Short Sales are a little different from your 'run of the mill' transaction. When you list your home for a short sale with an agent, make sure they do the following:
1. Run A Title Search Immediately. Before the short sale can be satisfactorily negotiated, the agent needs to know what liens and encumbrances are on the property. The time to find this out is prior to a contract being signed.
2. Improper Pricing. There is a fine line between pricing a home too high and too low. Too high and you won't get any offers, too low and the bank will reject the offer. The key is doing a comprehensive market analysis of properties on the market and updating it periodically.
3. Market It Like Crazy. Some agents think that they can relax a little in the marketing of a short sale. This is crazy, the competition is still intense. Your agent should market your home aggressively with lots of photos, yard signs, dedicated websites, virtual tours and more. The days of a home selling fast just because it's a short sale are over. There are just too many of them out there!
If you're contemplating a loan modification, refinance, forbearance, or other foreclosure avoidance strategy, we invite you to visit our stop foreclosure site. For more information on the ever changing world of short sales, follow the link.
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