Sometimes a short sale is the only answer when a homeowner can not make the house payment. Lenn Harley has great insight on the short sale process, and has some some thoughts on the things sellers should be thinking about...
SHORT SALES ARE DIFFICULT FOR OWNER SELLERS TOO! After all, it is they who are losing their home.
WHY . . . . WHY DO SELLERS MAKE THE MISTAKES THEY MAKE WHEN LISTING THEIR HOME AS A SHORT SALE??
Much is written about the difficulties experienced by home buyers when they make an offer on a Short Sale listing. The delays caused by the banks and not always cooperative listing agents is the subject of many articles. Many agent will not even include short sale listings in their home tour. Home buyer often refuse to consider short sale listings.
WHAT ABOUT THE SELLERS? We all know that home owners in distress don't always perform as we would wish. Often they fail to act in their own interest.
Inspired by Tni LeBlanc's post about mistakes short sale sellers make.
My interest about this matter is WHY?
1. Why do they wait so long??? It takes them as long as it does because it takes that long for the owners to accept that they are losing their home and the short sale will simply speed that up.
2, Why do they stop maintaining the property?? These owners, knowing and accepting that they are losing their home can't bear to focus on maintenance of a home they will have to give up shortly.
3. Make showing difficult? They have accepted the fact that they are going to lose their home. They see little reason to help persons who might be the next owners.
4. They don't process the short sale paperwork timely. The nausea and often shame they feel when filling out the paperwork is daunting.
5. They select the wrong agent?? No doubt about it. An agent who can communicate effectively to get the seller's motivated and helpful can mean the difference between short sale and foreclosure.
Real estate agents with empathymay be able to manage short sale transactions more effectively than ones who view them as simply taking a listing. The ability of putting yourself in anther's shoes is one of the most valuable skills a practicing real estate agent or broker can have.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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