Short Sale Seller Mistakes to Avoid
 | Short Sale Seller Errors You Should Avert
As an Orange County CA real estate agent working with short sales, I frequently observe short sale sellers make serious mistakes that could readily be averted. This is a brief list of common errors that I see and ones that you should avoid if you are considering a short sale for your home. San Juan Capistrano Real Estate 1. Waiting Too Long to Place the Home on The Market . Much too frequently sellers are in denial about their financial hardship and fail to aggressively pursue choices to cure their situation. A loan modification could be the preferred approach for plenty of home owners looking forward to stay in their residence - if not approved by the lender, sellers require a solid backup plan. In many cases, a short sale is the preferred alternative, and sellers need to allow adequate time for their realtor to list and market the property and put forth potential offers and short sale package to the lender. If your home is already scheduled for a foreclosure auction, there simply may not be enough time to have a bank to suspend the auction - in many cases time can be a seller's best asset or liability - so to the extent a short sale is the best selection do not delay. 2. Making the Property Difficult to View and Sell. More often than not, sellers are disappointed to be selling their homes under less than ideal circumstances and choose not to be very helpful with buyers/buyer realtors. This tactic only consumes valuable time and may very well be the road to foreclosure. If a short sale is the best approach, it is imperative to present the home in a positive manner - it needs to be available to possible buyers and maintained in reasonably good viewing condition. 3. Failing to maintain the home. It may be comprehensible 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 fundamental maintenance to ensure the home shows favorably to possible home buyers. Uncut grass and green pools do not appeal 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 bank approval to short sell the home. 4. Delays in getting short sale packages to the bank for approval. All too often, sellers delay the short sale approval process by not getting ready to submit the short sale application and agreements to the bank in a timely manner. Keep in mind that as a short sale seller time is your best asset and liability. Lenders need adequate time and a full application to address the request. Buyers are relying on you and your agent to gain bank agreement to the short sale in a practical timeframe. If short sale applications with supporting documentation is submitted in a timely manner, and buyers are constantly updated with reports, the chances of a successful short sale increase considerably. 5. Choosing the wrong short sale agent or broker to market your property. Short sales may be much more complicated than standard real estate sales. They typically take much more time to complete and incorporate dealing closely with the seller's lender to gain lender agreement for the sale. Consequently a distinct skill set is required and short sale experience is critical. To the extent you are contemplating a short sale for your home, it is imperative that you find legal and tax advice as well as partner with an knowledgeable short sale realtor in your region. Laguna Niguel Real Estate |
