Are you wondering what to do? Trying to decide if you should attempt a Short Saleor just wait for Foreclosure? Are you getting conflicting information? Is it hard to tell what the Truth is? What is fact or fiction?
Find a Broker or Agent that has learned how to navigate the process and can show a track record of closings.
Here are my recommendationsfor anyone that wants to market and sell their property Short.
1. Contact an agent that has Short Sale Experience. Ask if they will look at your situation and help you understand your options.
2. Be prepared to get your agent all the information he needs in a timely manner. Time is not on your side. Keep your pay stubs and bank statements updated.
3. Present your home in its best light. You may not be making any money from the transaction outside of the moving allowance. Think of the dept forgivenessas your incentive.
4. If you are not going to occupy your home that is being sold short you may be tempted to rent it. If you rent your home make sure you have a great lease agreementthat addresses what is expected of your renter for showing your home and what happens if the tenant does not cooperate. DON’T RENTif you don’t need to!
5. If you have items not considered real property that will not be part of the sale –
remove themprior to showing.
6. Make sure your agent is not presenting the sale as “It’s a terrible thing” that you have to Sale Short. Keep a positive attitude. This is a win win win!
a. Seller wins – they are forgiven dept.
b. Buyer wins – they get a really good deal on the home.
c. Lenders win – it costs them less to sale Short than to foreclose.
Keep in mind; your Realtors are earning their commission on these transactions. The process is time consuming and takes a certain commitment above the normal. I for one will be glad when we forget what distressed property means. I have learned to work these transactions well and yet I will be glad when there are no more Short Sales to navigate. Let us work together to make this downturn in the real estate market a distant memory.
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