Short Sale Must Haves

Avoiding foreclosure by way of a short sale can be a saving grace for many people. However, the process isn’t the easiest and can intimidate many homeowners. As the seller, there are a few things you can do to ensure the success of your short sale.

Representation

Although many people have successfully negotiated the short sale process on their own, it isn’t recommended for everyone. The short sale process takes time and knowledge to navigate. Hiring a real estate agent that has experience with short sales can be a huge asset. First, the agent has the time to show the house and discuss the purchase details with potential buyers. Agents also have experience downplaying the short sale process to any buyer that might be turned off by the process. Last, an agent can help you stay focused during the lengthy and stressful process of waiting for the bank to accept an offer.

Patience

The biggest complaint sellers have about the short sale process is the time it takes to complete. The bank holds all of the power when accepting or rejecting offers from potential buyers and they tend to hold out for the best offer. It isn’t uncommon for the bank to wait 3 or more months before accepting an offer. It is in your best interest to help the bank obtain the best offer by keeping the house neat and presentable, being flexible and honest with your agent and staying calm during the process.