Short Sale Seller Mistakes You Should Sidestep
As an Orange County CA realtor working with short sale sellers and buyers, I frequently see short sale sellers make serious mistakes that could easily be averted. This is a brief list of frequent errors that I see and ones that you should avoid if you are contemplating a short sale for your property.
San Juan Capistrano Real Estate
1. Taking Too Long to Place the Home on The Market
. Far too frequently sellers may be in denial about their financial hardship and fail to aggressively pursue options to cure their situation. A loan modification may be the best option for plenty of property owners hoping to stay in their home - if not approved by the bank, sellers need a good backup plan. In many cases, a short sale is the preferred alternative, and sellers should
allow sufficient time for their agent to list and sell the home and present potential agreements and short sale package to the lender. If your property is already scheduled for a foreclosure auction, there simply may not be sufficient time to have a bank to suspend the sale - in many instances time will be a seller's best asset or liability - so to the extent a short sale is your best selection do not wait.
2. Making the Home Difficult to View and Sell. More often than not, sellers are unhappy to be selling their properties under less than ideal conditions and choose not to be very accommodating with buyers/buyer agents. This approach only wastes valuable time and may very well be the road to foreclosure. If a short sale is the best option, it is vital to present the home in a positive manner - it needs to be available to prospective buyers and maintained in understandably good viewing condition.
3. Failing to maintain the home. It may be understandable that financial hardship has limited many seller's resources to maintain their properties in great condition. However, there is no reason not to perform 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 will only result in challenges in selling your home, or a reduced sales price which may make it a challenge to gain bank approval to short sell your home.
4. Delays in getting short sale packages to the bank for approval. Much too often, sellers delay the short sale approval procedure by not getting ready to submit the short sale application and offers to the bank in a appropriate manner. Remember that as a short sale seller time is your best asset and liability. Lenders need adequate time and a complete application to process the request. Buyers are depending on you and your agent to gain bank agreement to the short sale in a logical timeframe. If short sale applications with supporting documentation is submitted in a timely fashion, and buyers are constantly updated with status, the odds of a successful short sale heighten significantly.
5. Selecting the wrong short sale agent or broker to sell your property. Short sales may be much more complex than common real estate deals. They generally take much more time to complete and involve dealing closely with the seller's bank to acquire lender consent for the sale. Consequently a distinct skill set is required and short sale experience is essential.
If you are considering a short sale for your property, it is imperative that you obtain legal and tax advice as well as partner with an experienced short sale agent in your area.
Laguna Niguel Real Estate
As an Orange County CA realtor working with short sale sellers and buyers, I frequently see short sale sellers make serious mistakes that could easily be averted. This is a brief list of frequent errors that I see and ones that you should avoid if you are contemplating a short sale for your property.
San Juan Capistrano Real Estate
1. Taking Too Long to Place the Home on The Market
. Far too frequently sellers may be in denial about their financial hardship and fail to aggressively pursue options to cure their situation. A loan modification may be the best option for plenty of property owners hoping to stay in their home - if not approved by the bank, sellers need a good backup plan. In many cases, a short sale is the preferred alternative, and sellers should
allow sufficient time for their agent to list and sell the home and present potential agreements and short sale package to the lender. If your property is already scheduled for a foreclosure auction, there simply may not be sufficient time to have a bank to suspend the sale - in many instances time will be a seller's best asset or liability - so to the extent a short sale is your best selection do not wait.
2. Making the Home Difficult to View and Sell. More often than not, sellers are unhappy to be selling their properties under less than ideal conditions and choose not to be very accommodating with buyers/buyer agents. This approach only wastes valuable time and may very well be the road to foreclosure. If a short sale is the best option, it is vital to present the home in a positive manner - it needs to be available to prospective buyers and maintained in understandably good viewing condition.
3. Failing to maintain the home. It may be understandable that financial hardship has limited many seller's resources to maintain their properties in great condition. However, there is no reason not to perform 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 will only result in challenges in selling your home, or a reduced sales price which may make it a challenge to gain bank approval to short sell your home.
4. Delays in getting short sale packages to the bank for approval. Much too often, sellers delay the short sale approval procedure by not getting ready to submit the short sale application and offers to the bank in a appropriate manner. Remember that as a short sale seller time is your best asset and liability. Lenders need adequate time and a complete application to process the request. Buyers are depending on you and your agent to gain bank agreement to the short sale in a logical timeframe. If short sale applications with supporting documentation is submitted in a timely fashion, and buyers are constantly updated with status, the odds of a successful short sale heighten significantly.
5. Selecting the wrong short sale agent or broker to sell your property. Short sales may be much more complex than common real estate deals. They generally take much more time to complete and involve dealing closely with the seller's bank to acquire lender consent for the sale. Consequently a distinct skill set is required and short sale experience is essential.
If you are considering a short sale for your property, it is imperative that you obtain legal and tax advice as well as partner with an experienced short sale agent in your area.
Laguna Niguel Real Estate
