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If you're actively involved in today's Real Estate market, you've either heard the term "short sale" or you may even be selling your home or buying a home by short sale. Short sales and foreclosures are still, indeed, a large part of the market and below you will find some short sale tips and advice that will help you navigate through a "short sale transaction" process with a little less stress and frustration.
SHORT SALE SELLER TIPS
- Share the full story of your situation with your Real Estate agent. Your agent will not be able to represent your interests to the best of their ability if they don't have all of the pieces to the puzzle. This includes the details of your "financial hardship"... you will need to compose a "hardship letter" to present to the bank with your request to sell your home for short sale and your agent needs to understand the situation in its entirety so that they can negotiate, with the bank, effectively on your behalf. Make sure to get your financial documents in order and make copies for your agent. The bank will be asking for documentation of your employment, assets, and taxes. You may need to update these documents throughout the process depending on the time it takes to get a purchase offer. Assembling this information in advance will expedite the listing process and you will be ready when an offer comes in for your home.
- Make sure your home is "show ready" at all times! There's lots of competition out there right now so do your best to present your home in its best light. A quicker sale means that this painful chapter in your life will close sooner and you and your family can move on to a better future.
- Do not sell or remove appliances or any fixtures (anything that is "attached") that is being sold with your home. It is sometimes tempting to a seller in financial distress to "swap out" appliances or fixtures with inferior replacements... DON'T DO IT! This could cause the buyer to walk away from the transaction and the process to sell your home would have to begin again.
- Be cooperative and responsive... your agent is working hard to help you resolve an unhappy situation and your quick response to a request by your agent or your bank will ensure the fastest and most positive outcome.
- Do not enter into any legal or financial transactions or situations without first discussing your plans with your agent. If you're contemplating further financial or legal maneuvers... bear in mind that they could adversely affect or halt the "short sale" process and the sale of your home.
- If you are selling an "investment home" by short sale make sure to keep the property secure and check it or, if you're not a local resident, have someone else check periodically to make sure the property is secure and the operating systems are functioning properly. It is heart breaking when a sale is delayed or halted due to vandalism. (which is, unfortunately, an issue with distressed property sales, especially investment properties and foreclosure homes because there is generally no one living there)
- Treat yourself with care! Eat right, exercise, try to stay positive, and participate in uplifting activities. This will help you deal with the stress that is unavoidable with a "challenged" financial period in your life.
SHORT SALE BUYER TIPS
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PRESENTED BY THE SERENA GROUP...
Your BRADENTON, SARASOTA, MANATEE COUNTY, AND SARASOTA COUNTY SHORT SALE SPECIALISTS!
