Do Not Make These Short Sell Mistakes When Short Selling Your Home

Short sales are increasingly popular in the current real estate market. With this rise in popularity, some sellers are finding that it is not always easy to sell a home as a short sale. If the short sell is not handled properly, you could lose the home through foreclosure. This article will help you avoid some common mistakes made on short sales.

Common Short Sale Mistakes

The short sale is priced incorrectly. In order to sell your house on a short sale, it is imperative that it is priced right. You must make the price enticing to a number of parties, including the short sale bank, the buyer, the buyer’s agent, the seller and the buyer’s lender. It may seem impossible, but it is possible if you watch the market and educate yourself on short sale prices in your area.
The short sale is marketed poorly. The sale should not only be priced correctly, but should be marketed in the same way as any other listing, with exposure to a large number of potential buyers, listings on all major web sites, and direct mail marketing and networking. Another mistake in the same category is submitting a listing without multiple photographs, or no photographs at all. Listings with no photo say to potential buyers that the seller really doesn’t care about the home and that there is probably something wrong with it.
The short sale is in poor condition. It is imperative for the house to be in good condition, as well as being clean and tidy when prospective buyers come to look at it. If there are dirty dishes in the sink and clutter around the house, some buyers may put off, as well as worrying that the sellers may trash the house upon leaving.

The seller has showing restrictions. Short sale listings should never have restrictions on days or times the house can be shown, or require an appointment for a showing. Such homes are often passed over for those with more convenient showing hours.
The seller is uncooperative. Short sales require that documentation, such as the seller’s personal financial information and a reasonable hardship letter, be submitted to the bank. If information is missing or late, approval will be delayed or refused.

Additional information on Selling Your Home With A Short Sale