DEAR SHORT SALE SELLER
We want to help, we really do...but we can't do it without your help and active participation in this process. There are several things we hope you'll take to heart
COMPETITION
- Put your ego aside and price it aggressively
- Don't think of how much you paid for it, or how much you think it's worth.
- It's only worth what a buyer is willing to pay for it
- Buyers will be attracted to your property only if they believe it's a good deal, i.e. good price
- Short sales are competing with other listings that are easier and faster to close, including bank-owned listings and regular sales
- It takes a special --- and very patient --- buyer who is willing to write an offer on a short sale and wait for 3 months or longer
COMPLIANCE
- Do not discontinue insurance. If you do, your lender may have to get a more expensive forced place insurance for your place and bill you for it.
- Don't assume that the short sale lender will pay for all your delinquencies and closing costs.
- If there is an HOA, make sure you continue paying it.
- First of all, your HOA can foreclose just as any bank can.
- Secondly, some banks may not approve paying off your delinquent HOA fees and fines.
CONDITION
- First impression counts -- the same advice on how to market a home for sale still applies.
- That means: good curb appeal, well-maintained, clean, clutter and odor free. Yes, it's work, but it must be done.
- Don't start stripping or ripping off...er, taking off most of the improvements you've made.
- But if you must remove a chandelier, put something in its place. It's not only unsightly but unsafe to have loose wiring.
COMPLETENESS
- Yes we know there's a mountain of documents that the bank requires. Please respond to requests for updated bank statements, pay stubs or sources of income, financial worksheets.
- Since short sales take awhile to process, these statements may be outdated by the time they get to the negotiator.
- Don't make us nag you to provide required information on time.
- Disclose other liens and pertinent information affecting your loan.
- And if you're planning to declare bankruptcy or some other action affecting this transaction, tell us right away.
- Don't wait until we're almost closing escrow before you tell us! Non-disclosure is akin to deception and bad faith.
COMPASSION --- commiserate, don't complain
- Many agents flat out refuse to work with short sales because it requires 10 times the amount of work ---effort, time, patience --- than it would be for a regular sale or even a bank-owned sale.
- Your listing agent is doing this to help you.
- So don't get upset with him if he asks you for more documents, more information.... or that the process is taking so long
- As a matter of fact, you may want to help by following up with your lender from time to time, and lend support to your agent's efforts
- Compassion goes both ways.
RELATED POSTS
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