Smooth Short Sale is Possible with These 3 Tips

Since it has been established a short sale is one of the best foreclosure alternatives for homeowners with underwater mortgages, many short sale Realtors and agents have their hands full. If you are one of these professionals and need to lessen the hassles of the otherwise complicated short sale process, then you need to be prepared.

Keep in mind no short sale deals are the same and you have to think ahead in order to avoid problems. In case you still encounter these issues, it would be best to know how to handle them. In any case, here are some tips you should consider:

Tip#: Dealing with the Seller – Make sure you sit down with the seller and find out if they are serious about selling. Some sellers enter into such decisions half-heartedly, resulting in delays and miscommunication. If the seller is motivated, you will not have any problems with the documents and communication.

Tip#2: Dealing with Low Offers – The market is indeed tough for sellers, with home values declining. Low offers have become the trend and it is one of the reasons why plenty of short sale deals collapse. Keep in mind lenders are trying to recover as much of their money as possible and it will make sense if the low offer is supported by the proper documents, market analysis, etc. Defend the offer and the bank will listen, you hope.

Tip #3: Dealing with Buyers – Many short sale buyers end up walking away because of the length of the process. This is why it is crucial you are honest with the buyer regarding the waiting period. Always, give a realistic timeline and never promise lender approval until you have it. Of course, it is important the buyer is pre-qualified in order to avoid financing-related problems when the time comes.

As a short sale Realtor, you need to understand your clients are depending on you to make sure the deal is successfully completed. You should check all details and be proactive.