As we all know, short sales are a beast. They take more time to process, a buyer has to wait a little longer than a traditional sale, but lately, they are going faster and easier.
As we touched on a few days ago, there are some things that mean absolute death to a short sale without getting these things under control, you can kiss your short sale goodbye.
1. Low to no Seller Interaction: We are sympathetic to your situation, completely sympathetic, and doing our best to help you, but it’s ESSENTIAL that we have full seller cooperation throughout the short sale. It’s human tendency to want to hide in a hole and hope the problem goes away, but let us tell you – the sellers who cooperate completely get on with their lives a lot quicker because the short sale was able to run smoothly because they [the bank] had the information to make their decision.
2. Inspection Woes: as a large percentage of Short Sales are vacant, it’s important as a seller to keep the utilities on and the yard trimmed. We still have to SELL the house to someone. If the home is in shambles with no utilities a buyer may chose another house over yours. Short Sales are scary enough to buyers, not to mention one with a jungle for a yard, no heat and no water.
3. Auction Dates: Most people start getting our marketing months before their auction, we get several calls per month the day before the auction or even the week of asking us to stop the auction. For most banks, we cannot get an auction stopped in this amount of time. We need plenty of time to plan our short sale.
As you can see there are a number of ways to kill a short sale, however we know hundreds of ways to make them go through. If you’re considering a short sale, start by finding out what your home is worth..