OK... so you are behind on your mortgage payments, what do you do?
Some will just sit back and wait for the bank to take over. Why? Embarrassed, uneducated, lazy?
For those that enlist the help of a Realtor - good for you, but for those that enlist the help of an Realtor experienced in working short sales and pre-foreclosures - CONGRATULATIONS!
If you are in a position where you may be losing your home to foreclosure - you are no longer in control of the situation, and you need an agent who understands how to negotiate with your mortgage company.
Crucial Mistakes that are made too often:
- The home is listed at or above market value - Time is of the essence. You need your home priced below market
- The Lender is unaware of the an attempt to sell the home- The amount of paperwork a short sale requires is very lengthly. It used to be that banks would not accept anything prior to a fully executed contract. Due to recent spike in foreclosures that is no longer true. The time it takes to complete a short sale can be months, so get the process started ASAP, and by all means make sure the paperwork is submitted correctly!
- Advertise home is a "Short Sale" - people are looking for good deals, and properties are marketed correctly will catch the attention of potential buyers
- Lack of Communication- with ALL parties. This is an emotional time for the seller, if the bank doesn't hear from you, they won't be in a hurry to help you, and the buyer & buyers agent need to understand that this process can take some time to complete.
Don't hire a Realtor that doesn't understand the process! The Trinity Group is Experienced with these sales. Call us we can help! 972.824.2088
posted by Leigh Bates
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