Have you ever gone to an open house and you hear the realtor mention that the house is on short sale? If you aren’t familiar with real estate terms, “short sale” can sound like a positive thing, but unfortunately, it’s not. A house that is on short sale can, in fact, take months longer to buy than a house that is simply for sale or for lease with an option to buy. For a realtor, this type of house can be harder to sell, depending on their clients, so the way they handle a short sale or present the house on short sale can make or break the deal. Here are a few things your realtor should avoid when dealing with a short sale.
- Make sure you are familiar with the short sale process; do not go into it blind.
- Do not hire an unqualified professional to negotiate with the bank.
- Do your homework! Make sure you keep following up with bank representatives regarding the short sale.
- Do not price the property above market value to try to cover full payoff.
- Do not submit an offer that is too low or buyer financing that is not strong enough.
- Do not pay any upfront fees for someone to facilitate a short sale.
- Do not be unaware of how to approach business cases to lenders.
- Do not expect the process to be much shorter than is realistic.
Make sure you are confident with your realtor and that you can trust him/her to get you through the short sale process securely. With an increase in short sales this year, both home buyers and home sellers should look into the process to avoid any confusion in the future.