Metro Brokers Company News

MOODY FINDS PATH TO SUCCESS WITH SHORT SALES

September 16, 2011

One of the largest hurdles in successfully closing a short sale transaction is keeping an open line of communication with the bank and mortgage lenders. Barbara Moody of the Better Homes and Gardens Real Estate Metro Brokers Rockdale/Newton office has discovered the path to success for handling short sales. She even had bank negotiators telling one another how much of a pleasure she was to work with. Her key to success? No matter how frustrated she would get with the situation, Moody would always remain kind, polite, and completely professional.

Her First Short Sale

Moody was working her first short sale, a home in Decatur with the seller living in Alabama. The home was originally listed at $65,000 and dropped to $47,000. Moody’s bank contact, Vivian, called her at home one night and asked her what they could do to help her sell this home. Moody recommended another appraisal because the market value was not supporting the asking price.

After the second appraisal, the home was listed at $35,000. Moody found a buyer and negotiated the bank down to $25,000. Eventually, this deal was terminated because of earnest money problems, but Moody took the buyer’s idea and listed the home at $25,000. She found cash buyers and the home closed at $24,500.

Overcoming Obstacles and Finding the Path to Success

Moody had plenty of hurdles throughout the sale, the biggest of which was a change in the bank asset manager who handled the property. When her first asset manager transferred departments, Moody was left with a new manager. Her old manager introduced the new manager to the case, explained the situation, and even told Moody that she would still be available to help. Pricing was also a large hurdle for Moody, as she was almost pulled from the listing because it wasn’t selling. A second appraisal helped her overcome this obstacle.

However, throughout all the challenges with this short sale, Moody remained professional. She kept a good relationship with her bank asset managers, always thanking them for their hard work. Because of this, Moody’s asset managers went above and beyond for her, helping her whenever she needed support. Because of her pleasant demeanor and ability to remain professional, her first short sale closed successfully.

“First and foremost, you have to educate yourself on short sales,” Moody explained. “Then you have to prepare your buyer and your seller for all possible scenarios. Develop a good relationship with the asset manager, letting them know you are willing to help them so they can help you. You have to remain honest, provide the best possible service, and always, always communicate with everyone involved.”

To contact Moody, call 404.843.2500 or visit metrobrokers.com/barbara.moody.

Founded in 1979 with just one office and a handful of sales associates, Metro Brokers is the largest Better Homes and Gardens Real Estate franchise in the world offering a wide range of real estate services including residential and commercial sales; business brokerage; corporate relocation; new home sales and marketing; pre- and post-license training; and insurance, mortgage and title/closing services.

To contact BHGRE Metro Brokers, call 404.843.2500 or visit metrobrokers.com.