5 TRICKS to Avoid if you List your home as a SHORT SALE This Halloween

 

If there was ever a part of Real Estate you can not afford to get "Tricked" on, It is a SHORT SALE. Here in The Manchester NH area as well as across the country Home Owners who make a classic mistake, can skip the "Treat" of an approval and get Rejected.

 

With Halloween right around the corner, do not fall for these tricks that could hurt your ability to sell your home. With a few good choices by Home Owners you can receive the treat of a quick home sale at the best obtainable price.

When choosing someone to sell your home, many home owners rush into listing with the first or biggest agent only to be disappointed.

As a Home owner you have to know you have choices.

The TOP 5 TRICKS TO AVOID when Listing your Home for a Short Sale.

1. CHOOSING THE WRONG AGENT TO SELL YOUR HOME:  All agents are not created equal, so your choice in agents is one of the most important steps. You will want to hire a LISTING AGENT who is FULL TIME, FULL SERVICE and WELL EXPERIENCED with Listing, negotiating and selling SHORT SALES. Experience does not coming from taking classes, reading books or watching a negotiating. It comes from actually listing, negotiating and selling them. Do not be fooled....

2. Do not get TRICKED into trying to TRICK your Bank. In order to complete a short sale, a seller must be able to show a "hardship". Some examples are: not being able to afford your monthly payment, losing a job, illness, divorce, death or job transfer to another state. If you owe more than the house is worth and do not have another hardship, you could be denied.

3.Do not get TRICKED into SETTING YOUR SALES PRICE TOO LOW OR TOO HIGH: This step is one of the most important after you have hired the "BEST" LISTING AGENT in your area. Pricing the home will determine if anyone looks at it and how quick it will sell. Pricing a home too high means no one may even look at it. Pricing it to low means your Short Sale will probably be rejected costing you time and your chance for a short sale.

4. STARTING THE PROCESS.  Do not get tricked into placing your home on the market without some homework. You will need to gather your last 2 years tax returns, last 2 pay stubs, 3 month bank statements and a list of income and expenses. The listing agent or negotiator will complete a title search to see how many liens or if your home is in foreclosure.

a. The listing agent or negotiator will make preliminary contact with sellers bank to obtain any specific forms or instructions they want or need to complete the short sale

b. The listing agent completes a broker price opinion. The home should be priced at or just below market value. Pricing a home too low, will result in the short sale being counter offered or refused.

c. The listing agent markets the property in search of potential buyers and offers

5. THE SHORT SALE APPROVAL PROCESS "Trick or Treat". You have to know how the process works if you are to get the treat at the end of the journey. Once the bank gets the file, the bank will assign a negotiator for themselves. This could take 1-2 weeks. They then will review the package, if complete will order an appraisal or bpo within the first 2 weeks. It could then take 2 more weeks to finish the appraisal. Once it comes in, the negotiator will review what the home is worth versus what they will receive from the short sale against what they would receive if they foreclosed. This could take 2-4 more weeks. THE BANKS RESPONSE TO YOUR SHORT SALE. In whole and on average, it takes 2-3 months if you have only 1 mortgage. The response from the bank can be either to accept your offer as is, or they can counter the offer trying to reduce the costs of the short sale by asking the buyer for a higher price, better terms or money from the seller. Worst case is they deny it outright if the seller does not have a hardship of if the offer is just way too low.


It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

If you live in NH, call me, I may be able to help!!!

 

Please call for a FREE MARKET ANALYSIS to know what the value of your home is.

CHECK OUT MY POPULAR BLOG: PART 1 The TOP 5 TRICKS TO AVOID when BUYING a Home This Halloween

CHECK OUT MY POPULAR BLOG" PART 2 The TOP 5 TRICKS TO AVOID when Selling your Home This Halloween

CHECK OUT MY POPULAR BLOG" PART 3 5 TRICKS to Avoid if you List your home as a SHORT SALE This Halloween

 

If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices

Please call for a FREE MARKET ANALYSIS to know what the value of your home is.

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

 

We stand by you through every step in selling your home..

 

Please call for a FREE MARKET ANALYSIS to know what the value of your home is.

If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Process.

If you need to sell your home and you owe more than your house is worth, I may be able to help. I specialize in options such as a short sale which often allows a sale at no additional cost to you. We stand by you through every step in selling your home. We are local agents with experience who GET RESULTS!!!

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME: Are you READY TO SELL YOUR HOME? Step 1: Choosing an agent

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME: Are you Ready to BUY A HOME? Step 1 Find a REALTOR

About the Author: Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services in Manchester NH. With 26 years of Real Estate experience Scott is a leading agent in Listing and Selling Homes in this area.. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. His website is www.ScottSellsNH.com. Full Time and Local agents ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

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