– Short Sales can be tough. Many buyers don’t understand the process and think that since it is a buyer’s market, then they set the rules. That’s not the case.
You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don’t then you dramatically reduce your odds of successfully short selling your property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is what you should think about before you take your home off of the market.
1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.
The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.
2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.
3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender.
This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.
4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.
5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.
These are what we have determined to be necessary for a successful short sale. If you don’t have a serious buyer then you are wasting your time and your agent’s time as well.
Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can’t get a loan or back out after the inspection.
Helping someone avoid foreclosure is serious business. That’s why we treat it as such. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy..
Thanks for reading this,
Chris B Johnson.
Chris B Johnson is a Realtor with Prudential California Realty, Berkshire Hathaway HomeServices .
Certified HAFA Specialist, Certified Short Sale
View My homes for sale at www.ChrisBJohnsonRealtor.com. .
Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Moorpark CA Short Sales. Moorpark Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Chris B Johnson, Prudential California Realty, Berkshire Hathaway HomeServices , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Chris’s personal views and do not reflect the views of Prudential California Realty, Berkshire Hathaway HomeServices .
This information on What You Should Look For In A Buyer Of Your Moorpark Short Sale Property is provided as a courtesy to our viewers to help them make informed decisions.