Will "Short sale" become the "it" phrase for 2008? Only time will tell.......
Here are some surefire ways to get your short sale rejected:
1. Have your agent or attorney write your hardship letter.
2. Don't fully complete your short sale package.
3. Don't be willing to relinquish assets.
4. Show unwillingness to work with the bank prior to asking for a short sale.
5. Have an inexperienced agent negotiating for you with the bank.
6. Threaten the bank (i.e. "I'll just leave the house with the door open").
7. Don't answer all of the questions the bank asks.
8. Decide to request a short sale a week before the foreclosure sale is scheduled.
9. Treat it as an emotional transaction instead of a business transaction.
10. Don't be willing to hang your ego in the closet for the short sale process.
Remember, the bank is under no obligation whatsoever to do a short sale. Banks are not interested in making a short sale a "smooth trouble-free transaction". They want their money - it's that simple.
Tina in Virginia
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Tina Merritt and the ALL757 Network can be reached at email: tina@tinamerritt.com or 757-287-6338.
The ALL757 Network consists of both buyer and listing specialists helping buyers and sellers in Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia.
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It's so frustrating when home owners feel they need to not disclose everything because they'll be embarrassed. Hello? But this is the time to put your cards on the table and show them to everyone possible in order to get the house sold and you moved on with your life. Don't try to hide things as it will come back at you. Good post.