Avoid Short Sale Pitfalls
- 1. Before you decide to sell you home as a Short Sale make sure you understand the Short Sale process, what to expect and what are the possible outcomes. You don’t want any surprises at the end. One of the first conversations that I have with a Short Sale Seller details what a Short Sale is, what I will need from them and what are the “possible” outcomes/effects and what is the ultimate goal of a Short Sale
- 2. Hire a professional who will do #1 and has a high success rate of closing Short Sales. Don’t be afraid; come right out and ask them how many Short Sales have they closed, what is their closing ratio and how long have they been doing Short Sales. Why is this so critical? A distressed Seller doesn’t have a lot of time to get things done to avoid foreclosure so they want to make sure they are well represented. You’ll also find that those Short Sale Specialists who do their own negotiations with the Seller’s Lender are quite driven to get a “Yes” for an approved Short Sale and won’t easily give up when along the way they may be told “No” a few times; a must have trait. I can attest to this as I am that Short Sale Agent who does not give up and I know other Short Sale Agents who handle their negotiations in the same manner and have had great success. This can be the difference in getting your Short Sale approved. Don’t take this lightly. This does not mean that those who do not handle their own negotiations can’t get the job done yet if you have a proven Short Sale Specialist doing the negotiations, your rate of success has just increased.
- 3. Care for your home. Don’t think that because you are a Distressed Short Sale Seller that you can keep your home messy and dirty. Have your home be the one that Buyer’s walk into and say ” Wow…this home is beautiful for a Short Sale” You want to stand out from your competition. You may not have a lot of money to update yet a neat and clean home speaks volumes.
- 4. Be timely with your communication to your Realtor when they request something from you; perhaps an updated statement or a new signature. Make sure you’re prompt with your responses.
5. Understand that this is not the end of the road for you yet perhaps the beginning of greater things to come. Believe me, it’s true.
These things can apply to your situation whether you’re here in Coral Springs and South Florida or any other city nationwide as it can make all the difference in your Short Sale.