As a homeowner considering a short sale, it is important you understand the process.  Here is how to avoid common mistakes that agents and homeowners can make with a short sale.

1.  Mistake: Your Property is Priced Incorrectly

This is the most common mistake made with all properties, and the most common reason a property doesn’t sell.

Solution: Your Goodlettsville short sale qualified Realtor will present a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

2.  Mistake: Your Short Sale Package is Incomplete

This is one of the most frequently seen causes for the rejection of short sales proposals. Some agents do not understand the short sale process and what your lender will be looking for.

Solution: Your Goodlettsville Short Sale qualified Realtor should understand the short sale process in detail and be able to explain it clearly. The agent should also be able to communicate effectively with both you and your lender to produce a complete and cohesive proposal.

3.  Mistake: Lack of communication

As your property goes through each stage of the short sale process, an unqualifed real estaate agent can jeopardize the transaction by not properly communicating with everyone involved. As the homeowner, you may not know that your file has been delayed, and that you again may run out of time to close and avoid foreclosure.

Solution: Select a qualifed Realtor in the Goodlettsvile, TN area. The right agent knows exactly how to follow up to ensure that your lender’s issues are addressed in a timely manner, and will make certain you do not have unnecessary delays.

4.  Mistake: Not Enough Time

Your agent must understand the foreclosure laws in your area, and be able to show you an estimated timeline for the process, from start to closing. In some cases, certain information can be provided to lenders to postpone your foreclosure for weeks or months in order to negotiate a sale.

Solution: Make sure you provide your Realtor accurate information as to exactly how many payments you have missed and any correspondence you receive from your lender. 

5.  Mistake: Your package is not submitted correctly

If you do not follow the directions you receive from your agent on your hardship package, the loss mitigagation department is likely to throw your package in the trash.

Solution: Follow Instructions Closely. What ever your lender is requiring for documentation, be sure to provide your qualified Goodlettsville short sale Realtor with everything that is requried and do so in a timely manner

6.  Mistake: The Buyer’s Offer is Too Low

Many agents will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that is more attractive to the lender than a foreclosure.

Solution: The qualifed short sale Realtor will work with you to properly negotiate any offer that you receive to get ‘highest and best’ from each potential buyer. This ensures you are presenting the best possible solution to your lender. You will negotiate the offer, not the bank.  The misconception is that the bank negotiates with the buyer.  This is not the case, the lender will approve or dissapprove what is submitted to them.

7.  Mistake: The Buyer’s Contract is Not Strong Enough

Willingness to make an offer on a property does not mean that a buyer is qualified to purchase. The reality is that buyers need to be preapproved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.

Solution:  Your qualified short sale Realtor should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Don’t risk this process with an inexperienced agent who does not understand the short sale process.