would share with you my story to let you know one major thing that a lot of Realtors fail to mention to their clients but they long to hear: “You’re not alone!” “I have actually been there!” “You will make it through, I did!”

After one of my short sale listing appointments this week I had a client tell me, “I just wanted to thank you again for coming to my home today and being open about your financial experiences and having gone through the short sale process yourself.  I feel completely calm and at peace with my decision today.  I know that is largely in part to you sharing some of your personal experiences with me.  Keep doing what you’re doing!  People need to have reassurance that it will all be okay.  Much appreciated. Talk to you soon.”

To me, the only way we can truly get through all of this together is to help each other.  So here are some tips we had learned during our short sale process:

1. Communication is key - One of the biggest ways to make your short sale successful is to stay in constant communication with your Realtor and bank. So many short sales fail to help you avoid foreclosure because the homeowner does not convey important information to the Realtor from the bank! Some typical examples include Notice of Default, Notice of Trustee Sale and other various forms of communication to you the homeowner from the lien holder(s).

2. Don’t worry - One of the important things we learned during our short sale was to stop worrying! Worry leads to stress and stress leads to other major issues. A good Realtor will stay in contact with you keeping you informed about your short sale. At this point of the short sale transaction, the power is in the banks hands and there is no sense in worrying because it just causes unnecessary stress on you, your family, marriage, etc. Take a deep breath and remember to enjoy life.

3. Life’s too short, spend time with your family and friends - One important tip to a successful short sale transaction is to “Get Away” like the airline commercials say. Sometimes one of the best things you can do is find something that gives you joy, church, family, friends, games, hobbies, etc. and do that from time to time. I’m not saying you completely forget about your short sale, I’m just suggesting that if the power is in the banks hands, why sit around the phone stressing for 30 days to 6 months waiting for a call from the bank? Go out and have fun. Life is too short!

Two major lessons learned after we closed:

1.  You are the key to the success of your transaction – Many short sale transactions fail because the sellers become disconnected. The only way for you to be able to avoid foreclosure with a short sale is to stay engaged through out the entire process. The short sale process can be lengthy, but just like a great extra innings baseball game, you only win if you fight to the end!

2.  Family is the most important thing – The most life changing “takeaway” for us from our successful short sale transaction was reminding ourselves that our family is the most important possession we have. Driving down the highway in the U-Haul I remember vividly the conversation in my head. I could careless about all the junk in the back of this truck, as long as I have the people in the car behind me following me.

Hopefully those few tips can help some people start and finish their short sale right.  

For more information on avoiding foreclosure with a short sale, please feel free to email me at jreyes@pmz.com 209-923-8527 or visit my site http://ShortSaleWithJeff.com
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