You now have your home listed for sale in hopes of avoiding foreclosure. What do you do? Is there anything special in preparing your home for sale as a short sale? The guidelines and rules for selling your home as a short sale are basically the same as if you were offering your home for sale without it being a short sale. What do you need to do, as the homeowner?
- What does your home look like from the road? Remember the importance of curb appeal. You want to get the buyers to want to come in. Sometimes, however this may be difficult if funds are low and you can’t afford to keep it up. Simply do your best for your situation.
- Once inside your home, you’ll want to keep it neat and tidy. Short Sale or not, buyers prefer neat and tidy. Short Sale doesn’t have to mean uncleanliness and mess. Keep it in “Showing” condition.
- Allow for showings. The more showings the greater chance of reaching that one Buyer who’ll keep you out of foreclosure.
As a Realtor, what do I do in Selling your home as a Short Sale?
- Price, Price, Price – Not any difference from selling your home not as a Short Sale. Your home must be priced at or below the Fair Market Value. How is Fair Market Value determined? We’ll look at comparable homes that have sold in your neighborhood. Buyers will let you know what they are willing to pay for your home and your Lender will let you know how far they are willing to be from the Fair Market Value. Each Lender will have differing criteria that will be adhered to. Price it right. If your home isn’t getting showings, the price will be adjusted. Time isn’t on your side when selling a home in pre forclosure therefore it’s imperative that you price your home aggressively to get it sold.
- When an offer is received by a Buyer, this offer will be submitted to your Lender along with all your documentation that was compiled, as I outlined in Chapter 2.
Coming soon we’ll talk about what happens after you receive an offer on your home.
Mortgage Assistance Relief Services Disclosure
Keller Williams Partners Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
