Life is nothing if not unpredictable. From day to day, there are an array of elements that can influence the arc of your short-term future. Whether it’s financial factors or family matters, lives can be upended at a moment’s notice. Unfortunately, the real estate market has no sympathy for spontaneity. Short-sale hustlers and volatile markets can spell disaster for those who must move quickly.
Traditionally, off-market investors have been a risk. Many of these buyers take advantage of those dealing with difficult life transitions, preying on a seller’s sense of urgency. However, this doesn’t always have to be the case.
With the recent and rapid emergence of proptech solutions, there are now options for those in search of a fast sale.
Conquer The Short Sale With Sundae
With a mission to bring more value, confidence, and convenience to homeowners, Sundae is a new solution for short sales and off-market transactions. Susan Canavari, Chief Marketing Director at Sundae, sat down with daltxrealestate.com to explain how this service is an elevated alternative to traditional short sales.
“There are two main benefits of using our platform,” said Susan. “The first and most important being our auction-style marketplace. Typically, when homeowners realize they need to sell their homes quickly, they’re presented with an all-cash offer from an investor. Many times, these are lowball bids. We say you should never take the first offer presented. You should always have options.”
Since urgency and anxiety play a major part in short-sale decision-making, many homeowners are taken advantage of. However, Sundae ensures they get the best possible offer by allowing them to auction their home to a trusted network of investors.
“The other benefit,” said Susan. “Is how Sundae streamlines the selling experience. With Sundae, there is no need to schedule showings or dress the property up. The investors buy sight unseen so you can keep your belongings in your home as the process unfolds. This makes for a much less stressful experience.”
Nothing “Short” About Short Sales
While Sundae is a great solution for homeowners, this model could also be a win for investors and brokers. Since the auction-style marketplace streamlines the buying process and ensures the best price for the sale, this could insulate many sellers, lenders, and brokers from wasting time and money. Local short sale expert and broker Nitin Gupta from Competitive Edge Realty has insight into the pitfalls of traditional methods.
“The majority of my clients come to me because they are upside-down in their mortgages,” said Gupta. “Many times, they’re experiencing financial difficulties and can no longer make those mortgage payments.”
These are cases in which Gupta most often suggests short sales. However, many times there is nothing so “short” about the process.
“First we have to get approval from the lender,” said Gupta. “We first must see if the lender will approve a short sale. Then, we have to provide them with a number they are comfortable with. It becomes a lengthy process because even if we find a buyer and get them under contract, the contract is contingent on the lender.”
Basically, the lender needs to know they are getting the most money they absolutely can for their asset. Many times, these deals fall through at the last minute because the price isn’t right.
The typical short sale is a process rife with pitfalls, and this is where Sundae truly has the opportunity to shine. By ensuring the best possible price through a competitive auction model, they’re able to not only instill confidence in all parties but also save time and eliminate stress.
“It just takes longer and it’s more complicated,” Gupta said of the typical short sale process. “We hope the lender and buyer can walk away both knowing they got the best deal, but that isn’t always the case.”
