Because the current housing crisis is a recent development, the majority of Realtors are unfamiliar or have received inadequate training on working with homeowner on conducting a short sale.
Short sale can become a nightmare with the wrong Realtor. Nationwide short sale success rate is less than 15%. For Certified Distressed Property Experts, that number jumps to more than 85%!
Here are some of the common mistakes:
- Pricing the property above market value to try to cover full payoff
- Wasting time waiting for lender specific documents
- Submitting an incomplete short sale package
- Mistaking the lender as the client
- Submitting an offer that is too low and/or buyer financing that is not strong enough
- Submitting multiple offers to the lender
- Inadequate following up and lack of understanding of lender processes
- Title search not completed early on to expedite negotiation with other lien holders
- Expecting the process to be much shorter than is realistic
- Unaware of how to approach and negotiate the business case to lenders
Mistakes are extremely costly to the homeowner facing foreclosure. When the foreclosure clock is ticking, avoiding mistakes are the difference between a successful short sale or losing the property at the foreclosure auction.
Did you know that nationwide short sale success is less than 15%? This is because most Realtors are unfamiliar with short sales and end up making many common short sale mistakes. Unlike most, Certified Distressed Property Expert designated Realtors have a success rate of more than 85%!
With your financial futures on the line, you need a specialist on your side. I urge you to contact MD Short Sale Real Estate today for a free short sale evaluation if you think short sale might be right for your situation. I will reach out to you right away to discuss your situation in strict confidence.
