Short Sales are part of everyElkhart, Indiana REALTOR0r)'s language these days. There isn't a week that goes by that someone calls and says they are not able to make their Mortgage Payment and asks if I can help them. Some of these folks have spoken to their Mortgage Lender and they suggested a Short Sale or have spoken with La Casa Goshen and they gave them my name and phone number. If you are just joining this series, please go back and read Part 1, Part 2 and Part 3 so you can catch up.
As a Home Owner, selling your home as a Short Sale is not a whole lot different for you than any other time you are selling. You still need to:
- Stay in the Home-do not move out!
- Maintain the property in ready-to-show condition
- Ensure the house is easily accessible to real estate professionals (lock box and key)
- Try to be flexible in the scheduling of showings
- When not home let your agent know how to get a hold of you for showings
- If approached directly by a Buyer refer them to your REALTOR(r)
- Remove or lock up valuables, jewelry, cash and prescription medications
- If possible, do not be present when the property is being shown
- Securely pen up pets, or take them with you
- Be cautious about saying anything to buyers or their sales professionals that could weaken your negotiating position, especially regarding price or your urgency to sell
- Collect the business cards of the real estate agents who preview and show your home, pass them on to your REALTOR(r)
- Let your REALTOR(r) know of any change in the property's condition that would need to be disclosed to potential buyers.
- Be available to review with your Agent the list price and condition of your property if it has not sold in a reasonable period of time.
- Contact your Agent at any time with questions or concerns.
The big difference is when you get an offer. Hopefully your REALTOR(r) priced your home competitively to encourage showings and offers. Pricing a home to high could price you out of the market of bargain hunters. Pricing it to low will make it difficult for the Mortgage Lender to accept, so your Real Estate Agent needs to be familiar with the Short Sale Market also. After the offer is accepted and you have supplied your local Elkhart Real Estate Expertwith updated bank statements and pay stubs, the real wait begins. This is where you will learn patience and perseverance...Because the length of the process varies from one Mortgage Lender to another, it wouldn't hurt for you to start cleaning out cupboards and donating what you can to a charitable organization, give away things to family and friends who want whatever items you are through with and packing up the things you won't need for a very long time.