More often than not, home owners looking to sell their house via a short sale are in denial regarding their financial hardship and fail to effectively search for choices to resolve their current situation. Typically, a loan modification may be considered a realistic approach for many home owners looking forward to stay in their residence. However, in many cases, a short sale may be the wiser alternative. Because of this, sellers need to allow sufficient time for their agent to list and sell the home and put forth potential offers and short sale package to the lender. If your home is already projected for a foreclosure sale, there simply may not be enough time to have a lender to delay the auction. To the extent a short sale, is the best choice does not delay organizing a succinct game plan.
Commonly, sellers are disappointed to be selling their properties under less than ideal conditions and choose not to be very accommodating with buyers and or buyer realtors. This tactic serves only consumes extremely valuable time and could very well lead to foreclosure. When it is determined that a short sale is in the best interest of the seller, it is essential to present the home in a positive manner – it needs to be accessible to prospective buyers and maintained in reasonably good showing condition.
It may be known that economic hardship has cut off seller’s resources to maintain their properties in perfect condition. However, there is no excuse not to render routine and basic maintenance to guarantee the property shows favorably to possible home buyers. Uncut grass and green pools do not attract to buyers and may only result in difficulty in selling your home, or a reduced sales price which could make it a challenge to acquire lender approval to short sell your home.
Time management in short sale approval is critical. Sellers that delay the short sale approval procedure by not getting prepared to submit the short sale application and offers to the bank in an appropriate manner risk valuable negotiation leverage. Remember that as a short sale seller time is your best asset as well as your primary liability. Banks need adequate time and a full application to process the request. Buyers are relying on you and your agent to acquire bank consent to the short sale in a practical timeframe. If short sale applications with supporting documentation is delivered in a timely fashion, and buyers are constantly updated with reports, the odds of a successful short sale increase significantly.
Always keep in mind that short sales are much more complicated than common real estate deals. They generally take significantly more time to complete and involve working closely with the seller’s bank to acquire lender agreement for the sale. Consequently a different skill set is required and short sale knowledge is critical.
If you are contemplating a short sale for your property, it is recommended that you obtain legal and tax advice as well as consult with an experienced short sale realtor in your area.