Short Sale Problems and Mistakes
Short Sales can be a daunting task because it is a bit more complicated than a traditional home sale.
Knowing what some of the common short sale mistakes are and their solutions can be very helpful for a successful outcome. Here are some of the most common mistakes made with this type of transaction, and their solutions:
1. The property is not priced correctly: Be sure that your agent takes you through a detailed listing price strategy so you know exactly where your home should be priced due to its current condition, the other current sales in your area, and how much time you have left to sell.
2. The short sale proposal is not fully completed: Be sure that you fully understand the short sale process and exactly what your lender is looking for, so that you can present a complete and cohesive proposal to your lender.
3. Not Enough Follow Up and Communication: Make sure that your agent is following up with everyone involved during each step of your short sale, so that you know right away if your file has been delayed.
Your agent needs to understand the local foreclosure laws so that you have an estimated timeline. Also, be sure that your agent can communicate effectively with your lender so you can stall a foreclosure by getting more time to negotiate a short sale. Always provide your agent with accurate information as to how many payments you may have missed and any correspondence you have from your lender.
1. You must submit the deal properly: Following the directions that you receive for submission is imperative. If you are asked to fax your file, then fax the file and send a hard copy in the mail. If they ask for two copies, send two, and so on. If you have a contract and have gathered all of your information, the last thing you want is for no one to see it and the deal falls apart.
2. The buyer’s offer is too low: A short sale is not a fire sale! A lender still will only approve a deal that is more attractive to them than a foreclosure. Make sure you present only the most properly negotiated offers.
3. The buyer’s contract is not strong enough: You may find yourself with offers from unqualified buyers. Don’t forget to ask for verification from a buyer that they have been pre approved for financing.
Get more information to start your Short Sale by calling us toll free at: 866-612-8975 or fill in the confidential form below
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